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Talent retention tops list of post-pandemic concerns for executives
New research from Gartner reveals that the ability of companies to deliver value propositions that satisfy employees and a subsequent inability to retain and recruit talent is the most pressing concern for executives in 2022.
Jerome Doraisamy
According to the recently-released Emerging Risks Monitor Report from global technology research and consulting company Gartner, which surveyed 254 senior executives across industry and geography late last year, talent risks are the most pressing of post-pandemic concerns.
“Talent risks are particularly concerning to executives because they are being driven by multiple root causes,” said Gartner risk and audit vice-president Matt Shinkman.
“High levels of voluntary unemployment and new expectations among the workforce are fuelling an already hot labour market.”
The potential consequences of an inadequate talent strategy, Gartner warned, could lead to multiple organisational disruptions.
“A historically high quits rate [sic] indicates that employees are willing to pursue better value propositions, particularly related to flexibility and pay,” the company opined.
“Constant turnover can lead to a degradation of workplace culture and loss of institutional knowledge. Finally, organisations may also face a lack of skilled workers to deliver on strategic initiatives, such as digital transformation, if unable to attract and retain high potential employees.”
Mr Shinkman added: “The positive aspect of talent risk is that organisations have more direct ability to influence positive outcomes than many other types of risks they face.
“By focusing on innovating their workforce management of hybrid and remote workers, offering employees more flexibility when possible, and expanding their recruitment approaches, organisations can develop a competitive talent strategy that meets the challenges of the moment.”
Elsewhere, supply chain disruptions have been a “persistent” concern for executives over recent quarters, Gartner reflected, with worries about rising costs and supplier contraction because of a fragile and stressed global supply chain. They also face loss of market share to competitors, the company noted, with more robust distribution or the ability to procure goods at lower prices.
“Persistent supply chain issues have helped push broader inflationary concerns to the forefront of executives’ minds,” Mr Shinkman said.
“Constrained supply is meeting heightened demand in many sectors, threatening organisations with a loss of labour, goods and materials to competitors willing to pay a higher price. If above-trend inflationary pressures persist, market share consolidation by the largest firms, as well as the threat of a broader economic cooldown, could become tangible risks this year.”
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly. A former lawyer, he has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. He is also the host of all five shows under The Lawyers Weekly Podcast Network, and has overseen the brand's audio medium growth from 4,000 downloads per month to over 60,000 downloads per month, making The Lawyers Weekly Show the most popular industry-specific podcast in Australia. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of Minds Count.
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