Talent Shortage, Motivation, Retention Are Top Challenges – Globally
Editor’s note: In the webinar we held on Hr.com a few weeks ago (The Cloud Will Soon Be Overhead), we had discussed this very point. There are a lot of changes coming and too many to provide in a webinar… Which means, you may be seeing our first book, soon?
Deloitte: Study Reveals Talent Squeeze is Globalizing; Shortage, Motivation, and Retention of Talent Emerge as Top HR Challenges
Employment security, retirement rank in top 3 personal concerns across all regions surveyed
Ability to afford retirement was top concern for U.S. respondents
“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 5 Priorities
“The Top Five Global Employer Rewards Priorities Survey” series is an annual barometer of talent and rewards management challenges. Conducted globally for the first time this year, 27 different countries ranked the top five priorities for 2013:
- 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?
From a personal employee perspective, retirement continues to be top of mind.
66% of U.S. respondents ranked their ability to afford retirement as their top concern.
This issue is so deeply felt that 34% of U.S. employees plan on delaying their retirement age.
This is in contrast to other regions, including EMEA where a triple dip recession looms.
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.”
The report reveals that 56% of respondents say the future of their employment security is among their top 3 challenges, including 30% who view this as their number one concern.
To attend a Deloitte Dbriefs Webcast “Employee Rewards Programs: Global Trends and Insights” on March 13 at 2:00 p.m. Eastern for an overview of key findings from the report, please register here.
About the Survey
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.
What Are Your Thoughts??
✔ Deloitte mentions the dynamics of 4 distinctive generations in the global workforce but does not mention what distinguishes one from the other. What do you believe are the dynamics of the 4 distinctive generations in the global workforce?
✔ Each progressive generation is smaller than the previous — what will be the increased demands on each generation as the previous nears retirement?
✔ What workforce priorities not mentioned by Deloitte is your company seeing?
Please share your thoughts with our audience in the comments section below!
Alternate formats are available on the Amazon site (choose before final purchase).
Canada, China, Germany, Spain, France, Italy, Japan, United Kingdom, USA.
We are waiting on Amazon.com for localization to Brazil.
Problems with localization? Click Here to contact us
Product prices and availability are subject to change.
Any price and availablility information displayed on Amazon.com at the time of purchase
will apply to the purchase of any products.
About the Authors of the Book
Jon Younger is a partner of the RBL Group, leads the firm’s strategic HR practice, and is a director of the RBL Institute. Jon’s career has combined experience in consulting, executive management and HR leadership. He has also managed executive compensation and HR strategy. He is a co-author of many articles and book chapters and two books: HR Transformation (2009 Justin Allen, Wayne Brockbank, Jon Younger, Mark Nyman), and HR Competencies (2008 Wayne Brockbank, Dani Johnson, Kurt Sandholtz, Jon Younger). His articles have appeared in HR Management Journal, HR Planning Journal, Harvard Business Review, Strategic HR Review among others.
Wayne Brockbank is a Clinical Professor of Business at the University of Michigan’s Ross School of Business and an Emeritus Partner in the RBL Consulting Group. At the Ross School of Business, he is the Co-director (with Dave Ulrich and Dick Beatty) and core faculty of the Advanced Human Resource Executive Program. He is also the Director of HR executive programs in Hong Kong, India, Singapore, and United Arab Emirates. Over the past twenty years, these executive programs have been consistently rated as the best HR executive programs in the United States and Europe by the Wall Street Journal, Business Week, Fortune and Leadership Excellence. He serves on the core faculty to Michigan’s senior management executive programs in India. He has held visiting faculty appointments in Argentina, Australia, China, Hong Kong, India, the Netherlands, Kuwait, and Saudi Arabia.
Mike Ulrich is a PhD student at the Moore School of Business, University of South Carolina. Before returning to the university, he was a Research Associate for RBL Group where he led the data collection and analysis of the RBL/Michigan global HRCS. Mike’s background is focused on research methods and statistical analysis. Mike’s work with The RBL Group focused on managing the firm’s many research studies (including the HRCS, Leadership Code, and talent management research)
Other Recommendations from Our Store
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.
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.
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.
|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
More articles by Press Releases...
- How Will the Holiday Cheer Arrive to Your Office? - 9-December-2013
- HireVue Announces 45 New Customers and Strong Sales Growth in Third Quarter - 9-December-2013
- IDC Financial Insights Releases Top 10 Predictions for 2014 - 9-December-2013
- Save-the-Date: 1-4 Jun 2014 IHRIM HRMS Strategies Conference & Technology Expo - 9-December-2013
- Strategic Shifts in IaaS, PaaS, SaaS to Advance Early Stage Cloud Adoption In Asia: IDC - 9-December-2013
- Escalation, Consolidation, Innovation as the Transition to IT's "3rd Platform" Accelerates - 9-December-2013
- IDC Forecasts PC Shipments to Fall by Double Digits In 2013 - 6-December-2013
- The Hong Kong Institute of Housing Supports Standard Working Hours Legislation - 5-December-2013
- Dates for New York Forum Africa 2014 Announced - 5-December-2013
- Employee Confidence Rebounds in Month Following Shutdown - 5-December-2013
Our ISP Has Many Services to Fit Your Needs...
With 15,000+ videos on our 220+ combined playlists, we're bound to have something for you!
Click below to see how our daily additions can help you!