62% of Workers Believe Talent Shortage is Long-Term; Quarter of Workers Seeking New Opportunity: Paycor

A majority of US workers, 53%, do not believe that their company’s most effective managers could be replaced with equally talented internal candidates within a month, while 62% believe the current talent shortage is long-term, according to a survey by Paycor HCM Inc., a human capital management software provider.

The research also found that 25% of individual contributors and 30% of managers are seeking a new opportunity.

In addition, 20% of respondents cite retention as the top priority for 2023. This was followed by recruiting, 14%, and company culture, 12%.

Other insights include:

• Top three incentives to attract job candidates include increased compensation, enhanced health and wellness benefits, and career growth opportunities.
• Company culture, salary and benefits, and flex schedules are the primary retention drivers.
• Pay will continue to rise through 2023 and beyond, particularly for blue-collar jobs.
• Company culture is the top retention driver, followed by salary and benefits.
• 92% of business owners and chief executives believe they pay women and men equally. However, only 68% of individual contributors feel the same.

“The phrase ‘money can’t buy happiness’ has never been more evident. In a highly poachable market, employees and managers alike are putting company culture first above salary and compensation,” Paycor CEO Raul Villar Jr. said.

“Companies with toxic or even just mediocre cultures will have no choice but to continuously raise wages as their primary tactic for retention.”

The survey included responses from 5,600 professionals, including managers, C-suite executives, business owners and individual contributors.

Original Article: (https://www2.staffingindustry.com/Editorial/Daily-News/62-of-workers-believe-talent-shortage-is-long-term-quarter-of-workers-seeking-new-opportunity-Paycor-62106 )