Though high unemployment persists and the global economic recovery remains halting and uneven, employers still face challenges filling technical and skilled jobs, according to a survey.
The new global talent survey from Deloitte and Forbes Insights, Talent 2020: Surveying the talent paradox from the employee perspective, four out of five (80%) employees surveyed report that they plan to stay with their organizations over the next year—a significant 45-point swing from 2011, when nearly two in three employees surveyed (65%) were planning on leaving their organizations.
“Sourcing and retaining talented human capital has become a top priority globally. It will act as the differentiating factor in the prosperity of countries and companies, especially in emerging economies such as the Middle East,” Ghassan Turqieh, Human Capital consulting partner at Deloitte Middle East, said.
According to the survey, in the last 12 months 46% of surveyed employees have moved to new jobs (9%), received a promotion (22%), or changed roles (15%) with their current employers—all factors that might make them less inclined to move during the next 12 months. Yet nearly one-third (31%) of surveyed employees report they are not satisfied with their jobs.
Deloitte first uncovered this modern contradiction from the employer side in the January 2012 issue of Deloitte Review with “The talent paradox: Critical skills, recession, and the illusion of plenitude.” In this latest Talent 2020 report, Deloitte turns its focus to the employee perspective on the talent paradox.
As more employees appear to be sitting tight in their current positions, companies may be tempted to neglect their talent and retention strategies out of a false sense of security that their employees are here to stay. However, the report warns that companies’ most critical employees are also those with the most opportunities for movement.
“As employee expectations of business continue to grow, employers should keep a watchful eye on the latest employee attitudes and emerging talent trends,” Rana Ghandour Salhab, talent and communications partner at Deloitte Middle East, said.
“Specifically, businesses may want to adjust their talent management initiatives to focus on retaining two workforce segments: employees with critical skills who are at a high risk of departure, and the capable leaders who can advance their companies despite continuing global economic turbulence,” she added.
Based on the survey results and Deloitte’s analysis of the talent market, Deloitte identified three emerging trends: engage employees with meaningful work or watch them walk out the door. Employees value meaningful work over other retention initiatives. A majority (42%) of respondents who are seeking new employment believe their job does not make good use of their skills and abilities; focus on turnover “red zones.” Employee segments at high risk of departure, or “turnover red zones,” either have less than two years on the job or are Millennial employees (those aged 31 and younger); when it comes to retention, leadership matters. More than six in 10 employees (62%) who plan to stay with their current employers report high levels of trust in corporate leadership and this edition of the Talent 2020 report reveals significant shifts in the talent market over the past year, particularly when it comes to turnover intentions. In order to help corporate leaders retain top talent, Deloitte recommends increasing a company’s focus on utilizing and developing employee skills, emphasizing and rewarding authentic leadership, and fostering an environment with effective, transparent communication.