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.
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.”
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
Executing the two strategic outlines responsibles should focus on:
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.
Although employers are taking steps to meet the challenges and work models of the “new reality”, a study conducted by Willis Towers Watson, finds them unprepared.
Diversity in leadership roles, in promotions, and in high-paying and high-revenue positions makes for a more positive employee experience.
