If business leaders have learned anything the past few years, it’s to expect the unexpected. The pandemic, a wave of resignations and a sluggish economy have made it challenging to maintain a workforce capable of sustaining operations. In response, employers have adopted a reactive approach.
Your clients’ businesses (and likely your own) have been affected. Moving forward, it will be necessary for all businesses to take a more proactive stance, which includes having the right human capital management partner in their arsenal.
What areas should HR decision makers focus on this year? We surveyed nearly 1,000 full-time, U.S.-based employees across a range of job titles and industries for insight. Here are our top takeaways.
Retention Remains Top Priority
Job hopping has become commonplace, and HR teams are finding it increasingly difficult to halt the revolving door of employee turnover. According to our research, 47 percent of employees were tempted to apply for a new job last year—which is about the same as the findings in our 2021 survey.
It comes as no surprise that a bigger paycheck would make 62 percent of respondents reconsider jumping ship. A third want better benefits, while a quarter want greater flexibility.
Your clients need to act fast if they want to right the ship. Our research suggests this trend will continue—49 percent of employees say they plan to look for a new job this year.
Employee Development Needs Attention
While it may appear to be an employee-driven job market, many employees don’t feel they have the upper hand. 28 percent say they aren’t secure in their current position. A potential recession and outsourcing top the list of reasons why, along with concerns over losing out to employees with better skills.
Employers have a prime opportunity to quell their employees’ competency concerns by offering more opportunities for skill development. 65 percent of respondents say their employers don’t offer opportunities for them to learn a new skillset, 55 percent say they don’t offer training through a learning management system, and 54 percent say they are not presented with opportunities to expand upon their current skillset.
Focus on Basic and Complex Means to Boost EX
When it comes to boosting employee experience (EX), our research suggests employers should re-examine fundamental HR processes. Payroll topped the list as the HR activity in need of improvement. Nothing zaps EX more than unreliable compensation—especially during a time of economic uncertainty—so this is an area that employers must get right.
On the other end of the spectrum, forward-thinking organizations are leveraging analytics to help build smarter schedules, shorten the time to hire, identify trends that affect turnover, detect areas of non-compliance and more. Despite concerns over these tools accessing sensitive information, 77 percent of employees are comfortable having their personal data examined if it means a better EX.
Bottom line: Employers should leave no stone unturned when it comes to creating a more compelling EX.
The HCM solution you provide directly affects your clients’ ability to reach their goals this year and beyond. Support your clients’ growth as well as your own by partnering with isolved. Discover the benefits of joining the isolved Network.
To read more about the trends we uncovered in our survey of nearly 1,000 full-time U.S.-based employees, access our report: Pause, Pivot or Plan: HR Trends of 2023