In a recent Deloitte and Forbes Insights global talent survey entitled ‘Talent 2020’, 80% of employees reported that they planned to stay with their organizations over the next year. This might come as a surprise, as just last year in 2011, 65% of surveyed employees were planning on leaving their organizations. What could be causing this change of heart?
Well, primarily it is due to the fact that 46% of surveyed employees have moved to new jobs (9%), received a promotion (22%), or changed roles (15%) with their current employers, in the last 12 months. All these factors have contributed to making them less inclined to move during the next year. Yet, nearly one-third (31%) of surveyed employees report they are not satisfied with their jobs.
The survey also points to a few interesting human capital trends and findings have emerged. One such finding is that employers are still facing challenges in filling technical and skilled positions – yet high unemployment rates persist. Some employers are going on a global talent hunt to resolve this, and others are focusing on skills-building and trainings to better equip potential talent with the needed skills.
The survey highlights that although 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.
Here are three emerging trends (or pieces of advice) for the talent market:
• 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.
The Deloitte Middle East Matters Team