- More than three-quarters of business leaders (77%) say talent attraction and retention is key for growth, according to PwC's Pulse Survey, published last week. The company polled 678 U.S.-based executives.
- Less than one-third (31%) of executives expect easier talent conditions in 2022, as industries continue to recover and accelerate strategies after pandemic constriction.
- Talent shortages can threaten digital transformation too, the second biggest concern for executives. Digital transformation is the top driver of growth for six in 10 executives.
The CIO mandate for 2022 prioritizes revenue generation, yet failure to fill vacancies in high-demand areas, including cybersecurity or AI, can derail investments or delay operation improvements.
The challenges of a tight labor market top the list of executive pandemic-related concerns, according to Gartner's Emerging Risks Monitor Report, released Thursday.
The high levels of voluntary unemployment along with new workforce expectations "are fueling an already hot labor market," said Matt Shinkman, VP in Gartner's Risk and Audit practice, in a release.
To retain the talent amid high turnover, one strategy is to ensure employees feel their work is impactful to the overall organization, said Julia Lamm, workforce transformation partner at PwC.
"Tech talent doesn’t want to feel like they are just doing back-office operations," said Lamm in an email. "To keep your staffers — and keep them happy in their work — make sure they feel invested at multiple levels of your organization."
While salaries remain a primary driver of talent turnover for technologists, IT workers also think long term, according to CompTIA data. Salaries remain a top motivator, but over half of tech workers are searching for better career options and long-term opportunities.
Enterprise digital tools went from a nice-to-have to a crucial enabler of operations after 2020. But tech tools can also play a role in recruiting strategies.
How technology enables work also matters to the modern employee, said Lamm.
"Leaders must first prioritize health and look at the longer term implications on the future of work, permanent hybrid, how to build culture virtually, creating mentorship and connection opportunities and supporting teams," Lamm said.