Here’s why your company’s culture has to be phenomenal, now more than ever.
1) Employees No Longer Feel Trapped: You need top talent and that talent now has options. Lots of options. “You’re lucky to have a job” doesn’t cut it anymore. The recessional fear of losing one’s job and getting laid off has significantly abated.
2) Higher Turnover: “Critical talent is leaving at a 20 percent higher rate than they were the year before. First-year turnover rose to 24.1 percent, the highest it has been since before the recession.” 2013 PWC Saratoga Practice Study
3) Boomers are Retiring: 26% of the current U.S. workforce consists of Baby Boomers. On average, 10,000 Baby Boomers (1946-1964) retire everyday. The U.S. Bureau of Labor Statistics predicts a shortfall of 10 million workers.
4) Talent Shortage: “35% of employers currently have difficulty filling jobs due to lack of available talent and 54% of employers report talent shortages are impacting their client-facing abilities and business outcomes.” ManPower Group 2013 Talent Shortage Survey
5) Workplace Culture Most Important Recruitment Factor: LinkedIn’s Talent Trends 2014 report asked which of the following was most important if respondents were to consider a new job, 60 percent said “the company has a reputation as a great place to work,” while 20 percent said “the company has a reputation for great products and services,” 17 percent said “the company has a reputation for great people,” and 7 percent said “the company has a reputation for being prestigious.”
Retention and recruitment of your best just got a lot more interesting.