Multiple reports highlight the need to prioritize workers

Several reports published in recent weeks together paint a picture of the workforce that advisors and companies need to contend with when recruiting and retaining employees. From perceptions about compensation among your younger staff, to stressors among your more senior technologists, the reports examine current trends and offer employee retention suggestions.

First up, a Robert Half report entitled Examining the Multigenerational Workforce, shares tips about making a healthy multigenerational workforce. 

According to the report, 35 per cent of Gen X workers are most likely to feel underpaid and 58 per cent of Gen Zers feel unrecognized for project opportunities and promotions when not working in the office.

The report recommends that companies offer competitive salaries packages, flexible work, upskilling, and opportunities to collaborate. 

Along the same lines, the PwC’s Global Workforce Hopes and Fears Survey 2023 signals employee restlessness, with 26 per cent of all respondents (mostly Gen Zers and millennials) saying they are likely to change jobs in the next 12 months.

This is mainly due to high inflation and cost of living, with 14 per cent of employees struggling to pay monthly bills. Another 42 per cent say they have little or nothing left in monthly disposable income. 

“It’s never a bad time to make sure you’re offering competitive compensation packages to attract new candidates,” says the report. 

One silver lining might be artificial intelligence (AI). “The most common sentiment, expressed by 31 per cent of respondents, is ‘AI will help me increase my productivity/efficiency at work,’” says the PwC report.

Related: 

Survey finds one in five use artificial intelligence in their jobs 

Where AI is a hopeful development for some, the same is not true for Robert Half survey respondents. Of all generations, 28 per cent of Gen Zers say they are unprepared if their skills become outdated due to AI. 

At the company level, there are similar trends and it’s causing stress, particularly among chief information and security executives.

This trend is noted in the Heidrick & Struggles’ 2023 Global Chief Information Security Officer Survey. The report highlights some top concerns for chief information security officers (CISOs) when it comes to company employees.

In the survey, 46 per cent of CISOs identified AI and machine learning as the most significant cyber risks. The work-related stress of keeping up to date is also identified as a problem, with 54 per cent saying burnout is a real risk. Another CISO concern is that 41 per cent don't have a succession plan.