Recruiting and Retention...Will Your Company Keep Pace?Employers, Employees Don't Agree on Work-Life Balance
CareerArc's chief marketing officer Yair Riemer said addressing work-life issues could be key to addressing a potential large-scale worker shortage in a few years. A 2013 study from Georgetown University predicts the U.S. will face a shortage of roughly 5 million workers with the education requirements for jobs by 2020. The retirement of millions of boomers over the next few years is part of the reason for the anticipated talent gap.
Riemer said companies that invest in a strong work-life program could be in a better position to keep strong employees on board.
"It's all about an employment brand," said Riemer. "Retention and recruitment will be of high importance for many CEOs in coming decade. Building a good work-life brand will be key for corporations."
The survey also found more than half of the companies surveyed planned to invest more in their work-life programs in 2015. These investments could include helping an employee set up a home office to be productive at home or paying for their Wi-Fi and cable bill.
Richards believes that the boomer generation of employers are hearing the message and are willing to give their employees more flexibility as part of their company's long-term strategy.
"Culture has always been important to the boomer executive," said Richards. "They realize that a strong company culture creates productivity, improves retention, and enhances recruitment efforts."
Over the next few years, Richards predicts more companies will roll out generous work-life perks. This could include flexible work days and "device days off" where employees aren't expected to be available for work-related emails or phone calls.
"I think it starts with a dialogue," said Richards. "The CEO or chief human resources officer must bring employees together and say, ‘We want to create a culture that makes you want to work here for a long time.'"