Unravelling the Talent Conundrum in 2023
We surveyed more than 30,000 employees around the world to gain a better understanding of what employees want and expect from their employers and from their jobs. These findings provide insight into key areas for companies and leaders to focus on so that they can build a sustainable competitive advantage by effectively managing their workforce.
The findings could be grouped into these core themes:
- Salary - A Tool for Attraction, but Not for Retention
- Career Progression - Stuck in the Middle: Are Middle Management on the Road to Nowhere?
- Flexibility - The Continuing Demand for Autonomy
- Mental Health and Wellbeing - Rethinking Wellness Programs: Believe in Leave
Intense competition for workers is driving a high number of workers to quit their jobs in search of more money and better opportunities. Our new research revealed that 27% of workers globally will quit their jobs in the next 12 months, and many more are flight risks.
Companies that are the most successful at attracting and retaining talent know what employees really want. They understand the value of giving employees opportunities to progress. Right now, however, employers do not seem to be meeting those desires: only 17% of all workers surveyed are actively looking at internal job opportunities.
Another area of concern for employers is that 57% and 54% of employees are dissatisfied with their current employer’s training/upskilling and career prospects respectively. In a talent short environment with many businesses experiencing the loss of talent first hand, what can HR professionals do to retain, engage and motivate existing employees?
This is a fixable issue. Of the 61% who would like to stay with their current company, 44% of these want to progress their career with their existing employee, and 10% want to be up/reskilled for a new job.