Burnout & the war for talent | U.S. employers outline their priorities for the year ahead

U.S. employers outline their priorities for the year ahead

Two-fifths of multinational employers believe their employees have experienced increased burnout over the past year, according to findings in Fidelity’s latest Global Employer Survey.

The survey, which is now in its second year, interviewed 1,000 senior decision makers at global multinational corporations to understand their current and future priorities and challenges ahead.

Last year’s results revealed that many multinational corporations were adopting policies and operating procedures to adapt to a world affected by the global pandemic. This year, many companies around the world have shifted the focus to attracting, retaining, and developing talent as their top priorities.

Employers are focusing on talent acquisition and retention

Growing burnout is one concern for global multinational corporations, as their priorities for the year ahead - especially for U.S. headquartered firms - are particularly focused on hiring new employees as well as retaining and developing their existing workforce.

For U.S. headquartered firms, talent development (51%), talent acquisition (47%) and talent retention (44%) are their top three most important near-term priorities. For non-U.S. headquartered firms, talent acquisition (43%) tops the list, while talent retention (41%) and talent development (39%) are the third and fourth most important near-term priorities.

Perhaps unsurprisingly, due to the current climate, two fifths of employers have stated that attracting and retaining talent is very or extremely challenging. Previous Fidelity research suggests employees have a complicated relationship with work, with many (57%) describing the current state of their work as ‘good’, while half of employees said work/life balance was a source of stress.

Actions to attract and retain talent

As a result of the challenges around attracting and retaining talent, many employers reported enhancing their employee offerings. These include new or enhanced wellbeing benefits for U.S. firms (47%) as well as non-U.S. firms (46%).

U.S. employers (45%) and non-U.S. employers (44%) are also offering new or enhanced financial benefits to employees, as well as new or enhanced retirement savings benefits.

Dan Smith, Head of Workplace Distribution at Fidelity International, commented: “Fidelity’s Global Employer Survey, now in its second year, has highlighted the growing need for employers to do more to attract and retain talent, while tackling the growing issue of employee burnout.

Looking for more

“New or enhanced financial and wellbeing offerings are becoming increasingly important during a time where employees around the world are struggling with the cost of living. There is a growing need to help employees plan for retirement, bolster their savings, and prepare for life’s ups and downs. Our research shows that those employers who embrace a role in their employees’ well-being, and adopt a broad definition of financial wellness, have better attraction rates.

“As an employer, positioning yourself as a source of support for employees, with benefits solutions that align with employee values, may help to position your company as an employer of choice and positively impact your talent outcomes.”

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