US Talent Trends
According to the recent job report, the U.S. job market held steady this quarter and the unemployment rate ticked down to just under 5 percent. For those who are employed, intent to stay increased in Q3 2016 to 48.7 percent, well above the global average of 35.6 percent. Given that job opportunity perceptions in North America weakened for the first time in a year, companies will have to be creative in order to attract or pry talent from their current positions.
Compensation remains the leading driver of attraction in the U.S., though merit pay expectations have fallen significantly from this time last year. As companies contemplate doing away with annual raises, they will have to consider how to effectively reward employees in order to retain and attract talent. One way companies are rewarding employees and retaining/attracting talent is through internal growth opportunities, flexibility and other perks. This is attractive to workers as we see work-life balance maintain its stance as a top driver of attraction. In addition, employees may start to see benefits reflected in their performance, rather than on an annual basis.