ARLINGTON, Va., March 23, 2017 /PRNewswire/ -- Employees are feeling better about the economy globally as perceptions about job opportunities and job-seeking activity both increase, according to CEB (NYSE: CEB), a best practice insight and technology company. In fact, confidence in the broader business environment rose three percent in Q4. As workers feel more empowered to seek out new opportunities, employers must focus on strategies to keep their top employees committed and engaged.
Despite the recent political and economic uncertainty in the U.K. and U.S., Europe and North America had the most notable increases in employee perceptions of job opportunities – hitting a six-year and two-year high respectively. Job seeking also increased significantly in several geographies. The U.S. and Germany experienced a jump of more than seven percent in job-searching behavior, while India, Canada, the U.K. and Japan all experienced an increase of more than five percent.
Along with rising confidence in external opportunities, data from CEB's Global Talent Monitor suggests that employees are less satisfied with their current jobs. In fact, employees going above and beyond continues to decline – a trend since mid-2013 – and fewer intend to stay in their current roles over the next 12 months.
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"Employees believe the labor market is more robust and they're exploring new opportunities," said Brian Kropp, HR practice leader, CEB. "We've talked about employees quitting in seat the last few quarters, but now we're seeing these individuals take action by looking for new jobs."
Disparity in U.S. Labor Market
Though global confidence in the labor market is improving, it is not distributed evenly, as noted by the disparity in the perceptions of men and women in the U.S. While 29 percent of men believe that President Trump's policies will improve compensation, benefits, and career opportunities, only 19 percent of women agree. Confidence is not evenly distributed among industries either. Employees in the oil & gas, mining and manufacturing industries expect the biggest positive impact, while employees in media, education and non-profits expect a negative impact.
UK Workers Defy Brexit Gloom
Despite concern that uncertainty around Brexit would cause a nationwide hiring freeze, the perception among U.K. employees that the local economy is improving has boosted job-seeking activity. Employee perceptions of job opportunities in the U.K. rose by four percent in Q4, and one-in-five workers are more positive about their career prospects. At the same time, levels of intent to stay have dropped to 24 percent, the lowest point since 2014, suggesting that workers are actively looking for jobs in other organizations.
Keeping Top Talent
As more employees consider new opportunities and actively seek new jobs, organizations that want to retain their top talent must focus on employee motivation and satisfaction. To keep employees in seat, leaders should:
- Be transparent about compensation and rewards. In a robust labor market, often a gap is created between employee expectations and reality. Open communication around compensation and rewards by leaders can help manage expectations and keep employees productive and engaged by ensuring that the organization delivers on its promises.
- Provide opportunities for career progression. For many employees, career and development opportunities are more important than compensation. In fact, 40 percent of employees globally say that lack of future career opportunities is the number one reason they will leave a job. Investing in employees by helping them develop new skills and work in different parts of the business helps organizations create an internal labor market and encourages employee loyalty.
"In an active labor market, employers must focus on employee retention in the face of increasing turnover," added Kropp. "Turnover will rise, but leaders can stave off attrition by ensuring employees feel valued and understand long-term career prospects with the company."
Global Talent Monitor data is drawn from CEB's larger Global Labor Market Survey which is made up of more than 22,000 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. We help our customers grow by harnessing their untapped potential. Leaders at more than 10,000 organizations worldwide rely on our advisory services and technology solutions to manage their talent, customers and operations. CEB is a trusted partner to nearly 90% of the Fortune 500, more than 80% of the FTSE 100, and over 70% of the Dow Jones Asian Titans. More at cebglobal.com.
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