Attraction and Retention of Employees
14th March 2022
Employers in Ireland are encouraged to look beyond traditional means for additional ways to attract and retain talent, particularly those with critical skills.
The advice by WTW (Willis Towers Watson, NASDAQ: WTW), a leading global advisory, broking and solutions company is underpinned by findings from the companies WTW Reimagining Work and Rewards Survey.
Globally, the survey has identified that attraction and retention of employees remains a major concern amongst employers. Indeed, according to the survey,
70% of companies globally expect difficulties in attracting talent in 2022. That compares with the 54% that had difficulty attracting talent in the first half of 2021 and is almost double the 37% in 2020.
Global and Local Pressures
Pressures around retaining talent also remain a worry for global employers with 61% anticipating difficulties in keeping workers this year, up from 46% in the first half of 2021 and just 27% in 2020.
Globally, the research found that employers were found to be having difficulties in attracting and retaining employees across the workforce, in particular areas such as digital talent (78%), sales force positions (48%), salaried employees (56%) and positions engaged in people analytics (47%).
Commenting on the research, Sarah McDonough, Employee Experience Leader, UK & Ireland at Willis Towers Watson, said: “This research is very informative and in many ways mirrors what we are seeing here in Ireland. Employers in Ireland are currently experiencing significant challenges in recruiting and retaining talent, particularly in critical-skill roles.
“Unfortunately, employers here in Ireland do not see the situation improving in 2022 and a tighter labour market is persisting. As such, as employers across Ireland compete for talent, organisations are now increasingly looking for new ways to adapt to the new business environment and significant workforce changes. This is essential in order to reduce the pressure on attracting and keeping talent.”
Multi-skilling & Flexibility
A key finding of relevance to companies in Ireland concerned skills and future application, with 53% of companies globally expecting to focus on employee multi-skilling over the next three years, enabling talent to complete tasks across different jobs.
The survey also highlighted the importance of flexibility in terms of how employees work. Remote working has remained in place for many employees despite the lifting of COVID-19 government restrictions. This was evident in the survey as half of the employees surveyed globally are currently working remotely or a mix of onsite and remotely.
Nearly half (48%) of companies expect their workforce to be working primarily remotely or a mix of onsite and remotely in three years.
This is illustrative of how flexible work is no longer a differentiator, it is pervasive and expected by employees. It was noteworthy that although technology will be a key part of this flexibility, the survey found that less than a third of organisations globally are effective at using technology or analytics to track and measure the skills of existing employees.
Commenting on learnings for employers in Ireland, Sarah McDonough said; “Here in Ireland, we would advise that there are overall additional actions that organisations can take to successfully recruit and retain talent.
Employers are advised to broaden the reach and scope of their recruitment activity to identify new sources of talent, reskill and upskill existing team members, optimise job design, reset their rewards strategy and overall, look to deliver a more holistic employee experience.”
“We know from our research that total reward is just one of the drivers of employee experience and areas such as benefits, wellbeing, learning and career opportunities also play a critical role in creating an experience for employees that is differentiated and attractive. As employers in Ireland compete on the global stage for talent at home and abroad, a strategically guided and tangible rewards programme that delivers value for employers and employees is paramount, regardless of sector or scale”.