Reduced Attrition in Professional Services: Harsher Performance Reviews, Blocked Promotions

 Essentially the employment trend at this slowed-down time in professional services is to hold on to what you got. There is reduced attrition since there are fewer slots to migrate to. Professional anonymous networks such as Glassdoor, Blind, Fishbowl and Reddit chronicle the inability to land other good jobs after a voluntary departure or being forced out. 

Such a development, reports The Financial Times, has had big consequences. The two top ones are tougher performance reviews and a tougher path to promotions. That is, talent is being forced out and the organizational upward-mobility pipeline is blocked. 

For example, McKinsey, which continues to experience a falloff in demand, has made its mid-year performance assessment important and harsher. Usually that had been a casual process in which there was a bit of chatter about what is going on. What counted had been the yearly appraisal.  It's predicted, given the mid-year review this month, heads will roll. 

In my coaching, the focus among clients is staying-in-park until there are clearer signals where the global economy is going. That entails lowering expectations about what to expect in the workplace. There is less complaining because there is more acceptance of the need to keep that job, at least for now. 

Limiting beliefs? Self-defeating? Stuck? Complimentary consultation with Coach Jane Genova (text/phone 203-468-8579, janegenova374@gmail.com)