Talent Edge 2020 - 2nd report
Building the recovery together - What talent expects and how leaders are responding
The second report in Deloitte’s Talent edge 2020 survey series features results from a survey of more than 350 employees at large companies worldwide and examines employee attitudes to provide insights into the forces that will drive the talent market over the next decade. Now that the economy is growing again, corporate executives 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. However, the report finds 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, employees are now actively testing the job market. Only 35% of employees surveyed expect to remain with their current employers while 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: Based on the survey results both turnover triggers and retention incentives vary significantly across employee generations.
- Baby Boomers expressed the strongest discontent with their employers and the greatest frustration that their loyalty and hard work has been neither recognized nor rewarded. 32% of Baby Boomers surveyed cited lack of trust in leadership as a key turnover trigger—making it their top-ranked reason to leave and the highest selection of any generation.
- Generation X employees are far and away the most likely group to be looking at exit strategies from their current jobs. Only 28% of surveyed Gen Xers expect to stay with their current employers with lack of career progress a clear top exit trigger at 65%.
- Millennials have a sharply different idea of what makes for a strong corporate culture than other generations. Survey responses indicate that they are more likely to consider their employers’ commitment to “corporate responsibility/volunteerism” and call a “fun work environment” important compared to Baby Boomers.
- Companies that lift their games to deliver “World-Class” talent programs will likely be rewarded: Very few employees define their employers’ overall talent efforts as “world-class” or even “very good” – and the same lack of confidence holds true when it comes to key talent retention strategies. However, survey results indicate that 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.