Six in 10 CEOs listed retaining and engaging employees as their top priority for 2024, according to a new survey from Chief Executive. This is up from 57% who said the same two years ago.
Leaders in construction/engineering/mining (100%), health care (83%), government and non-profit (78%), and professional services (73%) were even more likely to prioritize employee retention. Meanwhile, 79% of CEOs in tech said gaining market share was their top priority for the year, and improving cost structure ranked highest in industrial manufacturing (64%).
Retaining and engaging employees (41%) was also a top challenge of the year for all surveyed CEOs, only ranking below inflation pressure (59%). By industry, manufacturing (64%), government and non-profit (56%), and construction/engineering/mining (55%) placed the most emphasis on employee retention when considering their top challenges.
But improving retention in 2024 may rely on an employer’s ability to offer work-life balance, flexibility, and career development opportunities. Randstad’s latest Workmonitor survey found that many employees would quit their jobs if:
- The job prevented them from enjoying life (48%)
- They were forced to spend more time in the office (37%)
- They weren’t able to progress their careers (35%)
- Their employer didn’t provide enough learning and development opportunities (29%)
