Boardroom brief that matters: Talent

Why business leaders should prioritise employee wellbeing and how to navigate challenges in improving workplace happiness

Take the talent brief on-the-go,

What's the issue? 

The global talent shortage could reach a staggering 85 million people by 2030, according to the World Economic Forum. Having the right talent in today’s highly specialised economy has never been more important for businesses, but the task of finding and keeping the right people is getting tougher. Ineffective recruitment and staff retention can result in significant financial losses amounting to billions of dollars annually.

As pandemic-related disruptions persist, they mask more complex long-term structural factors such as ageing populations, geopolitical influences on labour migration, and the widening skills gap.

In short, the war for talent has evolved into a war for compassion, with a growing number of employees expecting companies to prioritise employee wellbeing. This shift is reflected in leadership thinking too; according to a Spring 2023 survey of 500 CEOs where 71% recognise culture as a key driver of financial performance, up from 27% in the past two years. Additionally, 60% of leaders plan to invest in enhancing office amenities to improve employee wellbeing and engagement in 2022/23 (JLL Cost Fit-out Guide).

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Key quotes and market realities

Boardroom whispers... 

Robo jobs. The fastest-growing jobs, according to the World Economic Forum, are in Al and Machine Learning, followed closely by Sustainability Specialists and Business Intelligence Analysts. Over the next five years, 42% of companies will prioritise training workers to leverage AI and big data.

Misaligned expectations. In a recent PwC Asia Pacific Workforce survey, it was revealed that roughly 30% of employees in Asia Pacific believe their managers tolerate small-scale failures or foster an environment of dissent and debate. Interestingly, there is a misalignment with 50% of CEOs in the region who perceive that small-scale failures are tolerated, and debates are encouraged.

Three ways real estate is helping boardrooms with talent

Office environment

A “bad” work environment is cited as one of the top five reasons why applicants tum down a job offer. Additionally, there is a 6% increase in boredom when employees are compelled to work in an environment that they did not choose (EMOTIV)

Location

Physical site selection goes beyond only being in the city centre or the outskirts. It greatly impacts brand perception, culture, talent attraction, and employee satisfaction. By making strategic location decisions with real-time market and employee preference data, companies can optimise long-term performance and save millions of dollars

Workplace strategy

Conducting a workplace study and utilising effective facilities management provides insights on how to balance the needs of your people, space, and business, which can drastically increase occupancy rates and boost employee satisfaction and creativity (JLL Global Occupancy Benchmark Report 2023)

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