A recent survey reminds us that the world’s top CEOs are concerned about attracting and retaining talent, with additional concerns about a recession and a tight labor market.
An annual survey from The Conference Board, a member-driven think tank, found that the world’s top CEOs are concerned about attracting and retaining talent. This year’s survey asked 750 CEOs and approximately 800 other C-suite executives around the globe what challenges need the most immediate attention in 2020. With insights into the strategies needed to meet talent demands, mobility can play a crucial role.
Internal and External Concerns
The survey found that the top concern internal to CEOs and other C-suite executives is a shortage of talent. Regardless of the size and location of the organizations these CEOs represented, attracting and retaining talent are their most pressing matters. Respondents attributed this concern to a tight labor market, which was also ranked as the fifth top concern. These concerns coincide with difficulties in the hiring process, as CEOs and their companies are finding the overall process to be lengthier and costlier.
Additionally, for the second year in a row the most pressing external concern to the surveyed CEOs and other C-suite executives is a potential recession. For U.S. CEOs, fears of a recession rose from the third ranked concern in 2019 to the first 2020, surpassing cybersecurity. This was a pressing topic in 2019, but the possibility of a recession is largely being avoided as of the beginning of 2020 according to the Federal Reserve. Elsewhere, recession concerns also rank first for Chinese and European CEOs and rank as runner-up for Latin American and Japanese CEOs.
Mobility Can Help Attract and Retain Talent
HR leaders, corporate executives and mobility professionals can use mobility to help enhance the attraction and retention of talent. Now more than ever, workers are willing to relocate if it would improve their career or work-life balance. With more employees seeking global experiences, companies providing relocation opportunities can attract and retain crucial talent. During a recent Worldwide ERC panel, CEO of IQTalent Partners David Windley noted mobility’s importance in developing executives with the global experience and mindset necessary to successfully lead global organizations or teams.
With more employees seeking global experiences, companies providing relocation opportunities can attract and retain crucial talent.
As talent shortages continue to be a top concern for CEOs and C-suite executives, using mobility can be a key strategy to ensuring that companies attract the best talent, and keep it as well. Integrating talent management with mobility can not only keep a company ahead of talent shortages but can develop well-rounded talent equipped to take on the global experiences they desire.