6 Tips to win The War for Talent

  • Tuesday, November 22, 2022
  • Posted By GM Leadership Hive

Let us set the scene with some facts and figures. According to the Office for National Statistics labour market survey (November 2022), the unemployment rate for July to September 2022 is 3.6%, one of the all-time lowest figures. In parallel, the estimated number of vacancies from July to September 2022 is 1,246,000, one of the highest numbers on record.

We are facing a talent shortage. Attracting and retaining talent has become the utmost important issue for every organisation that wants to future-proof their business.

Here are 6 tips on what we should do to address the issue:

6 Tips To Win The War For Talent (1)

1. Change your performance reviews to people reviews

We always want to monitor performance, set SMART goals, and reward the high achievers. However, this is only half the equation. To be one step ahead of the game, find out what motivates, excites, and engages your employee at a personal level. How can they do more of what they love doing whilst still achieving what you are asking of? Think big, there are 120 hours in a traditional working week, so this matters whether you are a leader or an essential worker.  Make sure it’s you they choose!

2. Don’t throw money at it

If your only alternative to offer your existing employees/attract new employees is to break your pay structures, you may not currently be rewarding at the “market-driven rate”. However, if more and more people are offering £40k higher wages than you, ask yourself, “is this sustainable?”

We need to be thinking more wisely about how we retain and attract. We should look at other benefits shared and valued by our employees that our competitors cannot match.

3. Listen to your employees and create a value-led organisation

One of the key things a competitor cannot copy is your culture and how you enact that every day through your values and behaviours. More and more employees see this as a differentiator in you being an employer of choice. If you enable your people to help build this from the bottom up, this is true empowerment and real engagement. The ability to play an active role in developing the ways of working creates a level of trust and loyalty you would not have realised existed.

4.  Broaden your expectations and development of your existing workforce

A flexible structure and teamworking across functions will enhance your employee’s experiences and understanding of how you work. Leadership roles are delegated across the teams and are not based on hierarchy. Teams are each tasked with examining your objectives/challenges and finding creative solutions to them. This enhances the internal learning and development of your people but extends and improves networking and collaboration with positive outcomes for them and the organisation.

5. Promote diversity and inclusion that embraces every individual’s uniqueness

The legal framing around having a diverse and inclusive workforce should already be embraced and understood by your organisation. The concept, however, goes well beyond the protected characteristics, everyone is unique, and this should be celebrated and supported. Understanding the individuals who worked for you both personally and professionally and then focusing on their strengths and what energises them improves motivation, engagement, well-being and performance not just in the workplace but for life in general.

6. Be prepared to think differently

Yes, we can have flexible working, hybrid working, remote working and the like. Some organisations have started to implement contracts which give these options to attract or retain people. It is early days, the shock to the world caused by COVID-19 is still being felt and has not fully unravelled.  Organisations need to think outside the box and perhaps future-proof this ability to change and adapt, implement and reverse, contract or agree.

Talent has been at a premium in different sectors for many years, but the breadth and depth now are unequalled. It goes beyond professional job functions and specialisms to all sectors and role levels. There are more jobs unfilled in the UK since the records began in 1971. So, what do we need to do as an organisation to address this?

“We need to personalise our approach to the employment relationship.”

Delivered by GC Business Growth Hub in partnership with Greater Manchester’s university business schools, the Greater Manchester Leadership Hive brings together the best leadership and management training the region can offer, all in one place.

From executive and workforce development to mentoring programmes and support with sustainability and inclusivity, the Hive gives small business leaders everything they need to run their businesses as effectively as possible.

For more advice and to view all programmes available to you.