Sourcing, engaging, and retaining talent is a universal global challenge. According to a recent global survey conducted by Deloitte, the International Society of Certified Employee Benefit Specialists, and the International Foundation of Employee Benefit Plans, human resource professionals across the globe have continued to be challenged by attracting and retaining top talent. These data are congruent with other recent studies of C-suite executives who have voiced the same concerns.
Titled the 2013 “Top Five Global Employer Rewards Priorities Survey”, the report reveals that HR leaders around the world perceive talent as the top challenge and priority over the next three years. Approximately one in four respondents from all geographies surveyed cited “finding, motivating, and keeping talent as their top priority”.
This report is an annual survey of talent and rewards management challenges. Conducted globally for the first time this year, respondents in 27 different countries ranked their top five priorities for 2013. The top three priorities were “the ability of reward programs to attract, motivate, and retain employees”, “clear alignment of total rewards strategy with business strategy and brand”, and “motivating staff when pay increases are flat or non-existent”.
There were also generational considerations with differences in responses reflecting differences in the workforces. In China, the United States, and most of Europe, workforces are aging. At the same time, in India and Brazil, there are significant increases in young employees.
Wise companies and their leaders must identify and implement effective rewards programs that will appeal to each generation’s distinct values and expectations.
Only 61 percent of respondents either somewhat agreed or strongly agreed that their organization’s leadership team understands the differing generational values in the workforce. Almost 30 percent (28) indicated their organization “does not have the correct total rewards strategy in place to recruit and retain needed talent”.
Throughout the 27 countries, employees are facing concerns over the security of their jobs. In fact, 56 percent of respondents said employment security was among their top three challenges, including 30 percent who viewed this issue as their top concern.
Enlightened employers will take positive action to respond to these concerns of human resource professionals who have their fingers on the pulse of the what’s really happening with their employees.
Source: The Herman Trend Alert by Joyce Gioia, Strategic Business Futurist. http://www.hermangroup.com. The Herman Trend Alert is a trademark of The Herman Group of Companies, Inc.