14th April 2022
In a recent article, People Management summarised that UK businesses have witnessed a dramatic increase in employee turnover in the past 12 months as a result of pent-up demand from the pandemic and the turbulence of the health crisis causing employees to re-evaluate what they want from their careers.
· The current volatile job market has naturally resulted in many businesses suffering skills and talent shortages.
· The current high rate of employee turnover represents a permanent shift.
What can businesses do to adapt to this hyper competitive job market? There are 3 areas to focus on:
1. Assess and tailor the employee value proposition – what do your employees want? Wellbeing (emotional/financial), training & development, a 4-day week, something else? More than ever companies need to listen to their employees and be agile – what they want may change over time, be willing to adapt to this.
2. Find innovative ways to attract talent – be transparent and authentic, showcase your culture. Don’t hang around – candidates are getting snapped up, don’t ask candidates to complete an application form if you’re happy to accept a CV, reduce your recruitment stage – 3 interviews/stages is too long and you’ll lose engagement.
3. Focus on business continuity – identify critical workflows, not just critical workers. Redeploy talent based on critical task needs to solve major workflow gaps. You can then focus recruitment on either less critical workflow roles, or backfilling roles where there is a higher supply of talent.