The war for talent is real. And it’s here to stay.
Today’s knowledge economy means that employees’ unique skills are the only real competitive advantage, making knowledge workers far more critical and in greater demand—especially in highly-skilled industries like Professional Services, Pharmaceuticals, and Technology. As a result, the marketplace for talent is becoming more competitive by the day.
In order to win, you’ll need to recruit, retain, and inspire top talent—starting now.
Read Achievers latest whitepaper, The War for Talent is Here. Is Your Workplace Ready?, and learn to build a future-focused, recognition-rich culture that:
- Lures today’s top talent with a culture that speaks to their needs
- Creates an environment of success by engaging, aligning, and recognizing your workforce
- Inspires their best work through coaching, development, and daily motivation
Discover what’s escalating the war for talent, the implications to your business, and how you can build a future-focused company and a culture that continuously keeps employees motivated and engaged.
FOR MORE VISIT HR BLOG -> cake.hr/blog
1. Change the way the world works
THE WAR FOR
TALENT IS HERE.
IS YOUR WORKPLACE READY?
2. THE WAR FOR TALENT IS HERE: IS YOUR WORKPLACE READY? 2
The war for talent is on. With an unprecedented economic
recovery, the marketplace for talent is becoming more
competitive by the day. It’s created a paradigm shift in
business where the knowledge worker has become far more
critical and in greater demand. Today’s companies are battling
harder than ever to win top-shelf knowledge workers who are
positioned to create greater value. To lead in your industry,
you must create a culture today that attracts, inspires, and
retains this higher caliber of top talent.
Discover what’s escalating the war for talent, the implications
to your business, and how you can build a future-focused
company and a culture that continuously keeps employees
motivated and engaged.
Brainpower: The competitive edge.
Welcome to the knowledge economy. Today, companies that
employ the most skilled, forward-thinking people tend to rise
to the top, and do so quickly. Think Google, Facebook, Tesla.
These companies tapped into the intellectual power of
extraordinary people to create businesses that changed the
way the world thinks, interacts, and moves forward. It was
their people who created their pathway to success.
The knowledge worker has become every company’s true
competitive advantage. In most industries (especially finance,
technology, professional services, and energy), it’s the unique,
honed, and tested skills of the knowledge worker that set
ordinary and extraordinary companies apart. Organizations
that don’t boast a roster of top tier employees are destined to
watch their competitors pass them by.
There’s a skills shortage going on. It will
impact your business (if it hasn’t already).
For today’s employers, the dynamics of the marketplace for
talent have changed. Recruiting top talent is more difficult
than ever as businesses rush to fill 60 percent of new jobs
with skills that only 20 percent of the population possesses.1
The U.S., as a result, is suffering from a shortfall of about
six million qualified workers2 and growing, creating a major
obstacle when it comes to recruiting top talent.
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Organizations
that don’t boast a
roster of top tier
employees are
destined to watch
their competitors
pass them by.
31%
number of employers that
have difficulty finding
people with the right skills
3. THE WAR FOR TALENT IS HERE: IS YOUR WORKPLACE READY? 3
Unemployment rate
(Age group: 16+)
Source: U.S. Labor Department
2009 2010 2011 2012 2013 2014
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Boomers
are retiring
at a rate of
10,000/day,
taking years
of experience,
knowledge,
and workplace
acumen along
with them.
By the time they retire,
over half of Boomers
have been with their
employers for 10+ years.
Millennials have an
average tenure of
3.2 years or less.
Source: Bureau of Labor Statistics
In fact, 39 percent of U.S. employers have difficulty finding
people with the right skills,3 with some positions like accounting,
IT, and engineers even harder to recruit. Finding, retaining, and
developing quality talent has become the world’s number one
business challenge.4
Enter the Millennials. Exit the Boomers.
The talent shortage is exacerbated by a marked “changing of
the guard,” as one of the most enduring generations makes
way for the next. Boomers are retiring from the workforce at
a rate of 10,000 per day,5 and they’re taking years of experience,
knowledge, and workplace acumen with them. That leaves
the workforce with a higher percentage of Millennials who
may be the most educated generation in history, but are also
the least experienced, making it difficult to recruit employees
with the cutting-edge skills and “no-ramp-up” experience em-ployers
need.
Low unemployment makes finding talent tough.
On the flip side, this younger workforce is entering the best
job market in five years. The unemployment rate has dropped
to 6.6 percent from a recession-era high of 10 percent in
October 2009.6 The number of available jobs has increased
by more than 73 percent from July 2009, opening up some
3.8 million opportunities nationwide.7
Unemployment Levels Since 2009
10%
8%
6%
4%
The low unemployment rate makes for a tough talent market
for businesses. And when it comes to the country’s highest-potential
workers, they’re even harder to recruit. For college
graduates, the unemployment rate sits at a staggeringly low
3.2 percent and dropping,8 making it that much more difficult for
employers to find the top talent they need to stay competitive.
4. THE WAR FOR TALENT IS HERE: IS YOUR WORKPLACE READY?
Today’s employees have one foot out the door.
Even your door.
If you’ve been shrewd enough to have already hired some
of the nation’s best and brightest minds, odds are they won’t
be working for you for very long. Having come-of-age during
an economic collapse and subsequent jobs meltdown, next-generation
employees are now hardwired skeptics. Employee
loyalty is relatively low and falling, with 21 percent of full-time
employees planning to leave their jobs this year—the largest
number since pre-recession.9 In fact, a solid 38 percent of the
workforce thinks of quitting frequently, and even the self-proclaimed
“happy” employees are keeping their options open:
34 percent of them seek new opportunities on a daily basis.10
So, as organizations clamor to put together a skilled
employee base, the top talent they have already employed
are feeling less and less inclined to stick around. The “quit
rate” is steadily increasing,11 marking the growing confidence
that employees across all levels will be able to find satisfying
work elsewhere. And why shouldn’t they? Across the nation’s
50 largest metro areas, including in-demand regions like New
York, Washington D.C., Dallas, Chicago, San Francisco, and
Los Angeles, among others, there were more than 15.8 million
jobs in fast-growing, highly-skilled fields as of 2013.12 Try holding
onto your top employees with that kind of temptation.
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4
34%
of “happy” employees
seek new opportunities
on a daily basis.
Loyalty is low
and falling, with
21% of full-time
employees planning
to leave their jobs
this year.
Best US Metros for Job-Seekers with Post-Secondary Education
Los Angeles
2013 Annual Openings
Dallas
Boston
New York
Washington
1000
10,000
100,000 Source: The Atlantic
Top 10 Fastest-Growing Jobs in the U.S.:
1. Biomedical engineering
2. Network Systems & Data Communication Analysts
3. Home Health Aides
4. Personal and Home Care Aides
5. Financial Examiners
6. Medical Scientists
7. Physician Assistant
8. Skin Care Specialists
9. Biochemists and Biophysicists
10. Athletic Trainers
Highly-skilled jobs are in demand today, and are
forecasted to become even more desired in the
next 10 years. All of the top 10 fastest growing jobs
require at least an Associate’s degree.
Source: Campus Explorer
5. What do you expect
from your manager?
Respondents selected
all applicable answers:
IMMEDIATE FEEDBACK
79.4%
CAREER ADVANCEMENT
(23.3%)
INTERESTING AND
CHALLENGING WORK
(23.1%)
SALARY
(15.4%)
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What you must do about the shifting
workplace—now.
The changing workplace poses onerous challenges that
employers need to prepare for if they want to be successful
in an ultra-competitive talent marketplace. Here are the three
biggest workplace outcomes threatened by the war for talent,
and your best bets for succeeding as the workplace changes:
1. Lure the best people in with a culture that speaks to them.
Finding and hiring top talent takes more than posting an open
position to the company career site. Today’s most desirable
employees require more than a steady paycheck to be attracted
to your company. They want an enviable corporate culture,
challenging work, and a collaborative team that celebrates
individual and company success. To attract the best employees,
companies today need to transform their corporate structures
from traditional hierarchies to flat, open organizations. Every
employee must have a voice and be able to share ideas up,
down, and cross-functionally, in the moment.
• Be transparent. Transparency is step number one to an
enviable corporate culture. Provide continuous updates to
the entire workforce regarding goals, strategies, and how the
company’s tracking. Ask for feedback at every opportunity.
Annual reviews, which amount to nothing more than temperature
checks, are not enough. Make sure internal communication is
top-down, bottom-up, and everywhere in between.
• Make celebrating success a top priority. Don’t let milestones,
achievements, and personal accomplishments slip by
unnoticed. Show your employees they’re valued by
acknowledging their contributions in a way that’s visible and
meaningful to them.
• Demonstrate your commitment to career advancement—and
mean it. Set up formal channels for everyone’s career development.
Illustrate likely, achievable paths and the steps they can take
to advance within the organization and attain each new level
regardless of tenure.
Today’s employees want
more than a paycheck.
According to the Achievers
survey of graduates in the
Class of 2013, the top three
most important factors when
looking for a job are:
Source: Achievers & ConnectEDU
5
BI-ANNUAL FEEDBACK REVIEW
37.6%
ANNUAL FEEDBACK REVIEW
37%
NONE—I DON’T LIKE FEEDBACK
1.1%
LEARN MORE Empower managers to help employees grow
6. THE WAR FOR TALENT IS HERE: IS YOUR WORKPLACE READY?
2. Make employees want to stay with a recognition strategy.
With 67 percent of the workforce disengaged,13 and more open
jobs now than in recent memory, it’s a safe bet your A-Players
will jump ship sometime in the near future. The number of
resignations has increased dramatically since 2009 as a result of
the new and vital job market. It’s time for employers to seriously
invest in strong retention strategies so employees want to stay
put, because it’s where they really want to be.
A staggering 79 percent of employees who quit their jobs say
a lack of recognition is a key factor in their departures.14 In
fact, a 2013 study examining the increasing “quit rate” found
that a full 50 percent of those employees thinking of quitting
would stay if they received more recognition.15
• A culture of recognition builds loyalty. Employees love companies
that appreciate them for their achievements and validate their
hard work. Tying employee recognition to your company’s values
reinforces your goals and makes recognition more meaningful.
Employees who are consistently recognized this way are 31% more
likely to stay.16
• Publicize their contributions. Hearing a roomful of applause is
better than a pat on the back. Make sure achievements are
recognized publicly so they can be celebrated by everyone.
• Eliminate hierarchical boundaries. It’s the 21st century. Doing
away with the bureaucracy that keeps interns from interacting
with executives will only help your company move forward (and
your employees will find it difficult to stifle the smiles).
More Workers Are Giving Notice
Average share of total job separations
Quits Layoffs and discharges Other separations
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6
50%
of employees
thinking of
quitting would
stay if they
received more
recognition.
Source: U.S. Labor Department
50%
40%
30%
20%
10%
0%
2009 2010 2011 2012 2013
7. THE WAR FOR TALENT IS HERE: IS YOUR WORKPLACE READY?
“We wanted to create
an opportunity for up,
down, and sideways
recognition... A culture
of recognition is an
important differentiator
in the marketplace.”
- Deloitte
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3. Engage your people and inspire their best work.
The best employees expect a lot from their employers.
When these expectations aren’t met, disengagement takes
hold, which costs employers millions of dollars a year in lost
productivity. In order to get the most out of top talent, engage
them by providing feedback early and often, coaching on-the-spot,
and avoiding meaningless annual reviews or quarterly
recaps. Further, providing employees with opportunities to
develop their careers and buck the corporate ladder pushes
them to give discretionary effort that will drive even more
value for your company.
• Clearly define your mission, values, and objectives.
Communicate them often. Only 37 percent of employees
really understand what their companies are trying to achieve
and why.17 Corporate goals shouldn’t be a secret. Empower
your employees: Define. Communicate. Repeat.
• Ban the annual review. Encourage constant feedback at every
level. A feedback rhythm is key to engaging all levels of employees.
Don’t check in once a year—coach your people every day.
• Develop, develop, develop your talent. Top employees want
to get better every day. Make sure you’re providing them with
ample opportunities to learn, prove themselves, and blow
through the corporate ladder.
7
DELOITTE INSPIRES TOP TALENT BY ENGAGING THE WORKFORCE
Deloitte Canada needed to differentiate itself in a sea of competition that sells similar services with similar
talent bases. They wanted a solution that would help inspire their top employees to continuously give their
best and maintain the company’s high standards for service by staying longer.
With an Employee Success Platform, Deloitte was able to create a unified culture of recognition. Nearly all
employees actively participated, which became positively correlated with high performance. In fact, the highest
rated performers had 2.2 times more recognition moments than the lowest. Through engaging, aligning, and
recognizing top talent, Deloitte drives business results and separates itself from the rest of the pack.
DIVE DEEPER See how Deloitte drives Employee Success
8. THE WAR FOR TALENT IS HERE: IS YOUR WORKPLACE READY?
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8
An Employee Success Platform™ will get you in
fighting shape.
An Employee Success Platform engages, aligns, and recognizes
employees. It’s easy to use and employees love to make it a
daily habit. It acts as a communication and culture portal that
encourages the company’s objectives, values, and mission to
all employees—no matter where they sit or what they do. By
encouraging peer-to-peer, manager-to-employee, and every
level of recognition in between, every employee has the
opportunity to give and receive constant feedback, boosting
performance and retention by engaging employees and
encouraging successful behavior.
Additionally, an Employee Success Platform consolidates all
recognition spend (it’s a lot more than you think) so HR teams
can monitor all recognition expenses and measure ROI. They can
actually see positive results like improved employee retention
and engagement—and most importantly, improved customer
satisfaction. Analytics and reporting also give executive and
management teams a line of sight into top performers, including
recognitions, connections, achievements, which dramatically
improves the efficiency of hiring and promoting. Considering
that the workforce is your biggest business expense, don’t you
think it’s important to maximize their effectiveness using data
that matters?
Build a future-focused, recognition-rich culture
to win the talent war.
In a world of unprecedented growth and competition, let it be
your company that boasts a workforce of the top employees
in your industry. Create an environment of success by engaging,
aligning, and recognizing every member or your workforce.
Attract the world’s top talent by building a stronger, more
sustainable culture that attracts, retains, and motivates
employees better than your competitors. It’s the number one
thing you can do to make sure your organization comes out
on top. Engage, align, recognize—and win.
Considering that
the workforce
is your biggest
business expense,
don’t you think
it’s important to
maximize their
effectiveness
using data that
matters?
GET STARTED Build a culture of recognition today
9. Sources
1. Hiring is Getting Harder for Employers, Not Easier. Forbes. 2011.
2. Shortage of skilled workers makes hiring difficult. Union-Tribune. 2005.
3. Skilled Talent Shortages Persist. Manpower Group. 2013.
4. Employers Continue to Struggle with Talent Acquisition Challenges. HireRight. 2013.
5. 10,000 Boomers to Retire Each Day for 19 Years. NewsMax. 2010.
6. Labor Force Statistics from the Current Population Survey. Bureau of
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Labor Statistics. 2014.
7. Job Openings and Labor Turnover Survey (JOLTS). Bureau of Labor Statistics. 2014.
8. The Employment Situation—January 2014. Bureau of Labor Statistics. 2014.
9. Survey: 21% f Workers Say They Plan to Changes Jobs This Year. TLNT.com. 2014.
10. 2013 Kelly Global Workforce Index: Employee Engagement and Retention.
Kelly OCG. 2013.
11. Vital Signs: Rising Quit Rate Signals Easing Job Jitters. Wall Street Journal. 2013.
12. Best Metros for Recent College Grads Looking for Work. The Atlantic. 2013.
13. State of the American Workplace. Gallup. 2013.
14. Career Coach: Recognition not only boosts employees, but can also give a lift to
the bottom line. The Washington Post. 2010.
15. Why Your Top Talent Is Leaving in 2014, And What It’ll Take To Retain Them.
Forbes. 2014.
16. New Research Unlocks the Secret of Employee Recognition. Forbes. 2012.
17. Covey, Stephen. The 8th Habit: From Effectiveness to Greatness. Free Press. 2004.
9
WINNING STARTS WITH GREAT MANAGERS
By now you know that recruiting, retaining, and inspiring top
talent is paramount to being a player in today’s knowledge
economy. And motivating and keeping your A-players starts
with a tool you already have: your managers.
By giving managers the tools to coach, develop, and inspire
employees, you’re firing up the secret weapon for increasing
employee engagement, decreasing turnover, and improving
performance--
so you can win.
The Secret Weapon to
Driving Employee Success:
Your Managers
The Secret Weapon to Driving Equip your managers with the tools they need with our latest e-book
Employee Success: Your Managers
You’ll also like
this e-book!
10. Achievers delivers the only true cloud-based Employee Success
PlatformTM, a powerful new way for companies to engage, align,
and recognize employees, enabling remarkable business success.
83%
MEMBER
ADOPTION
110
COUNTRIES
SERVICED
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Every day.
91%
MEMBER
SATISFACTION
81
NET PROMOTER
SCORE
98%
CLIENT
RETENTION
Learn how your company can change the way the world works at www.achievers.com.
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