Known as one of the world’s leading talent optimization platforms, The Predictive Index (PI) uses behavioral data to help thousands of businesses—in nearly every job and industry around the world—improve their hiring decisions. PI recently published its 2022 CEO Benchmarking Report. To compile this report, they surveyed more than 200 executives on their hiring and retention strategies, most pressing business concerns, and top priorities.
We’ve summarized the findings to provide insight into how executives are approaching and modifying their talent strategies to thrive in today’s post-pandemic world. One theme is repeated throughout—successful businesses and their leaders understand there’s a need to stay fluid by being agile and vulnerable.
The pandemic forced organizations to adopt new ways of working and to reimagine the role of on-site office buildings. After conceding that remote work is here to stay, 41 percent of executives believe that working well remotely remains their top challenge. By now, most companies have adopted a workplace model—remote, on-site, or hybrid—for their workers. Below is a look at how leaders have structured them:
- 43% of executives have adopted a hybrid model allowing employees to work from home some days, and on-site on specific days.
- 15% permit employees to work flexibly and select the days they are on-site.
- 14% mandate that all employees work on-site.
- 11% require employees to work on-site but do allow some exceptions.
- 10% require most or all employees to work remotely 100% of the time.
- 8% allow their employees to choose where they work.
The overall survey finding was that “a majority of businesses have adopted a hybrid approach, but the specifics for the model remain up for discussion.”
Talent acquisition, development, and retention
The labor market is complicated. Jobs are being added but the unemployment rate is low. Inflation and the recession have caused leaders to implement hiring freezes and job cuts. 49 percent of survey respondents feel that attracting qualified candidates is their top hiring concern followed by recruiting workers who will stay (37 percent), and discovering top talent (30 percent). Employees are leaving for a career change (41 percent), due to poor work-life balance (36 percent), and because they are burned out (30 percent). To reduce voluntary turnover, leaders are offering new or more generous benefits (37 percent), introducing flexible work options (33 percent), and offering more frequent days off and changing roles or job requirements (both 29 percent). When it comes to retaining top performers, 34 percent of executives believe that learning and development are key.
Talent management and organizational transformation
To assist them to navigate the current labor market and bridging the gaps, 90 percent of executives need outside help with business strategy and execution in some form. 44 percent have hired an outside consultant to help with employee retention, employee performance (40 percent), and team building (38 percent).
2023 talent strategy planning
It’s the time of year when executive leadership teams begin to organize an off-site strategic planning meeting for the upcoming year. A constantly evolving global economic recovery and talks of a recession—combined with changing hybrid work model guidelines—have made strategic business and talent planning more critical than ever.
TalentRise’s Talent and Organizational Effectiveness Consultant, Andrew Nash, is a former Chief Human Resources Officer (CHRO) and has successfully led many organizations through complex, growth-related business transformation initiatives. Andrew has 30+ years of strategic HR experience with Fortune 500 companies. For help with your 2023 talent strategy planning, contact Andrew.
Read the full Predictive Index report here for more information.