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Labor market troubles strike again. A new survey shows that senior executives spend 40% of their time every day dealing with employee turnover and more than half (53%) have a problem hiring full-time employees.
The Kantata report, The Changing Dynamics of the Modern Workforce, talked to 1,500 service professionals who identified several factors contributing to high turnover, which include:
- Healthcare benefits are not competitive (42%)
- PTO and vacation days are too difficult to accumulate (42%)
- 401(k) benefits are not competitive (39%)
- Lack of a continuing education to support employees' professional growth (35%)
"Considering the number of full-time employees that made the jump over the past year to freelancers, and how many others are tempted to, business leaders should consider expanding their talent pool of independent contractors and investing in the technology needed to effectively integrate them into the business," says Kantata CEO Michael Speranza. "Building the best team with the skillset to successfully deliver results is the utmost priority for all companies in professional services."
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