According to a new report from XpertHR, in conjunction with Executive Networks, 83% of global CHROs are facing a significant talent retention problem.
In addition, of those surveyed, all CHROs cited ‘talent’ as their top priority, with all respondents agreeing that it has never been more important to keep employees satisfied through the ‘Great Re-Evaluation’ to stem the tide of resignations.
The report found that the top reason for voluntary turnover was employees reporting stress and burnout (almost 20%). Others felt there was a lack of visibility for career advancement and development (19%), which highlights how internal talent mobility is a top factor contributing to talent turnover and retention issues.
Not surprisingly, another top reason for resigning was wanting increased wages (18%) and dealing with work-life balance issues (18%).
Data from the survey suggests that having an internal talent marketplace, a platform allowing employees to access learning and development opportunities, reduces turnover. Those who have internal training and clear career paths in place via an internal talent marketplace found they had an average turnover rate of 13% in the last year, compared to 19% for those who did not.
Additionally, CHROs who predicted an increase in budget found that the higher the predicted increase, the lower the turnover rate. For those who reported that their budget would increase by over 20%, their average turnover rate over the previous year was 12%, compared to an average turnover rate of 17% for those who predicted a budget increase of only 0-9%.
Noelle Murphy, senior HR expert, XpertHR, said, “The past two years have changed the way we work in profound ways, and HR leaders are under immense pressure to help their organisations re-think what will make employees want to stay. In many cases, it comes down to meeting employee priorities and purpose.
“Whether it is attracting, hiring, training or retaining talent, HR professionals must make talent their priority if they are to cultivate the most-skilled and best-led companies to gain a competitive edge.
“With many global economies shifting into a recession, pressure is only going to grow for businesses to retain their top talent, who will be vital to navigating the coming years. Now is the time for CHROs to push for investment and change within their business to build a better employee value proposition and culture that meets both employee and business needs.”