So what about loyalty? Does it matter at all any more or has the willingness of companies to use the recession as a cover to rid themselves of less than "A" level talent killed off the last vestiges? That's the provocative question that Wharton prof Peter Cappelli asks in his excellent essay in Human Resource Executive Online.
He quotes a survey that shows that two-thirds of all employers who laid off people in the recession did it to get rid of lackluster performers and replace them with new hires. Why? Because the recession has made better-quality workers available.
Cappelli said that in general, workers competed internally to show themselves as the most competent. Now, "the performance standard necessary to keep a job depends on competition in the outside market. The relevant question to keep a job then becomes: Could the company hire somebody better than the current employee?"
Of course, as he points out, this assumes that company recruiters are adept at selecting better employees -- a real challenge with the current flood of incoming resumes. Didn't these recruiters find the workers now being let go? Why have they suddenly become so perceptive at picking top talent?