Despite high unemployment, with recent reports of job gains showing a modest decline in the U.S. unemployment rate, HR professionals have continued concerns about attracting and retaining top talent.
This 'talent paradox,' combined with dynamics of four different generations in the global workforce, points to the need for more effective and adaptable talent strategies and rewards programs, according to the findings of Deloitte's 2013 "Top Five Global Employer Rewards Priorities Survey." The survey was completed in conjunction with the International Society of Certified Employee Benefit Specialists and the International Foundation of Employee Benefit Plans.
The findings reveal HR leaders across the globe are acutely focused on talent as the top challenge and priority over the next three years, says David Lusk, Principal, Deloitte Consulting and a co-author of the report. About one in four respondents from all geographies surveyed, including the Americas (24 percent), EMEA (28 percent) and Asia-Pacific (24 percent) 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," Lusk says. "Attracting and retaining top talent is a universal theme."
The survey, which was conducted globally for the first time, is an annual barometer of talent and rewards management challenges. For 2013, they are:
1. Reward programs to attract, motivate and retain employees
2. Clear alignment of Total Rewards strategy with business strategy and brand
3 Motivating staff when pay increases are flat or non-existent
4. The cost of providing benefits to employees
5. Demonstrating appropriate return on investment for reward expenditures
U.S. Retirement Security
From a personal employee perspective, retirement continues to be top of mind. Two-thirds (66 percent) of U.S. respondents ranked their ability to afford retirement as their top concern. This issue is so deeply felt that more than one in three U.S. employees (34 percent) plan on delaying their retirement age, the study found.
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 that's the not the case, Lusk says. "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," Lusk says.
Generational Considerations
The report also highlights the challenges of addressing the needs of a diverse range of generations. Workforces in China, the U.S., and most of Europe are aging, while those in India and Brazil, for instance, 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, Cole says. And only 61 percent of respondents somewhat agree or strongly agree that their organization's leadership team understands the differing generational values in the workforce.
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