Is your organisation prepared for the worsening talent shortage? Retaining the staff you have has never been more important. Our infographic illustrates why.
It’s no secret that employers in all industries are struggling to recruit and retain the staff they need; by 2030, we’ll be short of roughly 85.2 million workers. By then, the only market in the world which will have a surplus of workers is India. According to a study by Korn Ferry on the global talent crunch, Financial Services will be short 10.5+ million workers, Tech will be short 4.3+ million, and Manufacturing will be missing 7.9+ million.
High turnover comes with obvious financial impacts, but the morale of remaining staff also suffers, which can in itself lead to higher turnover. The need for experienced staff to take on extra responsibilities as a new hire gets up to speed, the insecurity created when an employee leaves, and the potential loss of confidence in management teams all result in lowered morale, which can often lead to lower productivity.
High staff turnover doesn’t only impact on the people who currently work for your company – potential future employees can be enticed or put off by what they hear about your organisation’s staff turnover. One negative tweet from a disgruntled former employee about the hiring practices of your company can be enough for any candidate to think twice about applying for one of your roles, and top talent knows that they can expect better in a candidate-led, competitive talent market.
Here are the stats your hiring team need to know for the remainder of 2018.
Talenytics could transform your company’s staffing processes. If you’re worried about how the talent shortage could affect your company’s retention, let us show you how we can help.
Content Marketing Specialist
Gianna is a copywriter with degrees in English and Marketing. She is passionate about the ever-evolving world of technology, and uses her skills to research the latest industry trends and insights.