Just 29% of US leaders prioritize talent retention

Businesses, and particularly their HR teams, are grappling with the ‘Great Resignation’.

This war for talent has made companies realize that their people are their greatest asset – 92% of UK and 90% of US business leaders told iCIMS that their organization can’t meet its goals without the right talent.

However, accessing the right talent is much easier said than done. iCIMS 2022 Workforce Report found that 80% of UK and US HR professionals thought that talent acquisition efforts were not fitting the needs of the candidate. For the report, iCIMS spoke to 1,000 business and HR professionals in the US and 500 UK HR professionals.

Companies are also failing to prioritize retention. While 96% business leaders in the US and 97% in the UK said it was important to showcase mobility and career development, only 29% of US leaders prioritized internal mobility – this dropped to 20% in the UK. Two of three US leaders also said they prioritized external hiring over promoting internally.

This is a problem because, while burnout and flexible working have been deemed major causes of the ‘Great Resignation’, research is starting to show that employees want internal mobility and career development opportunities in order to stay in their jobs.

Time to do better with internal mobility

2022 is the time for businesses to rethink their talent mobility strategies, according to iCIMS. Now is the time to transform the ‘Great Resignation’ into the ‘Great Retention’.

To achieve this, iCIMS chief marketing officer Susan Vitale recommends companies “take a more strategic, holistic approach to talent transformation”.

“It is no longer solely about external talent acquisition; we need to be sure we’re addressing and empowering our existing workforce with career opportunities. Top performing employees are being courted by other organizations every day, and it is up to us to power career inspiration and growth within our businesses.”“It is no longer solely about external talent acquisition; we need to be sure we’re addressing and empowering our existing workforce with career opportunities. Top performing employees are being courted by other organizations every day, and it is up to us to power career inspiration and growth within our businesses.”

To thrive, it is also important that employers think about talent tech. These tools need to be employee-centric to “help turn hiring strategies inward to create a more engaging, efficient experience and improve retention amid labor challenges”, according to Vitale.

Now is the time to develop internal talent marketplaces, as well as rely on digital assistants to match employees’ skills with open roles.

The promising news is that business leaders are open to HR tech investment, particularly in internal mobility. 94% of UK leaders, and 96% of US leaders, said they planned to make an investment in talent tools – 54% in the UK pointed to internal mobility as an important investment area.

Are you ready to take the plunge and shift from talent attraction to retention?