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A recent UK survey of senior HR people revealed that whilst 53% of them ranked talent shortages as the biggest threat to their businesses continuity, only 19% felt they were ready to face the challenges of acute staff turnover and candidate scarcity.
Piers Hudson, senior director at Gartner HR makes practical suggestions of how businesses can adapt to this global hyper competitive job market dominated by mass turnover to ensure talent shortages do not stifle long-term success.
Recommendations include slowing down turnover rates by:
- supporting employees personal lives and goals
- shifting the focus away from compensation, benefits, and development
- rethink job-design, benefits, and workplace culture.
Time vs. Compensation is already taking hold with the emergent 4-day week movement making large gains in the UK and significant gains in New Zealand, Australia and the US. Hudson suggests going beyond the 4-day week to include initiatives such as Guaranteed Maximum Workloads and ensuring those changes are communicated to former employees to encourage re-hires as much as they are to the precious workforce you’ve got.
You can read the full article, authored by Piers Hudson and first published in the UK’s CIPD magazine, at this link:
About the Authors
Giles Pearson FCA was a PwC Partner for 18 years before jointly setting up Accountests.
Steve Evans has a whole career dedicated to enabling employers to attract, recruit, develop and retain talented individuals and teams, with particular expertise in candidate testing and assessment before setting up Accountests.
Accountests deliver the world’s only online suite of annually updated and country-specific technical knowledge tests designed by accountants for accountants and bookkeepers.