Survey: Execs think 47% of their best talent will quit ‘within 2 years of hire’

“The diversity problem in talent management feels like it’s worse than ever … At the same time, we know that the quality … available today is unmatched.”

New data from Eightfold shows that CEOs and CHROs think that 47% of their best employees will quit “within 2 years of hire.” But overall, 78% of these executives think that “talent programs are very important for” their workplaces, but they seem to be getting a bad rap — 56% consider them “not very effective.”

Eightfold partnered with Harris Interactive Media on the study — which has a detailed methodology — but keep in mind that 1,007 “CEOs or CHROs of companies with 1,000 or more employees” and 204 employees weighed in. That’s a pretty large scale.

But the upcoming findings are just from respondents who are CEOs and CHROs, specifically.

When executives think the best employees will leave

Here’s what the breakdown looks like:

  • “Over 10 years:” 13%
  • “5 to 10 years:” 11%
  • “2 to 5 years:” 28%
  • “1 to 2 years:” 24%
  • “1 year or less:” 23%

Where diversity falls short at big companies

Here’s where diversity is lacking at executives’ companies, according to them:

  • “We can’t find enough qualified, diverse talent:” 40%
  • “We struggle retaining diverse talent:” 38%
  • “We lack career opportunities for 40-55 year olds:” 31%
  • “We lack career opportunities for Millennials:” 23%
  • “We can’t find enough people of color:” 23%
  • “We can’t find enough women:” 22%

But Ashutosh Garg, co-founder and chief executive officer at Eightfold.ai, commented on the research in a statement:

“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.”

Common hiring issues executives face

CEOs and CHROs broadly demonstrated that their companies have a variety of issues in the hiring department, reporting:

  • “We face greater market competition for talent:” 42%
  • “We lack available skilled staff:” 40%
  • “We have difficulty retaining talent:” 39%
  • “We see a skills shortage in the market:” 30%
  • “None of these:” 13%

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.”

In the same vein, here are 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%), “increasing talent retention:” (44%) and “reducing the time HR spends on admin tasks” (42%).

Overall, 64% of leaders surveyed think that boosting “talent retention is important,” 57% think having a diverse workforce is crucial and 59% feel the same way about “creating a better experience for internal and external candidates.”

Jane Burnett|is a reporter for Ladders and can be reached at jburnett@theladders.com.