Turnover to increase as 2022 approaches; difficulty filling open positions continues
September 24, 2021 — More than half of professionals surveyed by Korn Ferry, 55%, expect employee turnover to increase as 2022 approaches. And 43% say the labor shortage is having a negative impact on their company’s operations. Meanwhile, 66% say the pandemic has made it more difficult to fill open positions.
Top reasons for employees seeking to leave include re-evaluation of their priorities amid the pandemic, cited by 30% of respondents; lack of a clear advancement path, 24%; and better pay and benefits, 23%.
“This labor shortage is much more than just a people issue — it’s a business conundrum that can have long-lasting effects if not addressed,” said Juan Pablo Gonzalez, senior client partner and sector leader, professional services, at Korn Ferry.
The survey found that 74% of respondents said their company has a shortage of the skills and capabilities needed for the future.
How are companies combating the labor shortage? The top way is through upskilling or reskilling current employees, according to the survey, with 37% saying their company is doing this.
Korn Ferry’s survey included 1,128 professionals; it took place this month.
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