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 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 and shifting the focus away from compensation, benefits and development by rethinking 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 some gains in NZ. 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.
See the full article first published in the UK’s CIPD magazine at this link:
https://www.peoplemanagement.co.uk/article/1752773/tackle-ongoing-skills-gaps-businesses-need-peace-higher-turnover