Sep 23, 2021
The number of employers that are taking action to attract and retain talent has increased sharply. It’s a trend that’s expected to continue into 2022, according to a Willis Towers Watson survey. Seventy-three percent of employers are having difficulty attracting employees compared to 56% during the first half of this year and 26% last year. Sixty-one percent are having difficulty keeping workers compared to only 15% last year.
Employers are adjusting their strategies to attract and retain talent:
- Revised Benefits: One of the most common actions employers are planning or considering is revising their health and wellbeing benefits. Most employers also expect these actions to be permanent for attraction (71%) and retention (78%).
- Higher Salaries: Many employers are increasing salary budgets for the upcoming cycle. Forty-nine percent are planning or considering higher base salaries. Employers are also considering off-cycle salary increases
- More Flexibility: 70% have increased workplace flexibility
- Tuition Reimbursement: 65% are providing tuition reimbursement
- Diversity: 70% are putting more emphasis on diversity, equity, and inclusion
- Training: Employers are also planning to create more targeted opportunities for employee training
- Other Strategies: Companies are also planning or considering offering higher sign-on and referral bonuses and allowing delayed relocation, giving employees higher levels or titles, and offering cash retention bonuses
