ArmInfo.Over 2,000 business leaders predict average of 13% uptick in headcount
Businesses look to expanding workforces to power up to 20% growth on average in next 12 months
Businesses across the world face a battle for talent as they look to unlock future growth opportunities through a hiring drive, according to new research from HSBC. The findings reveal that stiff competition for talent means companies are having to diversify how they are attracting and retaining staff, as they seek to achieve their high growth ambitions over the next 12 months.
New insights from HSBC’s latest Navigator research, which polled over 2,100 business leaders from 10 global markets, found that companies expect their workforces to increase by an average of 13% in the next 12 months, with two in five (42%) businesses planning to increase headcount by 20% or more. However, companies are facing a battle for talent, with seven in 10 (70%) globally planning to increase headcount, while just 12% of businesses plan reductions to their workforce.
Succeeding in the battle for talent will be crucial to driving long-term profitability. Three quarters (77%) of businesses see a ‘strong’ relationship between investment in workforce and profitability, as they target almost 20% revenue growth on average over the next 12 months. To take advantage of the growth potential, seven in 10 (69%) businesses are already investing in their workforce in some way, through hiring, upskilling, or training, with a further 28% planning to do so in future.
How to attract and retain staff: a narrowing gap between staff wellbeing and financial incentives
As competition for talent intensifies, the research shows leaders are taking action and reacting to the demands of the workforce beyond financial incentives, placing strong emphasis focused on wellbeing and work-life balance factors when it comes to attracting staff. Despite salary and benefits still being perceived as the top factor in moving jobs by 46% of business leaders, factors such as flexible working policies (39%) and emphasis on employee physical, mental and financial wellbeing (36%) are set to become just as important for employees.
In response, business leaders are reimagining the future of the workplace and how they think about empowering their employee base, with the research showing:
Irina Seylanyan, CEO of HSBC Armenia, said: “Businesses continuously strive to attract and retain top talent ensuring growth by investing in people's professional development. To address the shifted work patterns and the expectations of employees in the face of the pandemic, we support our employees by adopting flexible working policies, where possible. We also put significant emphasis on learning, upskilling and professional development of our employees to help them develop new skills and support their career goals.”
Business leaders look to build their global presence through hiring
Across the regions, the biggest hiring sprees are expected to come from companies headquartered in India (80%), Mexico (80%) and the US (79%). Those hires are expected to come domestically primarily, although companies are also starting to look further afield for new talent and to grow their presence in other markets.
The survey found: