Coping with the “Great Re-Evaluation,” the moniker given to areas of the labor market where employees re-evaluate when, where and even why they work, is among the biggest challenges facing HR leaders today, according to the new report, “The Global CHRO of the Future.” The survey of global CIOs was conducted by the HR services firm Executive Networks.
The report said three-quarters of CHROs believe talent retention and attraction are their key priorities because of changes taking place in today’s workforce.
Despite a possible economic slowdown, an unusual number of employees are leaving their jobs and CHROs as well as company leaders want to know why. According to the survey, CHROs attribute higher levels of voluntary turnover to stress and employee burnout, lack of career advancement and development opportunities, work/life balance issues and the need for increased compensation.
Other factors included long hours, feeling underappreciated and an inability to work remotely.
The survey found eight in 10 global organizations – about 83% – are facing a significant talent retention problem today. The rise in employee turnover has put pressure on HR leaders to rethink their employee engagement and retention efforts
“Recruiting new talent isn’t the only answer” to employers’ dilemma, said Jeanne Meister, executive vice president of Executive Networks. “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 HR leaders expect their budget for employee well-being programs will increase over the next 12 months. This indicates an awareness that reducing stress, burnout and work/life balance issues can make a difference in rising turnover rates, the report said.
Additional methods CHROs are using to reduce turnover include creating internal talent marketplaces, increasing employee referral bonuses, removing barriers to entry and launching in-house staffing agencies.