Talent acquisition and retention remains a critical issue for many employers, as found by HireRight’s recently released 2013 Employment Screening Benchmarking Report.
For the second year in a row, employers responding to the survey have indicated that their top business challenge is “finding, retaining and developing quality talent.”
In fact, more employers named this as their primary challenge then they did in the previous year (52% in 2013 vs. 47% in 2012). This two-year trend represents a departure from 2011 data, in which employers reported cost reduction as their primary business challenge.
The data suggest that many employers are no longer reeling from the disastrous effects of the global economic recessions. These organizations have likely dealt with its immediate implications and are looking to implement strategies to support longer-term initiatives like growth.
Indeed, three of the top four business challenges cited by survey respondents – “finding, retaining, developing quality talent”, “revenue growth” and “creating/sustaining competitive advantages” – are all solid growth-oriented concerns.
Given the critical role an organization’s people plays in its growth strategy and attainment of success, it is no wonder that talent acquisition and retention remains such a crucial concern for employers.
What is less clear is what at first appears to be a disconnect between these continued concerns and a healthy national unemployment rate, as the numbers imply a labor market that seems to work in the employer’s favor.
One force that may be driving talent acquisition concerns is generational: in particular, the retirement of the Baby Boomer generation. As these skilled employees continue to exit the workforce at an increasing rate, employers are anxiously looking for their replacements.
While the subsequent Generation X would certainly be the logical fit to assume these vacancies, its population is simply not sufficient in number to meet this burgeoning demand for highly qualified talent.
And although the ascending Millennial generation has the headcount to fill open positions, it may lack the maturity or depth of experience employers are seeking. As a result, employers are increasingly competing with one another for a shortage of skilled and available employees.
HireRight’s 2013 Employment Screening Benchmarking Report explores other key issues, trends, and underlying business drivers affecting background screening programs. Now in its sixth year, the Report also focuses on these programs, exploring both policy and practices.
The 2013 Report is based on survey results from more than 1,600 respondents, including human resource (HR), security, and other management professionals in a wide range of industries and organization sizes.
Free Report: HireRight 2013 Employment Screening Benchmarking Report
Discover strategic objectives, related policies, and practical management of employment screening programs by downloading:
HireRight Employment Screening Benchmarking Report