KEY FINDINGS
2. ENTERPRISES ARE STRUGGLING TO KEEP AND FIND CRITICAL SKILLED TALENT IN THE FACE OF THE “GREAT RESIGNATION.” People—finding them, training and developing them, keeping them—has become the number-one challenge facing middle market and emerging enterprises, cited as a top concern by three in five finance and HR leaders in AchieveNEXT’s 2021 Mid-Year Update to CFO-CHRO Sentiment Study. Talent also figures into their second- and third-highest concerns—managing costs and coping with the continuing impact of Covid-19. There have been and will be many studies of what is being called “ the Great Resignation ,” the talent shortage produced by the reluctance of some people to reenter the workforce, the decision of others to leave jobs they find unsatisfying, and the insistence of many on better pay and working conditions. Explanations include worries about occupational safety, a desire or need for better work-life balance and more flexible job arrangements (partly but not only driven the challenges of childrearing when it is not clear when or whether schools will remain open or safe), Zoom fatigue and Covid burnout, and a large- scale “take-this-job-and-shove-it” rejection of jobs with few benefits or career opportunities when more attractive opportunities beckon. For example, while the pandemic affected women disproportionately in terms of income and job loss, it has also changed their terms and expectations for participating in the workforce: According to a study by the American Enterprise Institute, two in five say flexibility to balance work and family needs is one of the most important factors in choosing a job, and three in five prefer a remote-work option. Many other workers, male and female, are taking time to go to school or otherwise improve their skills. When evaluating jobs, people rank flexibility, a welcoming work environment, the opportunity to grow and advance, and work that makes a meaningful contribution to society ahead of salary. As the study’s authors say, “The unemployed are looking for work. However, they are not necessarily looking for the same jobs they had” AchieveNEXT data reveal both the problem and how elusive the solutions are. Citing talent as their top challenge, nearly half of respondents in this study say their companies lack the incentives to reduce employee turnover.
12 I 2021-2022 Mid-Market Talent Acquisition, Executive Compensation and Culture Study — Powered by Insperity
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