Employee Benefits Market Check Survey: Employee Recruiting and Retention Challenges

The past two years have created massive changes in how employers attract and retain the talent they need and how the workforce views future employment opportunities. News headlines seem to announce the shift in employee mindset on everything from office life to leadership expectations to compensation to the overall experience daily. Employers are navigating an incredibly tight labor market, with job openings nearing record highs. Being unable to fill roles or retain current staff can negatively affect productivity, culture, and morale.

We conducted a poll during a webcast on March 24 to gain insight into how employers are impacted by and responding to the competitive labor market. The results are in the charts below.

Key Findings
The tight labor market impacts employers of all sizes, industries, demographics, and geographies. An overwhelming majority of our respondents, almost 90%, indicated they feel challenged with employee recruiting and retention.

There are countless ways employers can attempt to respond to these issues and focusing on compensation was the most common item that our respondents chose to confront the challenge. In addition to the choices we outlined in our polling question, employers could consider:

• Expanding the geography of the candidate pool
• Recruiting former employees (“boomerang” employees)
• Increasing investment in recruiting staff and/or software
• Enhancing/creating social media and brand strategies
• Formalizing career paths
• Implementing a mentor or buddy program
• Increasing professional development opportunities
• Providing spot or stay bonuses

Should you have any questions regarding any of this information, please contact your local Assurex Global adviser.