In February of this year, MEA surveyed Members on key workplace issues related to compliance, recruitment and retention, compensation, DEI leadership and so much more. This survey was rerun again in May. Here is a comparison of the February and May Survey results:
Most Serious Challenges our Members are Facing Today
Short Term Challenges
| May 2023 | February 2023 |
| 1. Ability to Pay Competitive Wages/Salaries: 62% | 1. Talent Acquisition: 68% |
| 2. Talent Acquisition: 59% | 2. Talent Retention: 67% |
| 3. Talent Retention: 58% | 3. Employee Engagement: 51% |
Survey participants still believe that talent retention and acquisition are two of the most serious challenges for employers in the short term. However, ability to pay competitive wages jumped up to the top spot. Compensation has spiked over the past two years as inflation and low unemployment have made competitive wages a significant factor for many. It is not only those hiring, but also the risk of losing employees if an employer does not keep wages at competitive levels.
Long Term Challenges
| May 2023 | February 2023 |
| 1. Ability to Pay Competitive Wages/Salaries: 68% | 1. Talent Retention: 72% |
| 2. Talent Retention: 58% | 2. Talent Acquisition: 65% |
| 3. Talent Acquisition: 54% | 3. Employee Engagement: 56% |
Once again, talent retention and acquisition are still top concerns for employers, but compensation also rose as the most significant long-term challenge.
Employee engagement held steady at 52% which lowered it to the 4th highest concern in May, down from 3rd. It is worth noting that high engagement levels has a direct impact on retention.
Top 3 Overall Workplace Challenges
When asked to identify their top 3 workplace challenges, the top results were:
| May 2023 | February 2023 |
| 1. Recruiting & Retaining Talent: 100% | 1. Recruiting & Retaining Talent: 100% |
| 2. Leadership Skills: 44% | 2. Leadership Skills: 43% |
| 3. Compensation Program/Structure: 43% | 3. Employee Training and Development: 30% |
In May, survey participants identified recruiting and retaining talent and compensation as top three workplace challenges. During both periods, developing leadership skills was identified as the the second highest workplace challenge as employers look to develop their top talent. MEA is seeing that with Members and, in response, has launched the Leadership Intensive program along with other coaching and development programs designed to help Members to develop their leaders.
Recruiting Strategies
In February, participants did not expect their employee headcount to decrease at all. Instead, 54% of participants expected their headcount to increase and 46% thought it would stay the same.
In contrast, in May, 10% of participants think their employee headcount will decrease. Notably, 70% now expect their headcount to increase and 20% think it will stay the same.
MEA Members have access to the full report in the Help Center. We also have other resources to help you make informed decisions when it comes to compensation practices such as the 2023 EAA National Executive Compensation and 2023 EAA National Wage & Salary.
Not an MEA Member? Email mea@meainfo.org for a copy of the full report.
