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Talent

North America sounding the alarm on talent retention

Against a backdrop of workforce change, aspects of talent featured heavily in current and future (evergreen) priorities. Talent retention is something that’s been high on the agenda in the US. Headlines about the Great Resignation, the Great Reshuffle, the Great Renegotiation all highlight a significant trend in workforce participation and represent a common trend.

At the time of this survey, companies that are headquartered in the US are sounding the alarm here and ranking talent as a higher priority than employers who are headquartered elsewhere. Further data suggests that employers with a North American presence report higher attraction rates paired with lower retention rates than other regions. While it is difficult, without historical data, to identify if this is a new pattern or persistent trend, we will see if similar changes unfold in regions outside the US as the situation continues to develop globally.

Look beyond compensation & benefits to the broader impact of actions on talent

When it comes to attracting talent and stemming employee turnover, employers’ have a variety of compensation and benefits options they could consider implementing. Given the breadth of options, it may be valuable to assess actions and their potential impact through an evidenced-based lens.

Talent attraction and retention

Companies that took the below actions (vs did not) reported higher attraction rates and retention rates. Measures are most effective in the United States where employers who have enhanced employee compensation report higher attraction rates.

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Source: The Fidelity Global Employer Survey, 2022. Respondents were asked: Which actions has your company done? Base: Total Respondents (1000).

Select options may help talent issues for both US and Non-US employers:

 

  • US - employers who have enhanced health insurance, paid time off and working options report higher retention rate
  • Globally - enhancing insurance benefits was the key action that had a material impact on retention rates

Actions that may improve attraction and retention

Employers may be able to curb turnover through an enhanced employee value proposition that signals their values.

  Employers with success recruiting  Employers with success retaining
Priorities Workplace culture is a priority Talent is a priority
Employee well-being Have broader definition of what it means to be 'financially well' Feel more responsible for their employees' mental health
Changes to benefits Enhanced compensation (for employers in the US) Enhanced benefits in evidenced-based ways - flexibility, time away, health (for employers in the US) and insurance (globally) 
Diversity & Inclusion Have a diversity & Inclusion office and/or Head of Diversity & Inclusion  Have a diversity & Inclusion office and/or Head of Diversity & Inclusion 

 

Source: The Fidelity Global Employer Survey, 2022.

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