ARLINGTON, Va., June 24, 2016 /PRNewswire/ -- Job-seeking activity is increasing globally as employees leverage their position of power and begin taking action to secure new positions, according to CEB (NYSE: CEB), a best practice insight and technology company. After a year-long slowdown in 2015, CEB's Global Talent Monitor indicates that job-seeking activity increased worldwide in Q1 2016. Brazil, Spain and Canada all experienced significant activity spikes, while job opportunity optimism reached a five-year high in Europe and increased in Latin America for the first time since 2013. Contrary to Europe and Latin America, the U.S. and China experienced significant decreases in job-seeking activity from last year, falling almost eight percent and just over four percent respectively.
"The increase we are seeing globally in both job seeking and optimism around job opportunities suggests employees feel confident that they can find new, better jobs," said Brian Kropp, HR practice leader, CEB. "These increases are particularly significant given they indicate a willingness to change jobs despite economic and political turbulence and signal that most companies aren't doing enough to develop and ultimately retain their top talent."
In line with the increase in global job-seeking activity, fewer employees intend to stay with their current employers across all regions. Latin America experienced the biggest decrease in intent to stay – a four percent drop. Meanwhile, the percentage of employees exerting high levels of discretionary effort is also down worldwide. Again, Latin America faced the biggest decrease in employees going above and beyond, dropping two percent.
[Listen to Brian Kropp's podcast for a deep dive on labor market trends and prescriptive guidance for talent-focused executives – http://ceboard.vo.llnwd.net/o1/EXBDMedia/InHouse/163600_GTM_Q1_2016.mp3]
In order to address employee dissatisfaction with their career prospects and convince them the grass isn't greener elsewhere, employers must focus on providing better work-life balance, and growth-based careers that focus on a diversity of experiences by:
- Giving employees the gift of time: Attracting and retaining top talent requires a focus on the end results and overall productivity of employees, rather than where and when their work is done. Empowering employees with flexible schedules and environments can be more valuable than compensation.
- Increasing employee capabilities through varied experiences: Offering opportunities to play different roles across different projects enables employees to grow in new ways. Employees who believe their company is helping them become more marketable actually become more loyal to their current employer.
- Re-evaluating benefits packages: Employees increasingly prioritize non-traditional perks when evaluating new employers, and many companies are offering attractive packages that align with their work-life needs. New benefits include things like personal loans, assistance with student loan repayment, and expanded maternal and paternal leave.
"Organizations that want to attract and retain top talent should strive to build a work environment where employees can achieve work-life balance, understand their future path, and feel rewarded with benefits that matter," added Kropp. "When employees do leave, those departures offer employers a critical touchpoint to identify areas of dissatisfaction, which is one of the most effective ways to inform engagement and retention strategies."
Global Talent Monitor data is drawn from CEB's larger Global Labor Market Survey which is made up of more than 20,000 employees in 40 countries. The survey is conducted quarterly and is reflective of market conditions during the quarter preceding publication. Visit www.cebglobal.com/talentmonitor to learn more and compare talent data from around the world.
CEB is a best practice insight and technology company. In partnership with leading organizations around the globe, we develop innovative solutions to drive corporate performance. CEB equips leaders at more than 10,000 companies with the intelligence to effectively manage talent, customers, and operations. CEB is a trusted partner to nearly 90% of the Fortune 500 and FTSE 100, 80% of the JSE, and more than 70% of the Dow Jones Asian Titans. More at cebglobal.com.
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