A new research report from full-service research solutions firm Arizent finds that employers will need to hone in on their workplace policies, boost compensation and benefits and listen to employees’ needs if they hope to successfully navigate the Great Resignation today, and the challenges the future may hold.
Of those surveyed for the firm’s new How To Win the War for Talent report, more than seven out of ten employers say that attracting, retaining and maintaining their workforce is a challenge right now. For large companies with 250-2,000+ employees, around half list these challenges as top concerns. For smaller organizations, around a third say this is the case.
“The Great Resignation has ripped through every industry and every organizational level, leaving employers scrambling to fill roles, while keeping their current employees supported and engaged,” noted Janet King, vice president of research at Arizent, parent company of American Banker, The Bond Buyer, National Mortgage News, Employee Benefit News and other leading information brands for financial and professional services, in a news release. “In 2021, 47 million people voluntarily quit their jobs; that number is expected to balloon even higher, as 23 percent of workers are actively seeking new roles in 2022.”
The research also found that even though 90 percent of employers admit to recruiting challenges, no one reason is clear. From compensation and flexibility, to advancement opportunities and benefits, the priorities of employees are shifting.
The people leaders in this report acknowledge that flexible work is here to stay, and can serve as a powerful tool: 50 percent of organizations that offer flexible work say that the approach is highly effective in bringing in new talent.
This research was conducted online during April 2022 among 599 total respondents. The survey included 486 People Leaders across the banking, accounting, insurance, wealth management and mortgage industries. Some of these people leaders are also HR professionals. The survey also included 113 HR professionals from other major US industries.