War for talent hots up.

31 May 2022

War for talent hots up.

Workers rate firms on their ethics morals and working practices.

Figures show record vacancies and high quit rates: according to the Office for National Statistics (ONS), there were a record 1.29 million job openings in the UK between January and March this year.

While the competition for talent remains fierce for much of the workforce the struggle to land candidates can also be a generalisation. Not every industry has a long-term overabundance of positions to fill, and certain employees have greater sway in the hunt than others. While many workers are being increasingly sought after in a buoyant job market, and able to leverage that into new careers, better pay, or flexible working arrangements, there are also some candidates who may be losing out in the current war for talent.

According to an annual employer survey from SD Worx, the HR and payroll specialist it is clear that there’s a great desire for more internal people-centric policies. Tech engineers can name their price, but young people are just as interested in the ethics of the companies they work for.

In the UK, the top five recruitment challenges for 2022 are as follows:

Employee retention and attrition – 45%

Staff welfare and resilience – 44%

Employee engagement & experience – 40%

Staff planning (including flexible workers) – 35%

Talent attraction and recruitment – 30%

Only staff welfare and resilience scored higher on the list of challenges for SMEs. In larger companies, there is the same need to be people-focused, but with different emphases, the offer of remote and hybrid working as well as employee retention enter the top five challenges, while the war for talent also scores relatively higher.

In larger companies remote working is more common and they may have more challenges to keep their colleagues connected to the organisation. There is more turnover in a larger organisation, which explains then why the war for talent is seen as one of their top challenges.

Happy, healthy, productive

Business leaders need to build organisational resilience and generate true value to connect more directly and deeply with employees. Employees are increasingly taking their careers into their own hands, prioritising a healthy work-life balance, and expecting everything to happen according to their personal and family needs. Organisations need to keep up with these needs and desires. Companies that can guarantee happy, productive, and healthy employees have the keys to long-term success and keep their talented employees. Anyone who’s seeking talent come and speak to us at CONTACT (alexanderash.com)