Finding the Right Person for the Job

Executive Opinions on Hiring—and Keeping—the Ideal Candidate

Finding the Right Person for the Job

Executive Opinions on Hiring—and Keeping—the Ideal Candidate

In a survey of the JPMorgan Chase Executive Advisory Board, 83% of business leaders say talent acquisition is a challenge for their organization

QUALIFIED CANDIDATES WANTED

The most difficult positions to hire for:

30
Technical/trade positions
29
Professional positions
The top five hiring challenges executives face:
57% Lack of applicants
55% Unique skills needed
37% Compensation expectations are too high
31% Work ethic of applicants
23% Aging workforce/baby boomers retiring
  1. 57% Lack of applicants
  2. 55% Unique skills needed
  3. 37% Compensation expectations are too high
  4. 31% Work ethic of applicants
  5. 23% Aging workforce/baby boomers retiring

FEELING THE PINCH OF THE SKILLS GAP

When necessary skills are lacking, organizations experience:
57%

Overworked employees

38%

Having to pay employees more

23%

Service/product shortages

22%

Production delays

22%

Degrading quality standards

21%

Missed forecasts
(income, budgets, etc.)

15%

Inability to innovate

IMMIGRATION IMPACT

19%
of executives say immigration policies have affected their ability to hire and/or retain talent

19% of executives say immigration policies have affected their ability to hire and/or retain talent


Business leaders cite:

  • Difficulty obtaining H-1B visas for specialty occupations
  • A complex and lengthy process for qualified talent to obtain visas, green cards and citizenship

TALENT LOSS COMES AT A COST

84% of leaders report experiencing difficulties—whether financial or operational—related to turnover

57 %

Difficulty recruiting competent job applicants

51 %

Cost of employee turnover

47 %

Loss of knowledge

23 %

New employees’ low skill levels

HAPPY EMPLOYEES STAY PUT

Companies promote retention by providing strong benefit packages and flexibility, and by making employees feel good about where they work

80 % Other competitive benefits (retirement plans, childcare, etc.) 81 % Healthcare benefits 7 6 % Positive company reputation 10 % Other 38 % Tuition reimbursement 38 % Flexible work arrangements 1 4 % Telecommuting "> 4 3 % Career development program 29 % Cash incentives
  • 81% Healthcare benefits
  • 80% Other competitive benefits (retirement plans, childcare, etc.)
  • 76% Positive company reputation
  • 43% Career development program
  • 38% Flexible work arrangements
  • 38% Tuition reimbursement
  • 14% Telecommuting
  • 10% Other

HIRING FROM WITHIN, SCOUTING ON SOCIAL

Internal recruiting is the top strategy for finding talent, but executives are increasingly turning to social networks to fill positions—up 12 percentage points since the previous survey on the topic in 2014

77 % 73 % 65 % 62 % 58 % Employee referrals Social networks (LinkedIn, Facebook, Twitter) Internet job boards External recruiting (job fairs, college recruiting) Internal recruiting
  • 77% Internal recruiting
  • 73% Employee referrals
  • 65% Social networks (LinkedIn, Facebook, Twitter)
  • 62% Internet job boards
  • 58% External recruiting (job fairs, college recruiting)

Get the key findings

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