What’s more, employee motivation is sagging throughout the world—morale has fallen
at almost half of all companies, according to another McKinsey survey3—at a time when
businesses need engaged leaders and other employees willing to go above and beyond
expectations. Organizations face the challenge of retaining talented people amid moralesapping
layoffs that tend to increase voluntary turnover over the medium term. Often, top
performers are the first to go. Strong talent management is critical to recruit new ones
from, for example, the financial sector, who have been laid off from their employers or feel
disenchanted with them.