A recovering and changing job market last year gives way in 2017 to one in which job seekers have the advantage and millennials comprise the largest share of US workers, according to the Hiring Outlook report released today by The Execu|Search Group.

The report found 50% plan to stay at their current company for only two years or less. It also found half of employers hired temporary staff in 2016 to replace an employee who left a full-time position, and 62% of employers said they currently utilize temporary/contract employees.

“As the job market continues to evolve over the next year, engaging with talent will become even more critical to an organization’s success," said Edward Fleischman, Chairman and CEO of The Execu|Search Group. “With this in mind, employers need to embrace transparency during the hiring process and in the workplace.”

Findings of the 2017 Hiring Outlook surveys include:

Employers are struggling to retain and hire top talent:

• The top four reasons employees are leaving are lack of advancement opportunities, lack of salary growth, negative work-life balance and poor corporate culture.
• 61% of respondents reported they were interviewing for two or more roles during the interview process for their current position.
• 50% of employees say that they are planning to stay at their current company for two years or less.

Employers are not providing the hiring experience expected by job candidates:

• 75% of employer responses stated that their hiring process, from initial interview to offer, takes three-plus weeks, while the vast majority of professionals surveyed felt it should take two weeks at most.
• 34% of working professionals said their interviewer could not convey the overall impact that their role has on the company’s goals.
• 45% of working professionals do not feel that their interviewer made the effort to give them an introduction to the culture when they were interviewing for their current position.

Companies need to take a more active approach to culture, retention and leadership development

• 76% of millennial respondents said that professional development opportunities are one of the most important elements of company culture, and 59% of professionals said that access to projects to help keep their skills up-to-date would keep them satisfied at their current company.
• 42% of professionals feel that executive leadership does not contribute to a positive company culture.
• 48% of all working professionals say that they do not believe that younger employees are encouraged to pursue leadership positions at their current companies.
• Working professionals ranked opportunities for professional development, emphasis on work-life balance, collaboration with team members, and access to leadership/management as the most important aspects of company culture.

The report’s findings came from surveys of more than 1,000 job seekers, working professionals and hiring decision makers that The Execu|Search Group partnered with in the past year.