Almost three in four employers in the US and Canada, that is about 73 per cent employers are finding it tough to attract talent or hire employees. In 2020, only 26 per cent employers reported such challenges. Earlier this year, 56 per cent of the employers admitted to finding it challenging to attract workers. What is worrying is that about 70 per cent companies feel this struggle will continue into 2022.
It is not just attracting talent that is proving to be difficult, but retaining them is a challenge too. About 61 per cent companies are struggling to retain employees and do not see this problem coming to an end in 2022 either. In comparison, in 2020 only 15 per cent employers reported retention issues.
These figures emerged from a talent attraction and retention survey conducted by Willis Towers Watson, that covered 380 employers from the US and Canada from August 4 to 9, 2021.
Employers across the US and Canada (30 per cent) are trying to increase their salary budgets in a bid to attract and retain talent. About 75 per cent are doing it because of the labour market being competitive and tight, and 41 per cent are doing it because they expect better financial outcomes from doing so.
A significant 33 per cent employers are already thinking of offering more flexibility at the workplace, while 36 per cent are planning to rework their health and other benefits. The emphasis on diversity, equity and inclusion (DE&I) has increased. More employers are focussing on furthering their commitment to DE&I and improving employee experience.
About 72 per cent employees in the hospitality space and 62 per cent working in the warehouses are delaying their return to work and postponing collection of unemployment. Those working in the digital space (around 48 per cent), have very high salary expectations.