Five ways business leaders can make critical shifts with their people

Our latest PwC Pulse Survey found executives across the corporate landscape view workforce shortages as the biggest business risk of 2022, with almost half of respondents (48%) listing talent acquisition and retention as the primary challenge to their company’s growth goals. Less than a third expect workforce shortages to ease this year. 

These challenges present an extraordinary opportunity for leaders to reimagine how they support their people and foster growth, inside and outside of the organization. By embracing what we’ve learned from the pandemic, organizations can fundamentally shift how they attract and retain their people. Amid the Great Resignation, employees have been clear that meaningful benefits, greater flexibility and choice, and an inclusive and purpose-led culture are top priorities. The question is: are businesses listening?  

Organizations making headway in today’s tight talent market are reimagining their strategies with the future in mind. Here are five ways leaders can begin making critical shifts with their people: 

1. Think beyond compensation. Nearly two-thirds of leaders in our Pulse Survey plan to increase compensation and an additional 22% are considering it. However, compensation alone isn’t enough to recruit and retain the experience your business needs to succeed long-term. Organizations that prioritize the dimensions of employee well-being, including flexibility and opportunities for growth, will be the ones to more successfully recruit and retain people.  
2. Provide benefits that matter. There is no one-size-fits all approach to benefits. Each employee has a unique combination of work and home responsibilities, which will inevitably shift over time. Reevaluating and innovating your total rewards strategy to reflect the diverse needs of your people will help current employees and also attract new colleagues. Incorporate choice and personalization to allow every employee to get what they need to complement their own circumstances.
3. Embrace flexible work. Flexible work not only removes geographic barriers to talent attraction, but strongly supports employee retention. At PwC, flexibility isn’t earned or awarded, it is ingrained in our culture. Building on that commitment, we announced a virtual role option for our 40,000 client service professionals last fall to empower them to work when and where they want or need. Beyond more role options, encouraging teams to formulate schedules that provide them with the freedom to care for a loved one or run an errand is foundational to a truly flexible culture. 
4. Invest in your people. According to PwC’s Future of Recruiting survey, more than a third (37%) of candidates said they’d be willing to take a pay cut to learn new skills. In a digital world, investing in technology and training is critical to providing employees with the skills they need. At PwC, we’ve been on a multi-year journey, investing $3 billion to equip our people with the digital skills, tools and training needed to thrive in a tech-first workforce. We didn’t do this in anticipation of a crisis, but rather to continue to invest in our people’s technical acumen, as well as attract and retain the right people for our firm.
5. Show, don’t tell, your values. Job seekers are looking for employers who demonstrate a commitment to solving societal problems. Employees who are satisfied with their company’s actions on social issues - including inequality, societal systemic racism and social responsibility - are not only more likely to stay with an organization, but also to refer others. Reinforce your company’s values with measurable impact.

The Great Resignation isn’t a numbers game. It’s an inflection point redefining how businesses support and value their people. At PwC, they are the heart and soul of our firm, and putting people first is critical to the long-term success of any organization.