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Puzzle pieces of missing talent to explain why bosses can't attract and retain top talent

Why can’t bosses attract and retain top talent?

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Attracting and retaining top talent in organisation have often been cited as among the top HR challenges faced by employers worldwide, including in Singapore.

The Towers Watson Global Talent Management and Rewards Survey recently confirmed that while there has been an uptick in labour market activity globally, 65% of employers are experiencing problems attracting top performers, while 64% are having trouble attracting high-potential employees.

The study, which polled 1,637 companies globally, also found 56% of bosses are facing difficulties retaining high-potential employees, while 54% had problems with retaining top performers.

“With talent mobility on the rise, employers need to understand what employees value if they are to succeed in attracting and retaining employees,” Laura Sejen, managing director at Towers Watson, said.

“Unfortunately, our surveys reveal a significant disconnect between employers and employees. While employers recognise the importance of pay and career advancement as key reasons employees choose to join and stay with a company, they don’t place the same importance on another top attraction and retention driver: job security, or a key retention driver: trust and confidence in senior leadership.”

This disconnect was also highlighted in the Towers Watson Global Workforce Study, a survey of 32,000 employees worldwide. The report revealed job security was the second most important reason employees joined a company and the fourth most important reason they stayed.

Employees also ranked trust and confidence in senior leadership as the third most important reason they stick with a company.

However, bosses did not rank any of these factors as key attraction and retention drivers.

The study also highlighted that only 46% of employees said their organisation hired highly qualified employees, while 42% said their employer does a good job of retaining talented employees.

Leadership was also found to be the top driver of sustainable engagement, but less than half of employees (48%) agreed senior leadership is effective.

“The importance of leadership can’t be overstated,” Sejen said.

“Employees are more likely to remain at their companies if they have trust and confidence in their senior management and leaders. Employees are more likely to remain at their companies if they have trust and confidence in their senior management and leaders.”

Image: Shutterstock

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