The UK jobs market has never been more buoyant. In October, it was reported that the number of job vacancies across the UK hit a record high across the third quarter of this year with 1.1 million vacancies recorded between July and September.
Hospitality, manufacturing, logistics and food services are the sectors with the biggest labour shortages right now but there are also significant skill gaps and too smaller talent pools across nearly every single industry.
One of the main issues facing employers with vacancies to fill is that they cannot hold on to their existing employees.
The BBC recently interviewed a supply chain director at a food wholesaler about their employment issues and for every two people that they hire, only one person stays based on the number of available jobs out in the market.
Couple that with the fact that certain companies in this particular sector have upped wages by 15%-20% to attract and secure candidates, you can see how difficult it is for companies to hang on to their current employees, let alone make new hires.
This may be a very particular example but there are plenty of similar scenarios taking place across financial and professional services right now, including within our core markets of insolvency, restructuring and corporate finance.
Attracting and retaining top talent should be your first priority. You get that right and the recruitment of additional staff will be easier. If you are an employer currently experiencing high staff turnover, consult each of the following points to ensure you are doing everything you can to keep your people away from the competition.
1. Communicate effectively when discussing progression with your staff
If you stifle career progression then you will always see people leaving to further themselves elsewhere. It may however, not always be possible to offer a promotion but if the door appears permanently closed then your staff will make their own assumptions. Regular one to one contact with your staff will allow you to spot this early and you can tackle the issue head on before it is too late.
Set clear objectives and agree to timescales with quarterly reviews.
2. Pay what your people are worth.
If you underpay your employees and fail to raise salaries in line with the market, you will lose people. Don’t leave it to the point of resignation. It’s not a good look and it is only a short-term fix.
We produce salary guides based on the average market wages but these are just averages. If you want to get this spot on, talk to us. We can produce tailored salary structures and bandings for your team and for specific individuals based on their exact experience and level.
3. Take learning and development seriously.
Development isn’t just about improving at the job. Personal development is so important to ensuring your people are well rounded and can be the best that they can possibly be in a professional capacity.
Growing your own future leaders is much more impactful than always trying to hire external leaders. Your junior staff members will have colleagues to look up to and it creates a strong message to the external market that you develop careers not just hire to fill gaps.
4. Create a sense of belonging.
Culture. Why should someone work for you? More often than not, those that leave never bought into your vision nor felt that they were actively encouraged to help contribute towards the growth and future of the business.
Create an environment in which you ask for feedback, encourage ideas and purposefully provide those outside of management with the opportunity to gain exposure to senior leaders. This goes a long way when you set out on attracting and retaining top talent.
5. Flexible working schedules
Now is the time to ensure you are set up to offer flexibility to your staff. Video calls and working on paperless systems actively promotes a hybrid working culture when attracting and retaining top talent.
Equally, not everyone will want to work at home. Find out what your people want and need to be successful and tailor your approach. One rule for all is not a mantra for the present working world.
