The 3 Top HR Challenges? Shortage, Motivation, Retention
Deloitte: Study Reveals Talent Squeeze is Globalizing; Shortage, Motivation and Retention of Talent Emerge as Top HR Challenges
Employment security, retirement rank in top three personal concerns across all regions surveyed; Ability to afford retirement was top concern for U.S. respondents
This talent paradox, combined with dynamics of four distinct generations in the global workforce, points to the need for more effective and adaptable talent strategies and rewards programs.
Approximately one in four respondents from all geographies surveyed, including the Americas (24%), EMEA (28%) and Asia-Pacific (24%) cited finding, motivating and keeping talent as their top priority.
“Given all of the sharply different economic, political and geographic challenges in the regions we surveyed, we found real parallels in terms of what is weighing heavily on employers,” said David Lusk, principal, Deloitte Consulting LLP and co-author of the report.
“Attracting and retaining top talent is a universal theme.”
Top five priorities
- The ability of reward programs to attract, motivate, and retain employees
- Clear alignment of Total Rewards strategy with business strategy and brand
- Motivating staff when pay increases are flat or non-existent
- The cost of providing benefits to employees
- Demonstrating appropriate return on investment for reward expenditures
Retirement security: A 21st century retention strategy?
66% of U.S. respondents ranked their ability to afford retirement as their top concern.
This issue is so deeply felt that more than 34% of U.S. employees plan on delaying their retirement age.
There, 16% of employees say they plan on delaying retirement, and similarly in Asia, 17% indicate plans to delay retirement as well.
“Calibrating talent and rewards strategies to meet generational expectations of extended employment is a step many employers and national governments should consider taking,” said Scott Cole, senior manager, Deloitte Consulting, LLP and co-author of the report.
“This can also be an astute retention strategy, particularly as employees across all regions indicate they will consider leaving their current employer for another that provides better benefits or more stability.”
Skills gap paradox and employee consumerism
In an era of limited economic growth compressing job opportunities, it would seem that there should be enough talent to go around, but the reality couldn’t be more different.
“As boomers retire, many companies face a conundrum for how to fill jobs quickly.
“Their hiring strategies may need to go beyond simply preparing to fill the positions with a stockpile of resumes,” added Lusk.
“Leading employers understand that their employees have choices.
“Their ability to quickly fill roles, particularly those requiring highly-skilled talent, often depends on having world-class Total Rewards programs with benefits that outpace the competition in addition to offering training, leadership and mentoring programs and other non-traditional forms of rewards and recognition.”
Generational Considerations: Rewards Tailored to Career Stages
Workforces in China, the U.S., and most of Europe are aging, while others, such as those in India and Brazil, are seeing a high influx of young employees.
These changes are putting a strain on companies and their leadership to identify and implement effective rewards programs as each generation is marked with distinct values and expectations.
“The reality of today’s workplace is one where four distinct generations can be seen in the same workforce,” said Michael Wilson, CEO of the International Foundation and ISCEBS.
“To stay competitive, companies have to redefine their Total Rewards programs to motivate, attract and retain employees at every stage within their career and with somewhat divergent demands from their employer.”
To view the archive of Deloitte Dbriefs Webcast “Employee Rewards Programs: Global Trends and Insights”, (originally broadcast March 13 at 2:00 p.m. Eastern) for an overview of key findings from the report, please register here.
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✔ There is a LOT of information in this report — perhaps we should cover this in installments here?
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Unprecedented shifts in the age distribution and diversity of the global labour pool are underway. Within the decade, as the massive boomer generation begins to retire and fewer skilled workers are available to replace them, companies in industrialised markets will face a labour shortage and brain drain of dramatic proportions. Ken Dychtwald, Tamara Erickson, and Robert Morison argue that companies ignore these shifts at great peril. Survival will depend on redefining retirement and transforming management and human resource practices to attract, accommodate, and retain workers of all ages and backgrounds. Based on decades of groundbreaking research and study, the authors present innovative and actionable management techniques for leveraging the knowledge of mature workers, reengaging disillusioned mid-career workers, and attracting and retaining talented younger workers. This timely book will help organisations sustain their competitive edge in tomorrow’s inevitably tighter labour markets.
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About the Author of the Book
Ken Dychtwald, PhD, is founding President and CEO of Age Wave, a firm focused on the maturing workforce, and the author of twelve books. Tamara Erickson is an executive officer and member of the board of directors for The Concours Group, a management consulting, research, and education firm. Robert Morison is an executive vice president and the Director of Research of The Concours Group. The authors’ Harvard Business Review article, “It’s Time to Retire Retirement,” won the 2004 McKinsey Award.
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About the Survey
In its 19th year, the “Top 5e Global Employer Rewards Priorities Survey” is jointly sponsored by Deloitte and the International Society of Certified Employee Benefit Specialists (ISCEBS). Different than years past, the 2013 edition asked HR professionals internationally to participate, making this the first Global Top Five Survey, comprised of 415 respondents, representing employers in 27 different countries across the Americas, EMEA and Asia-Pacific. Survey participants were asked to respond as representatives of their employers with the exception of two questions about personal challenges and plans. For purposes of this survey, the phrase Total Rewards is defined as all compensation, benefits, perquisites and any other direct or indirect payments to employees. The survey respondents represent a diverse cross-section of the global employer population by industry and size.
About Deloitte’s Human Capital practice
Deloitte helps organizations effectively manage their human capital to drive business growth. It does this leveraging advanced analytics to develop talent management and business-driven HR strategies to deliver results. Deloitte is a leader in human capital consulting, bringing a distinct combination of business, industry and HR knowledge, supported by the breadth of services and capabilities of a multidisciplinary professional services organization and the Deloitte Touche Tohmatsu Limited global network of member firms. For more information, please visit http://www.deloitte.com/humancapital.
About IFEBP and ISCEBS
The International Foundation of Employee Benefit Plans is a member-driven organization with five decades of experience as a leading objective source of employee benefits education and information. The Foundation offers education, information and the Certified Employee Benefit Specialist (CEBS) program to its 33,000 members. For additional information, visit www.ifebp.org. Its sister organization, the International Society of Certified Employee Benefit Specialists (ISCEBS), provides continuing education opportunities for those who hold or are pursing the CEBS and its affiliated designations. For more information, visit www.iscebs.org.
As used in this document, “Deloitte” means Deloitte Consulting LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.
|Marykate Reese||Stacy Van Alstyne|
|Public Relations||Director, Communications|
|Deloitte Services LP||International Foundation of Employee Benefit Plans|
|+1 203 257 0452||+1 262 373 7746|
|[email protected]||[email protected]|
Web Site : http://www.deloitte.com/us
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