Nearly 9 in 10 employers worry about talent retention

As many as 7 in 10 companies are confident about their growth prospects for 2022. However, they do expect that it will be difficult to find qualified staff, as well as to retain current employees. This is according to recruitment firm Robert Half’s Salary Guide 2022, an annual survey of salaries, trends and changes in the job market.

Although 9 in 10 employers are concerned about retaining talent due to labor market tightness, the majority of employers do not expect to offer salary increases to current employees (91%). 19% of managers surveyed consider low pay and not being able to offer salary increases the biggest challenge to retaining talent, although 17% expect to be able to pay higher bonuses.

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34% of employers say they will offer additional fringe benefits to attract talent. The most frequently offered perks are still the PC or laptop (88%), and nearly three-quarters now also offer the freedom of working from home. For half of employers, offering work from home has a positive impact on attracting talent, and 25% use this flexibility to combat burnout.

To continue growing in 2022, companies are looking for candidates with soft skills when recruiting new talent. However, these seem to be scarce, with more than a quarter of employers noting that most candidates do not yet have them. To remain successful in the future, among other things, employee adaptability, also known as AQ, is becoming increasingly important. In addition, other soft skills such as planning and organizational skills, creative thinking and resilience are more important just now than ever due to digitization and working from home.

The study also highlights the importance of corporate culture. For example, it appears that a majority of companies are struggling to maintain their corporate culture, due in part to persistent remote working. They are therefore committed to improving communication and collaboration within the team, investing in employee well-being and sharing company values and norms to improve corporate culture. This increases the chances of retaining talent, as 1 in 10 employers report that a mismatch between personal and company values is the main reason for voluntary employee departures.

Source: HRPractice

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