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Financial Wellness
Talent
North America sounding the alarm on talent retention
Against a backdrop of workforce change, aspects of talent featured heavily in current and future (evergreen) priorities. Talent retention is something that’s been high on the agenda in the US. Headlines about the Great Resignation, the Great Reshuffle, the Great Renegotiation all highlight a significant trend in workforce participation and represent a common trend.
At the time of this survey, companies that are headquartered in the US are sounding the alarm here and ranking talent as a higher priority than employers who are headquartered elsewhere. Further data suggests that employers with a North American presence report higher attraction rates paired with lower retention rates than other regions. While it is difficult, without historical data, to identify if this is a new pattern or persistent trend, we will see if similar changes unfold in regions outside the US as the situation continues to develop globally.
Look beyond compensation & benefits to the broader impact of actions on talent
When it comes to attracting talent and stemming employee turnover, employers’ have a variety of compensation and
benefits options they could consider implementing. Given the breadth of options, it may be valuable to assess actions and their potential impact through an evidenced-based lens.
Talent attraction and retention
Companies that took the below actions (vs did not) reported higher attraction rates and retention rates. Measures are most effective in the United States where employers who have enhanced employee compensation report higher attraction rates.
Source: The Fidelity Global Employer Survey, 2022. Respondents were asked: Which actions has your company done? Base: Total Respondents (1000).
Select options may help talent issues for both US and Non-US employers:
- US - employers who have enhanced health insurance, paid time off and working options report higher retention rate
- Globally - enhancing insurance benefits was the key action that had a material impact on retention rates
Actions that may improve attraction and retention
Employers may be able to curb turnover through an enhanced employee value proposition that signals their values.
| Employers with success recruiting | Employers with success retaining | |
|---|---|---|
| Priorities | Workplace culture is a priority | Talent is a priority |
| Employee well-being | Have broader definition of what it means to be 'financially well' | Feel more responsible for their employees' mental health |
| Changes to benefits | Enhanced compensation (for employers in the US) | Enhanced benefits in evidenced-based ways - flexibility, time away, health (for employers in the US) and insurance (globally) |
| Diversity & Inclusion | Have a diversity & Inclusion office and/or Head of Diversity & Inclusion | Have a diversity & Inclusion office and/or Head of Diversity & Inclusion |
Source: The Fidelity Global Employer Survey, 2022.
The Global Employer Survey
Employee wellness a key indicator of satisfaction & retention