A recent PwC study shows that for more than three-quarters of business leaders (77%) say, the ability to hire and retain talent is most critical to achieving growth. Less than a third (31%) expect talent shortages to ease this year. They are upping investments in talent acquisition which they see as the top drivers of growth.
The study was conducted over several industries, however our clients in the audit and assurance stress that their sector is affected strongly by the talent shortage. Every FTE counts.
The problem to locate enough individuals to recruit has climbed to the top of the priority list as a result of the epidemic. Almost half of the respondents (48%) believe this is the greatest threat to their company's ability to meet its growth ambitions. The workforce is now less than it was before the epidemic, and the economy has lost 3.6 million jobs.
Talent shortage is, by far, the biggest risk of 2022
Companies are paying greater wages and providing better perks. Will it be enough?
Talent requests for more competitive wage and benefits packages are being addressed in a tight labour market. Talents ranked them as the most appealing incentives in the PwC Next in Work Pulse Survey last summer, but employers were falling short of achieving talent expectations. This is beginning to change, as the quantity of available talents continues to fall short of employment vacancies.
Many companies are becoming increasingly prepared to pay more for talent, even at a financial loss. New forms of working that allow for greater flexibility are becoming increasingly common in more businesses. Hybrid work options are currently offered by 43% of respondents. In positions that enable it, 30% of talents have made remote work permanent. To solve labour shortages and mitigate their own risks, companies are changing procedures to lessen their dependency on their talent, permitting permanent migration outside of corporate headquarters, and outsourcing.
These changes add more complexity to an already difficult workforce planning process. This difficulty can be reduced by implementing using Artificial Intelligence. With the MatchingCore®, you can maximise the use of your present talent pool by using AI to get the most out of every schedule and your talent while fairly distributing the workload.
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