Keeping track of cashflow and a company’s reputation might be tough, but it turns out employees are the one thing keeping chief executive’s up at night.
According to a new survey by The Conference Board, attraction and retention of top talent is the number one internal stressor keeping CEOs and other members of the C-suite up at night.
“Demand for highly talented employees now exceeds supply and, as a result, job openings are more difficult to fill and, in some regions, labour costs are accelerating,” the report found.
In the US, the time it takes to fill positions is now way above 2007 pre-recession levels - and still rising. On top of that, quit rates are rising across most industries.
“Willingly or not, employers are hiring less-educated workers, which leads in part to historically high levels of concern about labour quality,” the report stated.
So what’s the solution?
Companies struggling to attract talent are making a huge effort to make their workplace more enticing. For example, they’re being flexible with hours and work schedules, as well as decreasing overtime and workload.
“Among white-collar employers, many companies are expanding teleworking and/or remote flexibility,” the report stated.
A recent study by remote job listing site FlexJobs found that, not only is the volume of remote job listings increasing, there’s been a spike in the range of positions these companies are seeking.
In fact, an Australian tech company, Appen, topped the global list of companies leading the way when it comes to remote work, FlexJobs found.
Another solution is to use artificial intelligence to recruit efficiently, the Company Board report found.
“AI can increase the efficiency of recruitment processes, improve employment brand, bolster recruitment marketing, improve candidate and hiring manager experience, optimise sourcing, and enhance the quality of candidates, all while driving down costs and streamlining boring and repetitive tasks.”
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