According to data, businesses are having trouble onboarding and maintaining employees, and experts encourage companies to pay attention to what their employees need and desire.
More than three-quarters (77%) of 160 HR leaders polled by Willis Towers Watson said they had trouble hiring and maintaining personnel.
In contrast, only 2% of respondents stated they had no difficulties with attraction or retention, while 19% said they were not struggling now but could in the future.
When executives were asked why employees were leaving, three-quarters (76%) said it was because they thought they could get a better job elsewhere, while almost two-thirds (64%) said it was due to a perceived lack of career chances at their present company.
Jonathan Boys, a labour market economist at the CIPD, said the “balance of power” had shifted in favour of employees in response to the study.
“Employers must ensure that their job offer is competitive,” Boys urged, adding, “When one business loses, another gains.”
Willis Towers Watson’s global head of thought leadership and innovation, John Bremen, stressed the importance of companies continuing to listen to their people. He stated, “What motivated individuals before the epidemic may not drive them today.”
According to Bremen, demographics have changed as well as people’s demands, so businesses should not assume that “what brought [people] to work before or during the epidemic will bring them to work after it.”
According to the poll, over two-thirds of HR leaders (63%) believe that organisations must provide visible career prospects in order to recruit bright workers.
Furthermore, nearly three-quarters of respondents (58%) indicated that expanding flexibility and hybrid working was a top attraction technique, while half (52%) said that raising salary and benefits was a method to attract and keep people.
MetLife conducted a second study of 900 workers to assess how people felt about the pull factors when deciding whether to stay or leave their employment.
According to the survey, seven out of ten employees (70%) stated they would work harder for an employer who made them feel comfortable in their job, and a comparable number (71%) claimed their employers have a social obligation to them.
Similarly, three out of five employees (61%) indicated that work-life balance was essential to them, and a similar amount (63%) said that self-care, health, and wellness were now priorities.
Employee attitudes and objectives have clearly shifted as a result of the epidemic, according to Adrian Matthews, employee benefits director at MetLife. “Employers can’t afford to lose their finest employees,” he added, “particularly when they might have done more to prevent it.”
He recommended that businesses ensure that benefit packages fitted all employees in order to safeguard productivity and foster long-term loyalty, and he cautioned that firms must recognise how employee demands have evolved in the previous year.
While strong compensation will continue to attract employees, Matthews believes that “demonstrating care for an employee’s physical, mental, and emotional welfare will play a significant role in ensuring [their] loyalty over the long run.”
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