The “Great Re-Evaluation” where employees are re-evaluating when, where and even why they work, is among the biggest challenges facing HR leaders today, according to “The Global CHRO of the Future research”, a new Executive Networks survey of Chief Human Resource Officers (CHROs) at Global 1000 organizations.
According to the research, three-quarters of CHROs indicated that talent retention and attraction are their key priorities. Eight in 10 global organizations (83%) are facing a significant talent retention problem and 50% of those respondents said their retention problems are limited to high-demand roles. The top factors CHROs attributed to higher levels of voluntary turnover include stress, employee burnout, lack of visibility into career advancement/development, work life balance issues, and requests for increased compensation.
“HR leaders are under pressure to stem the tide of resignations and help companies re-think what will make employees want to stay,” said Jeanne Meister, Executive Vice President, Executive Networks. “Recruiting new talent isn’t the only answer. In many cases, employees are re-evaluating their priorities and purpose and employers need to better understand how to provide employees with success by staying put.”
Three in 10 (28%) expect their budget for employee well-being programs to increase by 10 – 19% over the next 12 months, indicating an awareness that reducing stress, burnout and work life balance issues can make a difference in rising turnover rates.
The survey identified these additional methods that CHROs are using to address high turnover rates:
Creating Internal Talent Marketplaces – 73% of survey respondents have internal talent marketplaces but 32% of those are limited in scope.
Increasing Employee Referral Bonuses – This can be a cost-effective way to tap into a large, qualified labor pool of passive job seekers. Mastercard launched an employee referral program with a cash reward that was double-to-triple what was offered previously, resulting in a four-fold increase in applications through referrals.
Removing Barriers to Entry – IBM created structured apprenticeship programs and an internal learning platform, which are especially beneficial for those without a college degree.
Launching In-House Staffing Agencies – Employers become both the vendor and the employer, eliminating the middleman and sourcing talent in a cost-effective way.
“The past two years have changed the way we work in profound ways and return to office has become a crucial concern for CHROs and members of the C-suite,” said Meister. “Employers need to define flexible work practices inclusive for all employees and re-imagine the new role of the office, as it will encourage in-person collaboration and create a vibrant community in the office.”
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