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Consulting roles likely to face talent retention challenges in 2024, report finds

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Summary

A report by The Barton Partnership found that more than a third of consulting and industry professionals are planning to look for a new role in the upcoming year, looking for higher salaries, new challenges, and better company cultures. Factors such as remote work, company mission, and health and well-being were highly ranked by respondents. Despite positive trends in compensation, salary increases were still prioritized. Retention is a top priority for employers, so they are adjusting compensation, expanding medical benefits, and upgrading well-being initiatives to attract and retain talent. Flexible work options have been important this year and are likely to continue to be important in the future.

Q&As

What factors do consulting and industry professionals prioritize when looking for a new job?
Consulting and industry professionals prioritize higher salaries, bonuses, remote work, company mission, health and well-being provisions when looking for a new job.

What percentage of respondents in consulting and industry plan to change companies within the next 12 months?
36% of respondents in consulting and 41% in industry plan to change companies within the next 12 months.

How have flexible work options affected employee retention this year?
Flexible work options have played a major role in employees’ choices this year, and nearly a third of workers required to return to the workplace this year said they were less intent on staying with their company.

What do employers need to prioritize to ensure employee retention in the future?
Employers need to prioritize employee well-being and satisfaction through flexible work options, better communication and employee development programs focused on diversity and inclusion.

How does gender influence motivation for consultants considering a move to industry?
Career progression and financial reward are the most highly rated factors for male and female respondents (respectively) in consulting when considering a move, whereas in industry financial reward is more highly rated by men.

AI Comments

👍 This article provides great insight into the challenges that consultants and industry professionals face in retaining talent in 2024. It also provides valuable information on the preferences that workers have when considering a new role, such as higher salaries, remote work, and company mission.

👎 This article fails to consider how the pandemic might affect the retention of talent in 2024. It also does not provide any suggestions for how companies can improve employee attraction and retention efforts beyond compensation, benefits, and wellness initiatives.

AI Discussion

Me: It talks about the challenges consulting roles face in terms of talent retention in 2024. Consultants are looking for higher salaries, new challenges and better company cultures in their next roles. Remote work, company mission and health and well-being provisions are also important considerations when looking for a new role.

Friend: Wow, that's interesting. It's clear that companies need to focus more on employee attraction and retention in order to keep their talent. It looks like flexible work options will be a key factor in this.

Me: Definitely. Having mandatory on-site work could hurt retention, according to the article. Companies should also consider implementing emotional intelligence programs and employee development initiatives to prioritize employee satisfaction.

Action items

Develop a comprehensive employee retention strategy that includes flexible work options, better communication, and employee development programs focused on diversity and inclusion.
Increase salaries and bonuses to remain competitive in the market and ensure employees are satisfied with their compensation.
Implement emotional intelligence initiatives to prioritize employee well-being and satisfaction.

Technical terms

Talent Retention: The process of keeping talented employees in an organization.
Compensation: Payment or reward given to an employee in return for their work.
Remote Work: Working from a location other than the traditional office.
Company Mission: The purpose of a company, which guides its operations and decisions.
Health and Well-Being Provisions: Benefits and services that promote the physical and mental health of employees.
Bonus: An additional payment given to an employee in addition to their salary.
Employee Attraction: The process of recruiting and hiring new employees.
Employee Retention: The process of keeping employees in an organization.
Emotional Intelligence: The ability to understand and manage one’s own emotions and the emotions of others.
Flexible Work Options: Working arrangements that allow employees to work outside of traditional office hours or locations.