New Survey Reveals What Diverse Talent Wants

PowerToFly's latest "What Diverse Talent Wants" survey reveals eye-opening insights that should prompt HR departments to re-evaluate their talent acquisition strategies. The survey, presented during the 2024 online HR Technology Conference, gathered responses from 634 professionals across various backgrounds and identities.

How Diverse Talent Is Feeling

To develop more effective talent acquisition strategies, consider these crucial insights from the survey:

1. High Turnover Potential: A surprising 59% of employed workers are actively considering quitting their jobs, up from 49% in 2023. While this opens opportunities for recruiting top talent from competitors, it also signals significant dissatisfaction within organizations.

2. Job Insecurity: A significant portion of the workforce feels insecure about their job status. Sixty percent of men, 43% of women, and alarmingly, 0% of trans and non-binary workers feel secure in their roles. This is despite 76% of respondents feeling somewhat or very engaged with their work. Additionally, 60% are concerned that AI technology could lead to job loss, contributing to stress and burnout.

3. Desire for Flexibility: Companies prioritizing flexible work arrangements will have a competitive edge. Thirty-two percent of respondents are dissatisfied with their work-life balance, 70% of primary caregivers seek more flexible scheduling, and an overwhelming 91% of workers would leave their current job for one offering greater flexibility.

4. Demand for Pay Transparency: Nearly 80% of respondents, including 87% of LGBTQIA+ individuals, desire pay transparency. This likely stems from dissatisfaction with current salaries, with half of all diverse talent somewhat or very dissatisfied with their compensation.

5. Growth Opportunities: Professional development is a strong motivator. A significant 91% of respondents want learning opportunities at work, and 94% would leave their current job for better professional development prospects.

Upskilling

The survey highlights the importance of clear career paths and leadership development programs for recruiting and retaining diverse talent. Upskilling is essential for future-proofing organizations, especially as the economy moves towards a skills-based model.

The skills employees most want to develop this year include:

• AI literacy (57%)

• Project management (47%)

• Data analysis and visualization (44%)

• Strategic planning (35%)

• Social and emotional intelligence (33%)

By 2030, 90% of the global population will need new skills, and 12 million occupational transitions will occur. Executives are increasingly looking to use skills to define work, deploy talent, and manage careers.

Talent Acquisition

To attract and retain diverse talent, HR should consider these strategies:

1. Actively target employees from competitors who are experiencing high turnover

   • Develop targeted recruitment campaigns highlighting opportunities for career growth, pay transparency, and improved work-life balance.

2. Provide job security assurances and address concerns about AI technology

   • Emphasize stability and long-term career development in job postings and interviews. Showcase investments in employee reskilling and upskilling programs to alleviate fears of technological displacement.

3. Prioritize flexible work arrangements

   • Offer remote work options, flexible scheduling, and family-friendly policies. Highlight these benefits in job listings to attract primary caregivers and candidates seeking improved work-life balance.

4. Implement pay transparency practices

   • Clearly communicate salary ranges for roles and provide explanations for compensation decisions. Address disparities proactively to build trust and satisfaction among employees.

5. Emphasize opportunities for growth and learning

   • Develop robust professional development programs that include training in AI literacy, project management, data analysis, and strategic planning. Showcase these opportunities in recruitment materials to attract candidates looking to enhance their skills and advance their careers.

6. Focus on inclusive hiring practices and leadership development

   • Implement DEI training for hiring managers, establish mentorship programs for diverse talent, and create clear career paths. Highlight commitment to diversity in recruitment efforts to attract underrepresented groups.

7. Invest in upskilling and reskilling initiatives

   • Offer continuous learning opportunities aligned with the skills most in demand (AI literacy, data analysis, etc.). Partner with educational institutions or online learning platforms to provide accessible skill development resources.

8. Develop clear career progression paths

   • Offer leadership development programs and mentorship opportunities. Clearly outline advancement opportunities during recruitment to attract ambitious candidates seeking growth within the organization.

Need Help?

Navigating the complexities of modern talent acquisition can be challenging. If your organization needs guidance on implementing these strategies or enhancing your HR practices, we're here to help. Our team of experts can provide tailored solutions to ensure your company attracts and retains the best diverse talent. Contact us today to learn how we can support your HR needs and help your organization thrive.