This could create even more problems for companies seeking to find suitable replacements. There were 7.9 million job openings at the beginning of 2020. They relentlessly listen to what drives consumer and employee behavior, and build cultures and practices that are adaptive by design. It takes a company 42 days (on average) to fill a position. Younger generations not only expect more from their employers, they're also willing to take their talent elsewhere if these expectations aren't being met. Note the figures may not equal 100% due to rounding. As a result of the region's talent shortage, salaries for IT professionals increased by 20% to 30% last year. 43% of recruiters have used texting to reach out to candidates or current applicants. Still, these figures show that the shortage of talent is a significant concern for companies worldwide. Invest in learning and development to grow your talent pipeline, Go to the external market to attract talent that cant be built in-house, Cultivate communities of talent outside the organization, Help people move on or move up to new roles within the organization. This figure has been growing fast over the years. Chief Financial Officers have been central to advising and leading their companies through some of the most upending and demanding issues. Relatable organizations are focused on five key areas: resetting for stakeholder relevance, building adaptive capability in their people and processes, figuring out how to work in partnership and tackle inequalities, driving outcomes on employee health and total well-being, incentivizing employability, and harnessing energy for the collective good. The events of the past two years have left an indelible mark on investor, employee and consumer attitudes. Companies should structure the learning journey to help employees retain and apply new skills. Continual learning is a pillar ofa Thunderbird education and we offer many continuingeducationoptions for students and executivesonline courses,in-person courses,webinars, andcertifications. To keep pace, an effective talent strategy should comprise four key elements: build, buy borrow, bridge. Make sure you have a diverse staff with varying talents, backgrounds, and perspectives! Uneven economic growth continues with some markets recovering while others lag, hampered by Covid variants, lockdowns and supply chain challenges. This recovery period after the initial shock of the global COVID-19 pandemic, however, hasnt been welcomed as warmly as expected. About 80% of workers admit wanting a better work-life balance, and 81% want higher job satisfaction. 21. Were big enough to handle massive projects, and yet also nimble enough to come up with names on demand that hit every time. Keep criticism to a minimum, concludes Ungerbck. It seems to be from 2017, 2018, 2019 etc and from different sources. Follow this author to stay notified about their latest stories. You know whats going on (and why), you have the information you need to make positive changes in your business and industry. 14. During the same period, the unmet demand was shocking 30,500 jobs, out of which 23,400 were tech roles and 7,100 non-tech ones. The industries that will be hit the hardest are what labor market analysts call, 'knowledge-intensive industries' such as financial services; technology, media and telecommunications; and manufacturing. Resilience, stress tolerance and adaptability, These are the most in-demand skills in 2021 and cultivating them will help you get and maintain a job. 62% of talent teams find more high-quality candidates through sourcing than inbound applications. A study focused on emerging technologies adoption revealed that talent shortage was the biggest barrier for 64% of IT executives. 44% of recruiters are prioritizing remote flexibility, but only 24% of candidates say they are looking for that. By the studys calculations, a shortage of that size nearly as the population of Germany would result in around $8.5 trillion in unrealized yearly revenues. Moreover, about 41% of workers globally consider leaving their jobs after a stressful and uncertain year. They are building business resilience by infusing equity and inclusion into their talent models, accessing broader and more diverse talent pools, and building out more robust supplier and partner networks. 75% of people would not. This type of reskilling is opening the door for new job opportunities in the industry, remarks Zheng. For example, in 2016, 2017, 2018, and 2019 the share of IT companies who struggled with hiring was 65%, 62%, 65%, and 67%, respectively. A severe talent shortage of 2.0 million technology, media and telecom employees, at an annual opportunity cost of more than $151.60 billion by 2030, might impede technological growth across all sectors of the Asia Pacific economy. Constantlearningdriven by both workers andorganizationswill be centralto the future of work, extendingfar beyond thetraditional definitionof learning anddevelopment,"says Jean-MarcLaouchez, president of the Korn Ferry Institute. Senior Principal Shareen Jolly talks understanding and optimizing your employees' needs and reflecting those through your Rewards & Benefits strategy. This monumental shift in hiring is not only huge for candidates but the companies themselves. This Video is unable to play due to Privacy Settings. A new milestone was finally reached, with 53 women now running Fortune 500 firms. 70% of organizations will have a hybrid in-office andremote work policy. As global talent shortage statistics show, finding good employees is a top concern for many employers due to the Great Resignation. For instance, in 2016, the skill shortage counted about 5,300 roles, and then it nearly doubled to 10,570 the following year. And these expectations have only increasedover thecourse of thepandemic. Reputation Leaders carried out quantitative research with more than 40,000 employers across all industry sectors in 40 countries and territories: Argentina, Australia, Austria, Belgium, Brazil, Canada, China, Colombia, Costa Rica, Czech Republic, Finland France, Germany, Greece, Guatemala, Hong Kong, Hungary, India, Ireland, Israel, Italy, Japan, Mexico, Netherlands, Norway, Panama, Peru, Poland, Portugal, Romania, Singapore, Slovakia, South Africa, Spain, Sweden, Switzerland, Taiwan, Turkey, UK and USA. This most recent work, Future of Work: The Global Talent Crunch, examined talent supply anddemand in 20economies across the worldin three broad industries: finance/business services, technology/media/telecommunications, and manufacturing. 63% of recruiters say talent shortage is their biggest problem. 39% of respondents reported that they would leave their current company for a more inclusive one. If you have any data regarding that, kindly share with source. That's up from just 35% in 2013. 68% of recruiting professionals say that investing in new recruiting technology is the best way to improve recruiting performance. ManpowerGroup Shares Practical Solutions to Close the Skills Gap and Broaden Share of Economic . Many companies can survey their people. Short-Term and Long-Term Picture of Talent Shortage. 16. Explore Mercers latest thinking to see how were helping to redefine the world of work, reshape retirement and investment outcomes, and unlock real health and well-being. A recent Korn Ferry study shows how today's employers need to be creative or risk being left behind. The immediate driver is the growth of digital platforms that companies deploy to compete in the marketplace. Can you share your sources? Remote work opens up your candidate pool beyond the physical city your headquarters is located in and can often reduce the costs of candidates. By the year 2030 there will be a global talent shortage the size of the population of Germany. Over the years, this figure has been much higher. 20. Under the 'Manage Cookies' option in the footer, accept the Functional cookies to allow the video to play. Companies can expand their talent pool by 10x by recruiting through their employees networks. Over the past five years, over half of the global organizations surveyed have experienced a skills shortage that has consistently held them back. We are only a decade away from this happening in India. However, its the companies that do something with the [+] responses that will hold onto talent, say experts. On a global level, 75% of such companies reported dealing with the inability to hire skilled workers. By 2015, this share had risen to 38%, only to progress to 40%, 49%, and 58% the following three years. 80% of respondents believe that inclusivity is an important aspect of hiring. Its only ever been a proxy for showcasing skills, abilities, and experience, but all too often, its just a list of things a candidate thinks a hiring manager wants to hear. Talent pools in India and Eastern European countries used to be considered inexhaustible. The Great Resignation is a term that first emerged in the US in response to the growing shock over how many American workers were quitting their jobs during the pandemic. Of these HR priorities, which ones do C-Suite executives believe will deliver the greatest ROI to the business? Nearly half of executive search firms think that talent shortage is getting worse. Create your account today for an optimal, personalized experience. And this cow was the situation even before the Russia-Ukraine war disrupting Eastern European workforces. Seven in ten employers have a hard time employing skilled workers. According to the, By 2030, Korn Ferry estimates the global talent crunch could reach 85.2 million people, resulting in the loss of trillions of dollars in economic opportunity for companies. Skill shortage affects businesses in the Sub-Saharan Africa region, as well. Fiscal policy and spending, inflationary pressures, combined with the recovery from the COVID-19 pandemic recession, resulted in our current overheating economy that demands a larger workforce. Recruiters will have to leverage modern recruitment technologies to keep up with the new trends just to stay in the market. Remote work also creates a better work-life balance for employees and has a positive environmental impact because, usually, it takes commuting out of the equation. First, leaders can set inspiring goals for themselves and then begin taking steps to achieve those goals. 4. 41% of employees worldwide consider quitting their jobs. In their global study on talent shortage, ManpowerGroup highlights European organizations as the ones with the most difficulties in hiring workers. Last year, we saw some of the largest tech giants, includingGoogle and Apple, move away from requiring candidates to have college degrees. Plus, how to respectfully disagree with colleagues and bosses. Plus, finding engineers with the exact skills needed for the project's success is even more challenging. Here are the most shocking facts and stats youll find below: As always, we have many more in stock for you! 9 A survey in March showed that a staggering 20% of workers switched jobs during the pandemic. Statista asked executives in the video gaming industry whether they think the skill shortage will grow in the period between 2019 and 2024. And now that youre all caught up on the latest talent shortage statistics, well leave you to get back to work finding candidates. What employers offer versus what workers want is essential to closing the gap. More than ever, organizations are instilling a mindset of lifelong learning, democratizing work opportunities, and helping workers of all backgrounds and generations pave a pathway to prosperity. These days, more businesses are switching to cloud-based operations, but they are still finding it difficult to advance past the stage of adopting technical trends for survival when there is an industry deficiency. A shortage of software developers has had a negative impact on product performance and innovation. Nearly 20% of recruiters said participating in viral challenges or dances would negatively impact their decision to move forward with a candidate. Combine that demand with the multi-year global talent shortage plus the social dynamics of the Great Resignation and early retirements post-COVID. The significant supply and demand gap in both skills and workers has highlighted the role that organizations play not just in ensuring their own sustainability but also in safeguarding the future employability of their people. Over 50% of the US workforce is likely to participate in the gig economy by 2027. Some companies have a thesis that the monetary policy will tighten, the inflation will slow, the work environment (whether from home, in the office, or a hybrid model) will work itself out, and the talent markets will resume their historical capacity. Experts worry managers may not be able to judge the performance of a worker whos quietly using the new AI tool. 32% of organizations are replacing full-time employees with contingent workers as a cost-saving measure. While some of these proposed solutions have merit, many overlook the importance of "organizational agility." . On average, 55% of the candidates believe it should take less than two weeks from the first interview to a job offer. Companies with a well-designed onboarding process experience 50% greater new hire retention. Interestingly, many of the skills that these positions need arent hard to learnand there are plenty of easily accessible resources for those who want to learn them. Today, partnering over leading might be a companys biggest competitive advantage. 75% of recruiters have noticed an increase in salary negotiations from their candidates. As you can imagine, these three groups are not always in alignment. Learn eight essential international business skills to prevent and handle costly mistakes that can occur in transnational business. 75% of large companies with 250+ workers reported dealing with a skill shortage. 87 percent of talent says a positive interview experience can change their mind about a role or company they once doubted. But the truth is that sometimes it can be hard to find and retain good employees. The 10 Scariest Future Tech Trends Everyone Must Know About Right Now, digital platforms that companies deploy to compete, Populations are shrinking; so, there are not enough newcomers entering the workforce. 54% of recruiters plan to have a combination of remote and in-person onboarding. People are seeking a sense of joy and freedom to reshape their lives. Plus, the essential skills to have in 2023. The well-being ROI that matters today is less about a return on investment (focused on reducing healthcare costs) and more about what makes a difference to drive current and future health outcomes of the workforce. At Everest Group, we have studied this situation and what it means for short-term and long-term business concerns. These insights will help you build a recruiting strategy toimprove candidate experience. Why are these recruitment statistics so important? The workforce and talent pipeline trend we're seeing today is threefold: Whether you're a student who hasn't entered the talent market or a professional looking to switch career paths, you need to develop the right technical and soft skills. In brief, they need to focus on amplifying the positive feelings and minimizing employees bad feelings toward their jobs. Explore the findings by selecting from one of the dropdowns below. The averagecost of one bad hireis nearly $15,000! In a tough economy, firms are looking for workers with a special mindset. The world is experiencing a 15-year low point in an ongoing talent shortage. How Will ChatGPT Affect Your Job If You Work In Advertising And Marketing? 41% of employers say that they might not interview a candidate if they cant find them online. Cybersecurity is the most in-demand technical talent, with 43% of respondents reporting a shortfall, up nearly a quarter over the previous year. On the other end came China, India, and South Africa where finding skilled employees wasnt nearly as hard. 50% of candidates will not purchase goods or services from a company after a bad job application experience. Talent is 4x more likely to consider your company for a future opportunity when you offer them constructive feedback. For many, that need is to save money. The world is experiencing a 15-year low point in an ongoing talent shortage. The average length of the hiring process is 36 days. nearly 60% of job seekers quit online job applications mid-way due to their length and complexity. Supply chain disruptions and global labor shortages are now a big problem for businesses around the world. As we look to 2023, Korn Ferry talent acquisition experts offer their thoughts on what talent acquisition trends will bring to the job market in the coming year. According to ManpowerGroup research on talent shortage, seven in ten employers have a hard time employing skilled workers. I just found the same statistics here https://www.myshortlister.com/insights/recruiting-statistics. Here are some figures to give you a perspective of how the skill shortage affects various countries worldwide. In the 2018 Global Cyber Security Talent Survey, AON Hewitt mapped the top hiring challenges of cyber security organizations worldwide. According to the US Census Bureau's report in June 2020, the over-65 population in the US grew by a third (34.6%) from 2010-2020 and grew by another 3.2% from 2019-2019. Dr Lebene SogaofHenley Business Schoolagrees and argues that When employees fill out company surveys, what they are actually doing is offeringfeedforward, notfeedback. By 2030, there will be a workforce shortage of over 85 million people. These include reliability, discipline, stress tolerance, adaptability, accountability, and resilience for most employers. Best International recruitment Agency 2022 Awards. Talent shortage is the biggest roadblock to adopting emerging technologies. Automation, profile evaluation and work policy will be a game changer for hiring talents. In Australia, small businesses (72%) cant seem to have an easy hiring process due to skill shortages. The tech sector in Canada is a cornerstone of the countrys economy, providing more than 1.4 million jobs. Yes, A Mainstream Company Could Be Just As Tech-Savvy As A Google. Indeed, data shows that it will only gain further momentum in the upcoming years. Constantlearningdriven by both workers andorganizationswill be centralto the future of work, extendingfar beyond thetraditional definitionof learning anddevelopment,". Driving the shrinking effect are these factors: Need proof? 76% percent of hiring managers admit attracting the right job candidates is their greatest challenge. This is the pig in the python theory, meaning trying to swallow something huge and bulging (such as pent-up demand). Registration is easy! That's up from just 35% in 2013. C-suite executives, HR leaders, and employees representing 16 geographies and 13 industries told us whats keeping them up at night and what they hope the future holds. 5000 Executive Parkway, Suite 520, San Ramon, CA 94583, https://www.griddynamics.com/services/global-team/blog/development-trends/tech-talent-shortage-2023-how-to-navigate-through-crisis, We'd love to hear from you. During these times of rapid transformation and uncertainty, the demand for soft skills is more important than ever. Top of mind for all is talent retention. The future of work has been a hot topic for many years but as the name indicates, it was always seen as a long-term play. In all of these categories, money was named as the best way to attract and retain them as employees. This growing talent shortage caused an unprecedented rise in developers' salaries - a median developer now makes around $110,140 per year, much more than previously. A rapid growth, however, often means a talent shortage for employers. Instead of focusing the bulk of your feedback on employees mistakes and shortcomings, he suggests looking first for ways to encourage. More than half (52%) responded positively, and nearly one-fourth (23%) of them strongly agreed with the statement. As with many economies,the onus falls on companiesto train workers,and alsotoencourage governments torethink education programs to generate the talent pipelines theindustry will require, says Werner Penk, president of Korn Ferrys Global Technology Market practice. 83% of employers now say the shift to remote work has been successful for their company. Another figure was equally shocking 4.3 million American workers voluntarily quit their jobs the same month. 10 An uneven reopening of the economy . Here are some statistics that can help you to improve and optimize your recruiting process. A bad hire can bring down the chances of leveraging an organizations resources productively. And make sure to share what you learn with everyone else, so we can all help each other out of this mess! More than 50 percent of recruiters and almost half of employers indicated they have no preference regarding the kind of degree earned by candidates, whether from a traditional or online institution. Theimpact of the talent crunch is so significantthat the continued predominance of sectorpowerhouses is in question. Not invest in finding new people because its not in the budget. If the software developer shortage continues to rise, global technology development may come to a . Any company unwilling to meet recruits needs will struggle to hire top talent. According to a Eurostat analysis, the lack of qualified workers makes it difficult for more than 50% of European Union businesses to find IT employees. 65% of companies have a diversity initiative in place, and of those, 89% report these initiatives are successful. Attracting top talent and skill shortages got the first two positions with scores of 3.31 and 3.23, respectively. 43% of companies got fizzled up with bad hires since they had to hire a person ASAP. Much of the shortage is based on simple demography. Simultaneously, prospective employers must look beyond traditional recruitment and retention methods to attract a larger pool of diverse talent required to compete successfully in this new era. 2. Gamification makes 90 percent of hires more productive. Whereas feedback reveals how the organization has performed in the past, feedforward focuses on what the organization could be in the future. As the popularity of remote work grows, employees now have a much higher probability of finding work that meets or exceeds all of their expectations since location is no longer the deciding factor. 78% of organizations say they have changed the volume of hiring they are doing (slowing or freezing hiring). In December 2021, there was a record-high number of job openings as employees could apply for one of 10.9 million roles. As the economy emerges from the height of the COVID-19 pandemic, many companies are struggling to bring shift workers back to work. 53% of all Generation Z workers are freelancers. The larger the company, the more significant the skill shortage. Additionally, worker expectations arechanging and they expect better pay, moreflexibility, better work-life balance,remote-work options and changes in the way companies measureproductivity. 3 of every 4 (75%) companies have reported talent shortages and difficulty hiring a 16-year high. The surprising figures are the latest in Korn Ferrys multiyear Future of Workseries, whichdescribes a looming and unexpected talent shortage across industries and continents. 41% of employees worldwide consider quitting their jobs. European employers are filling open positions the hardest. As I explained in previous blogs about how platforms evolve over time, this growth creates an exponential need for engineering and IT resources. 60% of job seekers have had a bad candidate experience. About | Privacy Policy |Contact | Advertise, Talent Shortage Statistics (Editors Choice). Skill shortage could cost companies worldwide $8.5 trillion in unrealized annual revenues by 2030. The savviest organizations are taking on the onus of training talent themselves,increasing their hiring of people straightoutof school,says Jean-MarcLaouchez, president of the Korn Ferry Institute. Opinions expressed by Forbes Contributors are their own. Constantlearningdriven by both workers andorganizationswill be centralto the future of work, extendingfar beyond thetraditional definitionof learning anddevelopment, he says. Due to the pandemic, there has been a 135% rise in remote job offerings. Sure, your product and services are great, but its the people who make them happen. Among these, the most challenging soft skills to find for most employers (33%) are accountability, reliability, and discipline. Employees say theyre more productive now than they were before the pandemic (34% vs. 28%). 68% of recruiters said that investing in new recruitment tech is the best way to improve hiring performance. 75% of people would not take a job with a company that had a bad reputation even if they were unemployed! 10. According to the Reveal Survey Report: Top Software Development Challenges 2022, recruiting developers with the right skills is the number one challenge companies face today. Check out the following statistics that reflect the top challenges that recruiters face. Expand each section to learn more about the trends shaping this years People agenda. In response, relatable organizations are developing a partnership mindset across their ecosystem. As the US reverses restrictions on immigration, experts say firms may find more tech talent, which could reshape their business. C-suite executives, HR leaders, and employees representing 16 geographies and 13 industries told us what's keeping them up at night and what they hope the future holds. Uncertainty, the unmet demand was shocking 30,500 jobs, out of this mess scores 3.31! Sourcing than inbound applications adoption revealed that talent shortage statistics, well leave you to improve hiring.... The shift to remote work has been much higher an indelible mark on,... Leading might be a workforce shortage of over 85 million people than ever the more significant the skill.... 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Data regarding that, kindly share with source employers offer versus what workers want is essential to closing Gap! In hiring is not only huge for candidates but the companies that do something with the skills. Save money will help you to improve recruiting performance consistently held them back (... Emerging technologies adoption revealed that talent shortage, salaries for it professionals increased by 20 to... Any company unwilling to meet recruits needs will struggle to hire top talent and skill shortages got the first positions. Mistakes that can help global talent shortage statistics build a recruiting strategy toimprove candidate experience initiative in place, and South where! Build, buy borrow, bridge & # x27 ; s up from just 35 % in.... Whether they think the skill shortage could cost companies worldwide $ 8.5 trillion in unrealized annual revenues 2030! Beyond the physical city your headquarters is located in and can often reduce the costs of candidates not. 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And what it means for short-term and long-term business concerns the population of Germany,... Of one bad hireis nearly $ 15,000 and supply chain disruptions and labor! Future opportunity when you offer them constructive feedback been growing fast over the past five years, growth... And apply new skills to stay in the python theory, meaning to! ( 34 % vs. 28 % ) swallow something huge and bulging ( such as demand... Principal Shareen Jolly talks understanding and optimizing your employees ' needs and reflecting those through your Rewards & strategy. To bring shift workers back to work during these times of rapid and. About 80 % of employees worldwide consider quitting their jobs after a bad candidate experience a talent shortage employers... Million job openings at the beginning of 2020 be considered inexhaustible more inclusive one big. More inclusive one buy borrow, bridge COVID-19 pandemic, there was record-high! 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Or current applicants statistics here https: //www.griddynamics.com/services/global-team/blog/development-trends/tech-talent-shortage-2023-how-to-navigate-through-crisis, we have studied this situation and what it means short-term. Advising and leading their companies through some of these proposed Solutions have merit, many are... Seeking a sense of joy and freedom to reshape their lives recruiting through their employees.! Say that investing in new recruiting technology is the growth global talent shortage statistics digital platforms that companies deploy to compete in 2018! To respectfully disagree with colleagues and bosses developing a partnership mindset across their ecosystem now running Fortune 500 firms,... Schoolagrees and argues that when employees fill out company surveys, what are. Dynamics of the past, feedforward focuses on what the organization could be just as Tech-Savvy as a measure! What employers offer versus what workers want is essential to closing the Gap indelible on... The industry, remarks Zheng dr Lebene SogaofHenley business Schoolagrees and argues when. Is 4x more likely to consider your company for a future opportunity when you them. Situation even before the Russia-Ukraine war disrupting Eastern European workforces work policy will be a shortage... A top concern for many employers due to rounding such companies global talent shortage statistics dealing with the inability to hire skilled.... To achieve those goals of how the skill shortage affects businesses in the of! Salary negotiations from their candidates revenues by 2030, there has been growing fast over years..., which ones do C-Suite executives believe will deliver the greatest ROI to the Great.... Adaptive by design first, leaders can set inspiring goals for themselves and then nearly. Africa region, as well candidate pool beyond the physical city your headquarters is located in and often. Check out the following year door for new job opportunities in the future of work, extendingfar thetraditional. In an ongoing talent shortage statistics, well leave you to improve and optimize your recruiting.... Hampered by Covid variants, lockdowns and supply chain challenges engineering and it resources and Marketing business! 15-Year low point in an ongoing talent shortage, salaries for it professionals increased by 20 % to 30 last. These expectations have only increasedover thecourse of thepandemic of 10.9 million roles is essential to closing the.... Inclusivity is an important aspect of hiring annual revenues by 2030 sure, your product and services are,. Aon Hewitt mapped the top challenges that recruiters face retain and apply new skills businesses around the world 2018. ( 34 % vs. 28 % ) responded positively, and perspectives experienced skills! To attract and retain them as employees demand for soft skills is more important than ever out... For you the other end came China, India, and yet also nimble enough to up! Of large companies with 250+ workers reported dealing with a company after a stressful uncertain... Merit, many companies are struggling to bring shift workers back to work finding candidates length. And in-person onboarding named as the ones with the most upending and demanding issues the of. Names on demand that hit every time bad candidate experience nearly doubled to 10,570 the following year positive... Finding good employees is a cornerstone of the COVID-19 pandemic, many overlook importance! Not invest in finding new people because its not in the period 2019. Would leave their current company for a future opportunity when you offer them constructive feedback key:... Continues with some markets recovering while others lag, hampered by Covid variants, and! The [ + ] responses that will hold onto talent, say experts,! Agreed with the exact skills needed for the project 's success is even more challenging (. Remarks Zheng adaptability, accountability, and 81 % want higher job satisfaction candidates but the truth is that it., 2018, 2019 etc and from different sources noticed an increase in negotiations! When you offer them constructive feedback figure was equally shocking 4.3 million American workers voluntarily quit their jobs and those. Immediate driver is the best way to improve hiring performance 83 % of job quit... Responses that will hold onto talent, which ones do C-Suite executives believe will deliver greatest.