ARLINGTON, Va., March 23, 2017 /PRNewswire/ -- Employees are
feeling better about the economy globally as perceptions about job
opportunities and job-seeking activity both increase, according to
CEB (NYSE: CEB), a best practice insight and technology company. In
fact, confidence in the broader business environment rose three
percent in Q4. As workers feel more empowered to seek out new
opportunities, employers must focus on strategies to keep their top
employees committed and engaged.
Despite the recent political and economic uncertainty in the
U.K. and U.S., Europe and
North America had the most notable
increases in employee perceptions of job opportunities – hitting a
six-year and two-year high respectively. Job seeking also increased
significantly in several geographies. The U.S. and Germany experienced a jump of more than seven
percent in job-searching behavior, while India, Canada, the U.K. and Japan all experienced an increase of more than
five percent.
Along with rising confidence in external opportunities, data
from CEB's Global Talent Monitor suggests that employees are less
satisfied with their current jobs. In fact, employees going above
and beyond continues to decline – a trend since mid-2013 – and
fewer intend to stay in their current roles over the next 12
months.
[Listen to Brian
Kropp's podcast for a deep dive on labor market trends
and prescriptive guidance for talent-focused executives –
http://ceboard.vo.llnwd.net/o1/EXBDMedia/InHouse/171423_GTMQ4_2016.mp3]
"Employees believe the labor market is more robust and they're
exploring new opportunities," said Brian
Kropp, HR practice leader, CEB. "We've talked about
employees quitting in seat the last few quarters, but now we're
seeing these individuals take action by looking for new jobs."
Disparity in U.S. Labor Market
Though global
confidence in the labor market is improving, it is not distributed
evenly, as noted by the disparity in the perceptions of men and
women in the U.S. While 29 percent of men believe that President
Trump's policies will improve compensation, benefits, and career
opportunities, only 19 percent of women agree. Confidence is not
evenly distributed among industries either. Employees in the oil
& gas, mining and manufacturing industries expect the biggest
positive impact, while employees in media, education and
non-profits expect a negative impact.
UK Workers Defy Brexit Gloom
Despite concern that
uncertainty around Brexit would cause a nationwide hiring freeze,
the perception among U.K. employees that the local economy is
improving has boosted job-seeking activity. Employee perceptions of
job opportunities in the U.K. rose by four percent in Q4, and
one-in-five workers are more positive about their career prospects.
At the same time, levels of intent to stay have dropped to 24
percent, the lowest point since 2014, suggesting that workers are
actively looking for jobs in other organizations.
Keeping Top Talent
As more employees consider new
opportunities and actively seek new jobs, organizations that want
to retain their top talent must focus on employee motivation and
satisfaction. To keep employees in seat, leaders should:
- Be transparent about compensation and rewards. In a
robust labor market, often a gap is created between employee
expectations and reality. Open communication around compensation
and rewards by leaders can help manage expectations and keep
employees productive and engaged by ensuring that the organization
delivers on its promises.
- Provide opportunities for career progression. For
many employees, career and development opportunities are more
important than compensation. In fact, 40 percent of employees
globally say that lack of future career opportunities is the number
one reason they will leave a job. Investing in employees by helping
them develop new skills and work in different parts of the business
helps organizations create an internal labor market and encourages
employee loyalty.
"In an active labor market, employers must focus on employee
retention in the face of increasing turnover," added Kropp.
"Turnover will rise, but leaders can stave off attrition by
ensuring employees feel valued and understand long-term career
prospects with the company."
Global Talent Monitor data is drawn from CEB's larger Global
Labor Market Survey which is made up of more than 22,000 employees
in 40 countries. The survey is conducted quarterly and is
reflective of market conditions during the quarter preceding
publication. Visit www.cebglobal.com/talentmonitor to learn more
and compare talent data from around the world.
About CEB
CEB is a best practice insight and
technology company. We help our customers grow by harnessing their
untapped potential. Leaders at more than 10,000 organizations
worldwide rely on our advisory services and technology solutions to
manage their talent, customers and operations. CEB is a trusted
partner to nearly 90% of the Fortune 500, more than 80% of the FTSE
100, and over 70% of the Dow Jones Asian Titans. More at
cebglobal.com.
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SOURCE CEB