Frederic, 318 connections changed jobs in 2010. Did you reconnect? is the title of an email I received yesterday from the well known business networking portal LinkedIn. I got lost for words. 21.24% of my network (on this site) changed job last year (me too). In other words, at this pace, in 4 years and 8 months ... statistically everyone I'm connected to would have transitioned...
Being optimistic by nature, I would assume that most of them made the jump by choice. But I cannot believe that, especially in the current economic context. The crisis did hit them hard. Really hard. It has completely reshuffled the cards, and I would assume that some of them now have a job they are not 100% satisfied with (it's a tough job market). One consequence of this situation is that as soon as the crisis is over, and there are better opportunities out there, they will be gone.
Now, let's assume for one second that you're a Project Manager, and that some of those guys and girls from my network are esteemed members of your project team. Let's look at the potential risk strategies available there...
- Avoidance: While this may typically be seen as the ultimate response to any particular risk, it also means losing the potential gain that goes along with that risk. Not hiring those "risky" employees, would mean not having someone doing some work for you, which is not really a practical solution.
- Reduction: This can take the form of reducing the severity (or likelihood) of a risk happening, or finding a balance between this risk and the benefit of the activity. You could look at outsourcing as a valid method of Risk Reduction in this scenario, if the outsourcer can demonstrate a higher capability at risk management than yours.
- Transfer Technically more of a Risk Sharing, this could take the form of and Insurance Policy that protects you financially from this risk (although not being able to perform a job has more than just a financial impact).
- Acceptance: If you can't do any of the above, well, you will have to accept the fact that they might just leave. Some risks just can't be avoided, reduced or transfered, in which case acceptance is a viable strategy, as long as properly documented, and a risk response accordingly formulated.
What would you do?