Skip to main content
Press Release

Swiss employers struggle both to attract new talent and to retain their people

N/A
N/A

March 17, 2022

Successful firms need to rethink their total rewards strategy to stand out in a tough labour market.

ZÜRICH, March 17, 2022 — Over seven out of ten Swiss businesses (72%) expect problems attracting new employees this year - over the double compared to the 29% who had issues in 2020, according to research by WTW (formerly Willis Towers Watson), a leading global advisor. And five in ten firms (48%) think it will be tough to retain their workers this year, a big increase from 17% in 2020.

Acute shortage of skilled workers in the digital sector

The findings of the Reimagining Work and Rewards Survey from WTW shows that the problems are particularly acute in digital roles, where 95% of respondents struggle to attract or retain those with skills like cyber security, data analytics, and UX. Over half (57%) say they have labour supply issues for sales roles.

The upheaval of the pandemic has driven huge changes in the way businesses operate. While a quarter (29%) think they will reach their ‘new normal’ in working practices by Q2 this year, 14% do not expect the situation to settle until 2023 or later.

Companies in every industry are under significant pressure to adapt to a new business environment and sweeping workforce changes.”

Chloé Karam | Director Employee Experience Consulting, Switzerland

Chloé Karam, Director Employee Experience Consulting at WTW, says: “Companies in every industry are under significant pressure to adapt to a new business environment and sweeping workforce changes. There’s no greater challenge at this moment than hiring and retaining workers. Unfortunately, the recent survey results show that organisations think the situation will worsen, especially for those with digital skills.”

Few companies have a total rewards strategy

Just 12% of Swiss companies have clearly differentiated their total rewards offerings from those of their competitors. 40 % effectively communicate their total rewards strategy to their own staff, so that they understand and appreciate the full offering.

In this ultra-competitive job market, it is important to stand out as a company.”

Marco Schmid,
Associate Director Work & Rewards, Switzerland

The survey also showed that high-performing organisations are more likely to reset their total rewards philosophy, which covers pay, benefits, career and wellbeing. Many want to put more emphasis on supporting employees to grow their careers within the business.

Marco Schmid, Associate Director Work & Rewards, WTW, says: “In this ultra-competitive job market, it is important to stand out as a company. Differentiating the total rewards offering is a way to do that. For organisations this is not simply asking ‘how much should we pay?’, but ‘how should we be rewarding our employees?’ This includes an increased focus on non-financial elements such as career progression.”

Stewart Dyer, Director Work & Rewards WTW, adds: “The Great Resignation is well underway, but organisations can take tangible actions to win the talent race. These include identifying new sources of talent, reskilling and upskilling, optimising job design, resetting their total rewards strategy, and delivering a more robust career experience for employees.”

The Great Resignation is well underway, but organisations can take tangible actions to win the talent race.”

Stewart Dyer | Director Work & Rewards, Switzerland

In order to propel organizations forward WTW recommends to business leaders

  • Be bold: Leadership and HR capabilities need to evolve to address the here and now opportunities and challenges
  • Be human: Setting new strategies and solutions is all about unleashing the performance of people.

Executing the two strategic outlines responsibles should focus on:

  1. Integrated work and rewards strategy: An integrated work and rewards strategy that links to new business and financial strategies and is accelerated by technology
  2. People-centric, data-powered: Data-driven employee and work insights to inform, measure and refine new work and reward options
  3. Activate and sustain: Pilot and pivot as necessary, embedding new capabilities into the organization and employee experience

About the survey

A total of 1,650 worldwide employers, including 25 from Switzerland, participated in the 2021 – 2022 Reimagining Work and Rewards Survey, which was conducted between 28 October and 10 December 2021. Respondents employ 11.9 million employees.

Related content tags, list of links Press Release
Contact Us