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11 June 2024 | Press Release
Despite the US labor market remaining tight, a new survey reveals that the recruitment and retainment challenges facing businesses have eased.
At the peak of the Great Resignation in 2022, 83% of HR leaders cited difficulty recruiting workers. Now in 2024, The Conference Board survey reveals the share reporting this dropped 28 percentage points to 55%. Retaining workers is also becoming less challenging: Only 41% of HR leaders report difficulty retaining workers compared to a high of 66% in 2022.
“The steps companies have taken to attract workers are paying off, but more than half still report difficulty finding talent. To broaden the pool of job candidates, companies can not only accept alternative credentials, but also open positions to remote workers—which has the added benefit of providing flexibility so they’re more likely to stay,” said Robin Erickson, PhD, Vice President, Human Capital, The Conference Board.
The survey found a clear link between retention challenges and work arrangements: Only 15% of HR leaders at organizations that allow employees to choose where they work reported it was difficult to retain workers. That’s compared to 45% of HR leaders who expressed difficulty retaining workers at organizations where on-site work is mandated.
This survey of 216 US human resource executives was conducted from March 17 through April 8. It is the sixth survey in the Reimagined Workplace series. Insights from the survey include:
Recruiting office workers has gotten easier, but manual workers remain harder to find.
Retaining workers is also less challenging.
Mandating on-site work may drive your employees away.
HR leaders say hybrid work improves work-life balance, job satisfaction, recruitment, and retention.
HR leaders are focused on the near term for AI.
“There is a clear eagerness among HR leaders to start exploring how AI can add value to their companies and functions. As they start engaging with this technology, they’ll want to be mindful that AI initiatives are ethically sound, compliant with regulations, and support the organization’s key objectives, priorities, and values in a cost- effective manner. Doing so will better position them to minimize the challenges and capitalize on the opportunities,” said Diana Scott, Leader of the US Human Capital Center at The Conference Board.
Media Contacts
KPuello@tcb.org
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Media Contact:
Katie Puello
kpuello@tcb.org
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