Across the UK, job vacancies increased in January 2022 to a fresh record high of almost 1.3 million, with industries such as retail, manufacturing and hospitality topping the job vacancies list.
Recruiting and retaining top talent is harder than ever. A survey by recruitment firm Randstad found that seven in every 10 employees (69%) were ready for a new job, with 24% planning a change within three to six months.
By leveraging technology, organisations can help address the Great Resignation, empower existing staff to thrive and attract fresh talent in this challenging new era of work.
The war for talent:
Outside the office
The staffing crisis has prompted a discussion on the needs of those who don’t sit behind a desk to do their job. Despite making up 80% of the global workforce, many digital workplace solutions still only focus on supporting desk-based employees.
More than a third (34%) of frontline employees feel disconnected from their HQ and with burnout and disengagement feeding the Great Resignation, it is imperative employers offer autonomy and flexibility to all workers, not just those behind a desk.
Integrated human capital management (HCM) platforms create a work experience that matches an online, on-demand and self-serve lifestyle. Shift workers can have greater control over their working lives by selecting time preferences, having advance notice of their schedules and being able to easily swap shifts, which particularly helps those who are balancing work and childcare.
Companies that invest in their people are proven to foster a culture of engaged employees. With employees working different hours in a borderless society, easy access to learning tools becomes key.
Rather than a one-size-fits-all approach, employers should provide tailored and relevant content throughout the employee lifecycle. Learning experience platforms can help organisations provide custom learning paths for workers and provide module-based training experiences to drive employee engagement.
Offering a connected and accessible environment for HR, payroll, timesheets and real-time updates allows workers to have greater autonomy over their employee experience. For employers, HR technology will enable them to mitigate flight risks, recognise and reward
top performers, and use data-driven intelligence to organise additional training and support where needed, ensuring all staff feel valued.
Fighting against financial stress
Last year, the Money and Pensions Service found that about one in three (36%) people in the UK feel worried about their financial situation. This can lead to negative effects on health, workplace absenteeism, decreased productivity and increased turnover.
Our 2022 Workforce Resolutions survey discovered that 31% of workers want their employers to prioritise enhanced financial wellness this year. Supporting financial wellbeing is key to increasing engagement and creating a healthy workplace where employees can gain
long-term control of their personal finances.
As the cost of living continues to soar, the flexibility of having early access to earned wages provides workers with autonomy over their finances. It eliminates the need to wait for payday and paper payslips and means employees can cover emergency expenses without turning to high-interest loans.
On-demand pay, and the financial stability it provides, will become instrumental for savvy employers in the attraction and retention of top talent.
Employees want workplaces where they can have their voices heard and needs met, so businesses will need to revisit how they engage with workers through technology in order to improve staff satisfaction, entice new talent and succeed in this competitive labour market.
Wendy Muirhead is MD and regional leader at Ceridian EMEA