EAs and their executives need to be aware of the current business climate and according to the Ceridian Pulse of Talent report, the majority of the Australian workforce could be moving on to new job prospects. This underscores the growing importance of modern employee experiences and retention strategies in the future of work.
The report revealed:
- The majority of the Australian workforce is looking for new job opportunities or would consider moving jobs if approached by another company (67%)
- Younger workers, under the age of 30, are the most likely to be on the move (80%)
“This past year we have seen fundamental changes to the world of work that require a more intelligent and fluid way of working than ever before,” said Stephen Moore, Head of Asia Pacific & Japan, Ceridian. “Employee experience is tied to the resilience and sustainable growth of business – it’s a workplace requirement .”
While pay remains important, engagement most important factor for retention
The report revealed that pay is the top factor that entices talent to apply for a role (27%), followed by good work life balance (24%), and the overall work environment (15%). However, when asked what was the most important factor that keeps people with an employer, engaging work topped the list.
Moore added that meaningful employee experiences are proven to impact a company’s bottom line. According to Gallup, organisations that best engage their employees achieve earnings-per-share growth that is more than four times that of their competitors.
Ceridian offers the following tips to design a modern employee experience for the new world of work:
- Leverage employee surveys to understand your people: Gather first-hand employee feedback at any time through quick pulse checks, or go deeper with quarterly or annual engagement surveys. As work from home becomes the norm, keeping a pulse on employee sentiment is increasingly important for global organizations.
- Provide a modern employee experience: Provide a simple, modern experience for leaders and employees by using a central hub. Employees can take control of their own work experience and find the information and tools they need to be productive wherever they live and work.
- Collaborate and facilitate continuous training: Learning experience platforms help engage employees who can share their expertise within a channel or discussion forum. This creates a collaborative environment to help answer questions and develop skills across the organisation.
To download the 2021 Pulse of Talent Report, visit Ceridian.com/au/resources/talent-management-strategies-pulse-of-talent-report.