GLOBAL WORKFORCE REPORT REVEALS KEY DRIVERS OF EMPLOYEE FULFILLMENT AND RETENTION AMID GROWING WORKPLACE UNCERTAINTY

Rhea-AI Summary

LHH released the Global Workforce of the Future Report 2024, based on a survey of 30,000 workers from 23 countries and 25 industries. The report highlights worker perceptions in the evolving job market, emphasizing the importance of leadership, skills training, and internal career mobility. Workers are eager for new skills but feel less control over their careers due to global uncertainty. Despite economic challenges, top talent remains a flight risk, with 86% confident they could find a new job within 6 months.

Positive

• Workers are eager for new skills but feel less control over their careers due to global uncertainty.
• Top talent remains a flight risk, with 86% confident they could find a new job within 6 months.
• Investing in the workforce is important to retain talent and address barriers to professional growth.
• Internal mobility opportunities and skills development are key factors in employee satisfaction and retention.

Negative

• None.

Survey of 30,000 workers across industries shows worker perceptions amid evolving job market, finds gaps in upskilling and internal career mobility opportunities

NEW YORK, April 24, 2024 /PRNewswire/ -- LHH, a leading integrated talent solutions provider and global business unit of the Adecco Group, today unveiled its findings from the fourth edition of the annual global study: Global Workforce of the Future Report 2024. The report examines the world of work through the lens of 30,000 workers from 23 countries and 25 industries, spanning entry-level workers to senior executives. This year's survey sought to identify global workforce readiness for digitalization and worker sentiments around job security and expectations for the future, offering recommendations to future-proof the workforce and spur the passive talent pool into action. 

Gaëlle de la Fosse, President of LHH, said: "With the profound shifts reshaping the global workforce, the importance of leadership, skills training, and opportunities for internal mobility cannot be overstated. Our latest Global Workforce of the Future Report shows that employee satisfaction and retention is closely related to how a company builds a culture that fosters career growth and invests in skills development."

Key Global Workforce of the Future Report findings:

Workers are eager for new skills
Global uncertainty is causing workers to stay put in their current roles for longer, but this should not be mistaken for complete satisfaction. Workers feel a lot less control over their careers than they did at the height of the Great Resignation, with 52% of workers pointing to external factors and 51% citing a "fear of the unknown" as holding back their professional growth. They also cite barriers such as economic climate (23%), age (22%), and limited opportunities within their own industries (20%). Due to these conditions, nearly three in four workers (73%) plan to stay in their jobs in 2024. 

Investing in the workforce is key now more than ever
Top talent remains a flight risk despite the ups and downs of the economic climate and other external factors. In fact, a majority of workers (86%) are confident that they could find a new job within 6 months up from 61% in 2022, whether it's through their own networks (74%), independent job search (71%), or a staffing agency (68%). They're especially optimistic about a tech-enabled future and their outlook on digitalization, with 65% of workers feeling that it will have a positive impact on their jobs, up from 37% in 2022. 

The passive talent pool and the Great Potential: Upskilling and internal mobility first
Worker uneasiness has created a significant pool of "passive talent" that is eager for new skills and opportunities, but is fearful to make a move. To take advantage of passive talent and spur movement, companies must understand that employees increasingly want guidance and purpose in their careers, with nearly half (46%) of workers saying they want to change careers but don't know which path to take. With that expectation comes the necessity for companies to display that they prioritize learning and development opportunities, including equal access to training and development for multigenerational workforces. Employees agree – 64% say businesses should upskill and train employees for roles across the company before hiring externally, and half of workers globally (50%) see their employers as owning the obligation to ready them for new workplace realities. With workforces and workplaces changing amidst shifts in AI and digitalization, businesses must recruit, retain, and nurture talent that will change with them. 

About the Report

For the fourth consecutive year, the Adecco Group in collaboration with LHH, surveyed over 30,000 workers from 23 countries and 25 industries to present a global view of critical workforce trends shaping the fast-changing world of work. This year's report aims to arm decision-makers in the private and public sectors with the insights and guidance they need to begin building the workforce of tomorrow. View the full report here.

About LHH

LHH is an integrated talent solutions provider helping people, teams, and organizations prepare for what's next in the future of work. Through Career Transition & Mobility, Leadership Development, and Recruitment Solutions, our end-to-end offerings allow us to work across the entire talent journey to help future-proof organizations and careers all over the world.

With over 8,000 colleagues and coaches spanning 60 countries worldwide, LHH combines global infrastructure with industry-leading technology and local expertise to help more than 15,000 organizations and nearly 500,000 candidates each year.

LHH is a global business unit of the Adecco Group, the world's leading talent advisory and solutions company, headquartered in Zurich, Switzerland.

About the Adecco Group

The Adecco Group is a world leader in talent and technology expertise. Our purpose is making the future work for everyone. Through our three global business units - Adecco, Akkodis and LHH - across 60 countries, we enable sustainable and lifelong employability for individuals, deliver digital and engineering solutions to power the Smart Industry transformation and empower organizations to optimize their workforces. The Adecco Group leads by example and is committed to an inclusive culture, fostering sustainable employability, and supporting resilient economies and communities. The Adecco Group AG is headquartered in Zurich, Switzerland (ISIN: CH0012138605) and listed on the SIX Swiss Exchange (ADEN).

Contact:
LHH@berlinrosen.com

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SOURCE LHH

FAQ

What is the focus of the Global Workforce of the Future Report 2024 by LHH?

The report focuses on worker perceptions in the evolving job market, highlighting the importance of leadership, skills training, and internal career mobility.

What percentage of workers plan to stay in their jobs in 2024?

Nearly three in four workers (73%) plan to stay in their jobs in 2024.

What percentage of workers are confident they could find a new job within 6 months?

A majority of workers (86%) are confident they could find a new job within 6 months.

What are some barriers to professional growth cited by workers?

Workers cite barriers such as economic climate (23%), age (22%), and opportunities within their own industries (20%).

Who released the Global Workforce of the Future Report 2024?

LHH, a leading integrated talent solutions provider and global business unit of the Adecco Group, released the report.