Thought for the Day
When people are financially invested, they want a return. When they are emotionally invested, they want to contribute – Simon Sinek
Recruitment, Retention and Hybrid Working
Earlier this year, I surveyed my clients to see that their top three issues would be for 2023 and again Recruitment, Retention and Hybrid Working were seen as being the biggest challenges, so I chose these for my June Growth & Profit Club Workshop, round table discussion.
Here are the key questions that were discussed at our round table, together with the responses, which I hope you will find useful:
1. Our survey indicated that again Recruitment, Retention and Hybrid Working would be the big challenges of the year. This includes the salary war, staff turnover, the competition for talent and benefits. What’s your experience?
Recruitment is really tough, with candidates moving quickly and salaries leaping ahead, which means retention is key, as the cost of losing staff is increasing.
The solution revolves around three areas being :
Money
Flexibility
Incentives
Hybrid working is seen as a key factor in retention. What can businesses offer whilst still maintaining or increasing productivity?
All the usual benefits plus…. flexible working, office/workspace, type of work, use of and access to technology, wellbeing, CSR and giving back to your community and the wider world.
Candidates are interested in how the business positions itself, its ‘why’.
2. Operating in the post-Covid world
How are you maintaining your competitive edge?
By using Zoom & Teams as well as face to face meetings
3 How do you manage your team when they are working from home at least some of the time?
Trusting your people to get on with it
Measure outcomes not inputs
Ensure you team get breaks and disconnect from the technology
But for junior members of the team including trainees we need to hold them close so we can get them to understand why we do what we do as well as how we do it
4 Suburbs booming at cities’ expense
Altrincham, where I am based, is booming with people eating out, drinking, and shopping through the week. We have a lot of flexi workspace and a big business community.
5 One in six white- collar workers are prepared to change jobs to avoid being forced to return to the office
It is important. Mental health has been an issue for clients, with employees not wanting to return. This is tricky as they accepted the job as an office-based job, the pandemic was exceptional and, for some businesses, performance was not at the same levels during that period, whereas now, we are moving to a new normal and new possible, so businesses need to be alive to the benefits of WFH/ flexi working.
6 Trial of the 4-day week or even a 4.5 day week
In the UK sixty one companies undertook a trial from June to December 2022 – Of the sixty one companies that entered the six-month trial, 56 have extended the four-day week, including 18 who have made it permanent.
I came across a professional services business that was working a 4.5 day week – it works for them
What is your experience?
Growth and Profit Club
Please note that my next free Growth and Profit Club workshop on Zoom will be at 16.30 on Wednesday, 20 September 2023 and the Topic is Focusing your Sales Message
Membership of my Growth and Profit Club will allow you to access other business leaders’ experience, knowledge, and wisdom, and share your own, helping to develop the expertise and proficiency of everyone on the Zoom video call.
If you would like to discuss the challenges and opportunities for your business or would like to join my Growth and Profit Club, please contact me on alan@mrwcs.com or phone 07860 813444.