Talent edge 2020
Building the recovery together
The second report in Deloitte’s Talent Edge 2020 survey series features results from a survey of more than 350 employee’s at large companies worldwide and examines employee attitudes to provide insights into the forces that will drive the talent market over the next decade.
As we are now seeing growth in our export lead and multinational sectors executives, HR managers and talent managers may be tempted to believe that the talent market has returned to normal and that they can go back to “business as usual" leaving them on the losing side of the competition for talent.
Competition for Talent
While some may question if there is a competition for talent, we believe in a number of sectors there is fierce competition for talent. This felt most acutely in the ICT and Telecoms sectors where the there are severe talent shortages. Therefore it is now more important than ever for organisations to reinvigorate their talent planning and engagement initiatives.
Our report has found that many companies are not addressing the critical needs and potential frustrations of their employee - and often do not have a realistic picture of how employees see them.
The report’s key findings include:
- Employers may risk losing the hearts and minds of employees: With a stronger economy, many employees are now actively testing the job market and nearly two out of three employees surveyed (65%) desire to leave their current employers
- What do the 65% of employees looking for the exit sign see that their employers don't? Among employees surveyed who are actively or passively seeking out new employers, 53% report the prospect of job advancement or promotion would persuade them to stay with their current companies.
- Targeting talent strategies to generations helps keep teams intact: According to the survey respondents, both turnover triggers and retention incentives vary significantly across employee generations:
- Baby Boomers expressed greatest frustration that their loyalty and hard work has been neither recognised nor rewarded
- Generation Xers appear frustrated that they are bumping up against the "grey ceiling" - with career paths blocked by Baby Boomers who are not moving out of the workforce
- Millennials seek a corporate culture with progressive values - such as their employers' commitment to sustainability, corporate responsibility, and creating a "fun work environment"
- Companies that lift their games to deliver "World-Class" talent programs will be rewarded: Employers that do lift their talent efforts will likely be rewarded with employees who are more satisfied with their jobs and career prospects and who are far more likely to remain with their current employers.