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Attracting and Retaining Top Talent

According to the Global Leadership Forecast 2023 by DDI, attracting and retaining top talent is the number one concern for CEOs worldwide. In fact, 59% of CEOs surveyed identified it as their primary challenge.

Human resource professionals and leaders from more than 1,500 organisations who participated in the same survey, revealed that confidence and trust in senior leadership has taken a hit, and the pool of future leaders and highly skilled specialists wanting to step into leadership roles is shrinking.

It’s no surprise that many leaders reported that they are feeling stressed and worn out lately. With the ongoing pandemic, the Great Resignation, quiet quitting, loud quitting, business and economic pressures, there’s a lot to manage and navigate.

What did surprise me is that only 46% of leaders surveyed said they trust their direct manager to do what is right, and a shocking 68% report that they don’t trust senior leaders in their organisation. Given that trust is at the foundation of human relationships, which is what shapes an organisation’s culture, this is a problem.

It is clear from the data that companies need to prioritise winning back the trust of their top talent. When trust is lacking, the chances of those individuals leaving the company increase by 3.5 times within the next 12 months. This is particularly true when they feel their leaders lack good interpersonal skills.

Some more positive news for companies who are actively recruiting, with over 80% of Australians and New Zealanders participating in Gallop’s The State of the Global Workplace 2023 survey feeling that now is a great time to find a job. This is the highest regional percentage globally, which is really encouraging to see.

It’s definitely a tough time to be in a leadership role at the moment. With the market looking strong and organisations competing to attract, engage and retain talent, there’s a lot of pressure to perform. Expect companies to work on rebuilding trust and, provide training for leaders to further develop self-awareness and interpersonal skills.

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https://www.ddiworld.com/global-leadership-forecast-2023
https://www.gallup.com/workplace/349484/state-of-the-global-workplace.aspx

Patrick McManus
Director
Ground Recruitment

%

of the world’s CEO survey identified attracting and retaining top talent as their primary challenge.

%

of leaders surveyed said they trust their direct manager to do what is right.

%

of leaders reported that they don’t trust senior leaders in their organisation. When trust is lacking an employee is 3.5x more likely to leave the company within 12 months.