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INTERNAL TALENT MOBILITY 4 www.everestgrp.com | this document has been licensed to Randstad RiseSmart 3 Randstad Workmonitor, 2022 Current talent challenges The talent gap has created unforeseen challenges for all stakeholders in the already strained business machinery. During these times, organizations must address talent acquisition and talent management challenges to sustain their operations and prevent disruptions. Employer-related challenges Organizations are facing multiple challenges pertaining to talent, including: ⚫ Talent scarcity: The talent demand-supply gap has persisted at roughly the same level since its widest in June 2022. The skills-gap is also widening, signifying an imbalance between candidates' skill sets and employers' requirements. Employers are finding it increasingly difficult to fill critical positions across key industries and domains. They have been battling perennial talent scarcity and are expected to continue to do so ⚫ Shifting power dynamics: After the pandemic, the balance of power gradually shifted toward workers, which compelled businesses to embrace greater agility and, at times, adjust their hiring criteria. Workers' long-term considerations now include enhanced employee experience, flexible career pathways, and access to L&D opportunities. A recent study found that 88% of surveyed workers expressed interest in L&D opportunities, if provided by their employer 3 Employee-focused challenges At the other end of the talent spectrum, employees face the following issues: ⚫ Aging skill sets and stalling career development: A large majority of the current candidate pool does not possess skills of the future, including tech skills (such as RPA, AI/ML, decentralized finance, and Web3) and soft skills (such as effective leadership and collaboration in a hybrid working environment). Employers need to equip their talent with the right skills and prepare them to adapt to changing roles ⚫ Limited control over career arcs: Employees' career progression paths are changing. As employees seek flexible working options and well-rounded exposure, they are looking at non-linear career paths to fit their individual requirements. They are no more satisfied fulfilling particular roles or being constrained by a "paper ceiling," which can often lead to attrition, or worse still, quiet quitting – an extreme form of employee disengagement Unmet Diversity, Equity, and Inclusion (DE&I) goals: While close to 92% of leaders believe that improving diversity is critical to organizational success, many companies encounter challenges in realizing tangible DE&I progress through their talent initiatives. They may struggle to effectively retain and develop diverse talent, resulting in underrepresentation at higher levels. This underlines the importance of showcasing career progression for underrepresented groups, as it not only boosts their confidence but also enhances the organization's employer brand and aligns it with a business landscape that is increasingly valuing inclusion

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