A new report from Eightfold shows that CEOs and CHROs think that 47% of their best employees will quit “within 2 years of hire.” The report also revealed many keys facts.
Eightfold partnered with Harris Interactive Media on the study, which conducted a detailed study with 1007 CEOs or CHROs of companies with 1,000 or more employees.
But the upcoming findings are just from respondents who are CEOs and CHROs, specifically.
When executives think the best employees will leave
- “Over 10 years:” 13%
- “5 to 10 years:” 11%
- “2 to 5 years:” 28%
- “1 to 2 years:” 24%
- “1 year or less:” 23%
Which says that Chief officers sense about 47% of their best employees will leave within 2 years hiring.
Common hiring issues executives face
About the hiring issues faced by the company, 42% of CEOs and CHROs say that there is big market competition to hire talents. 40% say they lack available skilled staff. While 30% say there skills shortage in the market.
A chilling finding from the report also shows that polled companies predict that an average of 792 open jobs won’t be filled within the next year.
But just 22% reported their companies have put artificial intelligence, or AI, to use “for talent programs.”
The top three ways that CEOs and CHROs think that AI can help their companies in terms of “talent goals:”
- By “improving the talent acquisition process:” 44%
- By “increasing talent retention:” 44%
- By “reducing the time HR spends on admin tasks:” 42%
Where diversity falls short at big companies
While 40% of executives say they face difficulty in finding the qualified, diverse talent, about 23% openly admit that they lack career opportunities for Millennials. 38% say that they struggle to retain diverse talent.
But Ashutosh Garg, co-founder, and chief executive officer at Eightfold.ai, said “Executives have spoken and it’s clear that the diversity problem in talent management feels like it’s worse than ever … At the same time, we know that the quality of diverse candidates available today is unmatched.”
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