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Employees are on the move. Some are using this tight labor market as the catalyst for a career change or for stepping out of the workforce entirely. Others are staying in comparable roles but moving out of your organization. Then there’s the group looking to remain in your company, but searching for new challenges and opportunities. How do you plan for the highest turnover for all of these variables when setting budgets in support of your talent strategy? Start by considering these three things.
Are you managing a global workforce? Starting with the basics, the economy around the globe varies greatly. Establishing a reliable intelligence source for the regions you work in is very important when developing a forward-looking strategic plan. When operating in various regions, it’s necessary to track things like GDP, inflation, and unemployment rate easily.
Understanding the female to male distribution within the working population will help you identify regions of concern. Beyond that, being able to dive even deeper into the education levels of particular countries provides a picture of the types of operations suitable for a specific country. Additionally, turnover numbers will help you understand how you compare to other employers in the region or country, and whether your turnover is cause for concern.
Knowing where to invest in talent isn’t always obvious. It’s helpful to get a glimpse into what other organizations in your region are planning. Hiring and promotion projections can give you insight into how fast employers are growing and whether they plan to buy or build talent. They also serve as a benchmark to compare with your initial plans.
Just how tough is the competition going to be for the skills you need? Peeling the onion on what skills are hot and commanding the highest premiums will further allow you to sharpen your allocations for your salary and hiring budget.
How employers are enticing employees to join and rewarding their loyalty through retention and signing bonuses is another piece of the puzzle that will help you adjust your total rewards strategy to ensure you have the employees you need, where and when you need them. However, depending on your business, you may face employee turnover in some areas. Going the extra mile and providing job placement and career counseling might not always be an option. Having a thorough understanding of what’s required in that particular country will ease the process of determining a required versus a good-will severance package.
With a collection of data covering all of these areas and more, the Workforce Movement product included in Mercer’s Talent All Access Portal or sold as a stand-alone online tool can set you up for success when planning your global or regional workforce. Sources of this valuable insight include the International Monetary Fund, Mercer’s Total Remuneration Survey, Mercer's Worldwide Benefit & Employment Guidelines, or the new Mercer Salary Movement Snapshot.
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