On the way back from delivering a leadership training programme in Europe, I read Harvard Business Review’s latest post on retaining talent, which stimulated me to write this post.
Currently, we are in the grip of a global skills shortage that is impacting most markets and business sectors across the globe. A warning sign for organisations is that our workforce is likely underskilled. Our key performers might be considering moving to a different organisation where the ‘new’ criteria of what is important to them will be met.
In today’s post, I want to share a brief overview of what is happening in the talent market, what our employees now want, and how as leaders, you might want to consider how you work with your team to navigate the uncertain times ahead.
An Overview of The Skills Shortage
APSCo is the largest trade association of professional staffing organisations. A recent policy document warned that the U.K.’s current skills landscape is not fit for purpose in the modern world, with ongoing skills shortages putting future economic growth at risk.
In its Access to Skills and Talent Public Policy Plan, APSCo called on the Government to rethink training initiatives and visa routes for highly skilled international talent to support a dynamic, global and flexible labour market.
Ann Swain, their C.E.O., shared, “While we are now beginning to see the inevitable slowdown of the intense recruiting activity of the last few months, we are still in a situation where demand for skills exceeds supply in professional sectors.”
The hiring Trends Index confirmed this data, sharing that 41% of businesses increased their recruitment in quarter one this year and the majority plan to continue to hire for the rest of the year.
As leaders, I am sure we are all aware the last few years have taken their toll on our employees in multiple ways. The same report revealed that 21% of businesses saw an increase in the total hours worked, suggesting workload is high in many companies.
Worklife balance is certainly back on the agenda, and the four day work week is currently being tested by thousands of employees across the U.K.
The world of work is changing.
So what do our employees now want from their employers to stay? And as responsible and caring organisations, what do we need to consider providing to the employees in our care?
What Our Employees Now Want
If you spend time on LinkedIn, I am sure you will have seen a flurry of polls with thousands of responses on what employees now want from their current employer or the new position they apply for.
As you read this article, remember what attracts people to move organisations also makes them stay.
If an employee’s needs are met, they are treated well, especially by their manager, opportunity to develop and grow is present, and they are recognised for their skill level.
Maybe it is time for a sense check that you have all these areas handled.
Salary
The market dynamics are shifting and your top talent most certainly now appreciates their worth. Though this sounds very old, skilled employees expect to be paid more; the classic salary bands you have worked with may need to shift. As the cost of living spikes in the current climate, be prepared for your employees to ask for pay rises over and above the norm.
Flexible Working
Though many organisations we work with here at Zestfor offer some flexibility to their workforce, expect requests for hybrid and remote working to increase. One long-standing contact of mine, a specialist recruiter in the finance market, won’t even accept a job instruction unless her client has flexible working in place.
Why? Because the highly skilled and talented candidates she works with won’t even consider a move unless the company has a level of flexible working in place. Being flexible is a cultural approach; let me share more.
Your Company Culture
Flexibility is one marker of companies with a culture that attracts and retains employees. However, a culture match is a two-way conversation. Many organisations aren’t the best at creating a compelling E.V.P. (employer value proposition), communicating it to the market and demonstrating it to their current employees.
Is your current E.V.P. compelling? If you are unsure, then ask your employees.
Development and Recognition
I suspect the employees you want to retain in your organisation and those you want to attract are part of your plan for delivering excellent work while you grow.
These individuals will have a growth mindset indicated by a drive to learn when it comes to development in your company.
- Do your employees have a plan for their individual growth?
- Is their career path clear?
- Are training and development readily available?
There are multiple ways this can be delivered apart from money in the bank when it comes to recognition. The article in HBR shared several stories related to how our employees want to be recognised and made to feel special.
This is especially so for our star performers.
Every team has those individuals with unique talents and approaches who can profoundly affect the value they deliver to an organisation and the overall nature of the work of an organisation as a whole.
A film studio can make a movie without Scarlett Johansson or Robert Downey Jr though it won’t be the same and certainly won’t generate as much revenue.
If you run a team of highly talented people, you must find ways to make them feel special without putting them in charge or allowing them to break important organisational norms.
The good news is that’s easier than you might think; extraordinary employees often don’t want to be in charge.
However, they want to be listened to and have their ideas considered rather than dismissed.
Ready to review your talent engagement strategy?
Good Luck!
Until next time,
Julia Carter
How Can We Help Improve Your Engagement This Year?
Our range of leadership development programmes focuses on supporting you to improve your leadership capability and productivity, leading to better relationships and staff retention.
Managers and their teams will improve vital communication, collaboration and influencing skills over six months – developing all participants into high performing virtual team members. Click here for a full programme description or call one of our team on 0845 548 0833.
About Zestfor
Zestfor specialises in developing leadership Training programmes and resources scientifically tailored for technical markets – including Pharmaceutical, I.T., and Life Sciences.
Our blend of in-classroom, online, and virtual live-stream delivery methods will engage and assure even the most introverted team members from the first meeting – whether face-to-face or virtually. So, to have a brief chat, call us on 0845 548 0833.
