In a week that saw A-level students receive their exam results and the Office for National Statistics (ONS) publish its latest Labour Market Statistics, it is perhaps unsurprising that talent recruitment and retention have been the subject of much discussion.
While the ONS report showed that vacancy rates in the UK began to fall between May and July, employers are still experiencing a chronic skills shortage when it comes to recruiting staff. Movement between employers also remains high.
In fact, research by Fidelity International, published this week, found that talent acquisition and retention were two of the top 10 global priorities among the 1,000 senior leaders of multi-national organisations canvassed for its Global employer survey.
Creating an attractive employment package that positions the organisation as an employer of choice therefore presents an ongoing challenge. With employees’ preferences around factors such as working environment, financial support, flexible working opportunities, culture and benefits packages dependent on a number of variables, this is no easy task.
The ONS statistics also highlighted the highest level of economic inactivity among the 50 to 64 age bracket in approximately a decade, meaning employers could be missing out on valuable experience and talent. This poses an additional challenge for those looking to retain employees from this age group, or indeed attract them back into the workplace, should they wish to continue working.
As increases in the cost of living continue to put pressure on household finances, employers may also find that previously retired individuals are looking to re-enter the world of work due to financial need. Considering what is likely to appeal to this cohort in terms of reward and benefits, as well as the overall employee experience, may well prove advantageous.
With the Great Resignation showing few signs of abating any time soon, this is likely to remain an ongoing challenge for employers.