Is There a Mass Exodus from Corporate America?

Since announcing Epic Careering’s 2020 initiative to raise corporate consciousness, I’ve gotten some interesting, but not very surprising, feedback.

My new effort is being met with a lot of skepticism, which I totally get!

A couple of people cringed at the word “corporate.” How does that word hit you? What comes to mind when you think of “corporate” entities? Are they good things or bad things?

Mostly, what I perceive is resignation. Essentially, all companies these days need to be able to adapt to change quickly. Keeping up with technology, competition, global trends, and customer experience is more important than ever. However, when it comes to truly transformational change, in which the leaders are transparent, communicate proactively, and show genuine concern about their people and the planet, many people feel like it’s all a bunch of lip service intended to pacify the disgruntled, manufacture motivation, and trick new talent into joining the ranks.

I’ve learned, from my own clients over the past 13 years, as well as from candid candidates back when I was working as a recruiter, that many, many people are disillusioned with their jobs and corporate leaders in general. Fortunately, these people are not giving up – yet.

My clients discovered that there were better opportunities available, and there didn’t necessarily need to be a large quantity of them; they just had to improve at qualifying companies and proactively pursuing positions that truly present the potential to thrive. That leads to the serious concern I’m experiencing right now – if I continue helping people land the great jobs, what will be left for the rest?

You may be starting to see that unless transformation comes soon, everyone loses.

I’ve been collecting articles about companies doing wrong and companies doing right for about four years now. I’ve been told countless tales of leaders failing to give talent what it needs to thrive and prosper, such as growth opportunities, training, sponsorship, resources, and ample time for self-care.

Here are some quick stats that I’ve found very interesting:

  • 12% of people who start businesses (2019) did so because they were dissatisfied with corporate America.
  • The workforce participation rate has been declining, and that trend is expected to continue, accounting for a projected 9% decrease from 1998 to 2028.
  • A Korn Ferry study predicts that by 2030, there will be a global talent shortage of 85 million people, at an estimated cost of $8.5 trillion. In the US, the tech industry alone “could lose out on $162 billion worth of revenues annually unless it finds more high-tech workers”, in addition to losing out on $500 billion due to anticipated disengagement in all markets.

A staggering 79% of independent contractors prefer working for themselves as opposed to working as a full-time employee. Unfortunately, the success rate for 1st-time entrepreneurs sits at about 18%, which works in corporate America’s favor because it means that some of the talent leaving may eventually return, or be more favorable to acting as a consultant. So, what happens when a company needs more ongoing, stable presence and leadership? And if those returning to corporate America from nontraditional roles are the answer, how many companies may disqualify this talent simply for not having been in the corporate game recently?

The generation entering the workforce actually values stability. I predict that it won’t be long before this generation is forced to realize that company job security is an enigma; only by learning how to generate opportunity do they actually stand to gain true security. They’ve witnessed it when their parents, who did everything right, still found themselves financially strapped and perhaps even unemployed. They’re being forced into the gig economy because of the number of jobs being outsourced to freelancers or firms.

Corporate America has little time to keep this new generation from becoming just as disillusioned. This doesn’t mean delaying or resisting automation, but completely revamping and figuring out how to offer opportunities to do more meaningful work under more enjoyable conditions.

So, while the data doesn’t reflect a mass exodus of talent from corporate America just yet, the problems that already exist are predicted to get much worse. Raising corporate consciousness is the solution.

Do you want to be part of the solution? Join the LinkedIn group.

Want to keep up with who is moving toward, or away from, corporate consciousness? Join the Facebook group.

Bob Marley – Exodus [HQ Sound]

Bob Marley in Exodus. Enjoy!

Karen Huller, author of Laser-sharp Career Focus: Pinpoint your Purpose and Passion in 30 Days (bit.ly/GetFocusIn30), is founder of Epic Careering, a 13-year-old leadership and career development firm specializing in executive branding and conscious culture, as well as JoMo Rising, LLC, a workflow gamification company that turns work into productive play. 

While the bulk of her 20 years of professional experience has been within the recruiting and employment industry, her publications, presentations, and coaching also draw from experience in personal development, performance, broadcasting, marketing, and sales. 

Karen was one of the first LinkedIn trainers and is known widely for her ability to identify and develop new trends in hiring and careering. She is a Certified Professional Résumé Writer, Certified Career Transition Consultant, and Certified Clinical Hypnotherapist with a Bachelor of Art in Communication Studies and Theater from Ursinus College and a minor in Creative Writing. Her blog was recognized as a top 100 career blog worldwide by Feedspot. 

She is an Adjunct Professor in Cabrini University’s Communications Department and previously was an Adjunct Professor of Career Management and Professional Development at Drexel University’s LeBow College of Business  She is also an Instructor for the Young Entrepreneurs Academy where some of her students won the 2018 national competition, were named America’s Next Top Young Entrepreneurs, and won the 2019 People’s Choice Award. 

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