Employees battle stress, crave benefits

Industry workforce insights for private equity leaders

As private equity (PE) leaders eye transaction opportunities and build value in their portfolios, they face workforce trends that have changed dramatically over the past few years and can vary substantially based on the industry.

Grant Thornton LLP’s State of Work in America Survey for 2023 has shown that employees are experiencing burnout because of mental and emotional stress, are increasingly focused on company benefits as a reason to remain in their job, and finding value in returning to the office while still placing significant emphasis on flexible opportunities.

Meanwhile, the survey revealed the following trends specific to key industries:

Asset management: Employers can improve morale by offering clearly defined career paths, using technology to lessen the workload, and improving diversity, equity and inclusion in the workforce.
Banking: Employees are more optimistic than most, but they’re eager for more transparency from employers on how they can advance in their careers.
Healthcare: Base pay is the strongest motivator for employees in the healthcare industry, where mental well-being is a major concern for workers.
Manufacturing: Organizations need employees at all skill levels and can attract workers by broadening benefits and considering an emerging strategy called “earned wage access” that provides pay on a daily basis.
Technology: Embracing corporate social responsibility, flexibility and mentorship can help technology companies recruit and retain employees.

For a comprehensive picture of the workforce in the industries that matter most to your PE firm, see Grant Thornton’s in-depth, industry-specific insights from the State of Work in America survey.