Despite slower economic and employment growth, Singapore employees were confident about the job market this year, with almost 7 in 10 (67 percent) believing that…
Job Seeking Picks Up As Employees Capitalize On Position of PowerManagement NEWS RECRUIT July 5, 2016
Job-seeking activity is increasing globally as employees leverage their position of power and begin taking action to secure new positions, according to 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.
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 touch point 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 Labour Market Survey which is made up of more than 20,000 employees in 40 countries.
Image credit: LinkedIn
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