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Zywave recently conducted the 2022 Attraction and Retention Employer Pulse Survey, through which employers provided answers to questions about attraction and retention challenges and workplace strategies. Over 150 employers responded to the survey from various industries—including manufacturing, construction, retail and wholesale trade, health care and nonprofit—from organizations ranging in size from fewer than 10 to over 1,000 employees.
From the survey findings, Zywave published the 2022 Attraction and Retention Benchmarking Overview. These findings illustrate an up-to-date overview of the impact of talent challenges in the workplace today.
Here are the key takeaways:
Attraction and Retention Are Top Workplace Challenges Today
Attracting and retaining employees has been a persistent struggle for employers during the COVID-19 pandemic and remains as such today. Over 75% of employers reported that they consider attraction and retention a top-five business challenge for their organization. What’s more, over 80% of respondents expect these difficulties to continue through 2022.
Compensation, Skills Gaps and Flexible Workplaces Among Top Attraction and Retention Challenges
Employers were asked what they consider their organization’s top three most significant attraction and retention challenges. The most common selections were:
- 75% – Increasing compensation to meet current demands
- 41% – Addressing current and future skills gaps
- 32% – Meeting desires for flexible work arrangements (e.g., remote, hybrid, flexible hours)
- 29% – Addressing increased benefits demands
These responses suggest that while employers are aware of the general demands of workers in today’s employment landscape, the corresponding solutions aren’t always feasible or can be difficult to implement.
Employers Are Offering Additional Compensation and Benefits to Win Over Workers
When asked what strategies they are exploring to improve attraction, 41% of employers say they provide additional compensation, with 30% offering bonuses and 31% expanding benefits. The findings were similar when asked what strategies they are exploring for retention: 49% of employers reported providing additional compensation, with 38% offering bonuses and 30% expanding benefits.
Employers Are Pursuing New or Expanded Recruiting Methods
To improve employee attraction, employers are exploring ways to expand or revamp their recruiting and hiring practices. Top strategies include:
- 45% – Offering an employee referral program
- 22% – Participating in university recruiting
- 21% – Recruiting talent from different industries
- 19% – Pursuing virtual recruiting (e.g., conducting virtual interviews, attending virtual career fairs)
While such strategies predate the pandemic, these trends have grown in use, and they likely are here to stay as employers pursue creative ways to strengthen their recruiting practices and build a strong pipeline of job applicants.
Employers Are Exploring Employee Support Strategies to Improve Retention
To improve employee retention, employers are focusing on finding ways to adapt their workplaces to support their workforces. Employers selected the following as methods they are exploring to improve employee retention:
- 38% – Implementing better employee communication strategies
- 38% – Training managers on how to effectively support employees
- 34% – Offering more upskilling and development opportunities
These selections show that in addition to exploring strategies such as offering competitive pay, employers are also exploring additional initiatives—many of which are low-cost—to better retain workers.
Employee Attraction and Retention Survey Conclusion
Attracting and retaining employees remain top concerns for employers. To succeed in the current talent market, employers are tasked with addressing operational challenges while meeting the priorities of today’s workers—such as competitive compensation and benefits, workplace flexibility and career development opportunities. Understanding today’s trends can help employers stay educated on today’s labor challenges and corresponding solutions.
© 2022 Zywave, Inc. All rights reserved
How GTM Helps with Employee Attraction and Retention
GTM has the solutions to help you attract and retain employees. The applicant tracking system within our HCM platform lets you easily manage candidates and communicate with them, and then onboard them with a seamless experience that creates a positive beginning to their employment. Our HR consulting services can help you implement practices to improve your culture and hold on to your workforce. Request a free quote to learn more.
