Almost half (46 percent) of CIOs believe that the current talent shortage is impacting their business. This is the finding of our recent trends report, and echoes similar industry research. Clearly something has to change in not just the recruitment but retainment of talent—but what is it that employees want?
Here are three priorities that job-seeking Americans have at the forefront in their search for new employment.
1. better work-life balance
Work-life balance continues to grow in importance for employees and, in North America, it outranks every other factor. Although employers have made a commendable effort in this area and two-thirds of employees acknowledge their employers’ support for a healthy work-life balance, it ranks only sixth in employer performance.
Flexible working plays a big part in this. The pandemic gave many people—particularly white-collar workers—a taste of life without lengthy commutes and late nights in the office. Now, having time at home to enjoy hobbies and be with loved ones is no longer seen as a luxury but a proven possibility that doesn’t have to mean a reduction in productivity.
Our research showed that more employees who work partially remotely (71 percent) ranked their employers as supporting a good work-life balance, whereas this number was lower (62 percent) for those who do not work remotely at all.
For those employees not necessarily looking for remote working, the employer’s location becomes highly relevant with 73 percent of North Americans citing this as a factor in achieving a work-life balance when selecting an employer.
Given this is such a key factor, employers who are able to support remote or hybrid working can create three key advantages: (i) they can extend the talent pool that they are applicable to, (ii) they make themselves more attractive to prospective employees, and (iii) they can leverage lower-cost regions to control salaries.
2. improved salary & benefits
In our survey, employers received a relatively low score in terms of providing an attractive salary and benefits. Although this falls behind work-life balance for North Americans, it remains a key factor for employees when selecting an employer.
Even on the eve of COVID-19, the US was reporting stagnating wages, with salaries having about the same purchasing power as 40 years ago. This stresses the importance of employers obtaining salary benchmark data and getting in-the-moment advice from a talent provider on the different benefits that are proving to be more attractive in the IT and technology world.
3. financial & job security
These two factors go hand-in-hand; employees want to know that their prospective employer is financially secure, which in turn leads to greater job security.
2023 began with a surge of layoffs at four times the rate of the same time in 2022. Job losses are making regular headlines. So, it’s unsurprising that our survey found that 14 percent of employees are currently concerned about the security of their jobs and 6 percent are actively planning to change employers due to this.
These figures are even higher for those who have recently changed jobs with 26 percent of joiners concerned about job security fueled by the anxiety of being the last one in, first one out.
Focusing on financial stability, growth, and opportunities is crucial when posting vacancies and taking candidates through the recruitment process.
talent exists if you can create a hiring advantage
The positive is that there is exceptional IT and technical talent; the secret is creating that hiring advantage that sets you apart from competing employers.
By understanding what is important to your current and prospective employees, you will not only gain an advantage in attracting talent but be exceptional at retaining it too.