Tsunami of quits in war for talent hampers UK business growth

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Wednesday, November 10, 2021 11:53 AM

Fierce competition for talented new hires is forcing business leaders across the UK to compromise on the quality of their hiring, while almost half say they are not confident they can attract the right ones talents to realize the growth potential of their business.

A wave of resignations, of professionals joining another company or making a career change, is also leading many companies in the UK to rethink their organizational approach.

Almost 8 in 10 business leaders say talent has now overtaken technology as a key priority for business transformation in their organization.

Meanwhile, nearly nine in ten business leaders (88%) say acquiring and retaining talent is more important to the business today than it was 18 months ago.

Jobs his record

The big resignation also led to the highest number of job vacancies in the UK in 20 years, with many workers deciding to change careers or quit long-standing jobs.

More than 8 in 10 business leaders in the UK are now worried about losing talent in their business.

More than a quarter (27 percent) of executives say 25 to 49 percent of their employees hold up their organization due to a lack of skills or mindset, more than half (58 percent) stating that a lack of critical thinking and problem solving is most lacking in their organization.

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Business leaders, however, are divided over whether skills (53 percent) or mindset (47 percent) are the biggest issue in their organization right now.

At the same time, 79% of business leaders worry about the accessibility of their organization’s key skills to improve.

The top recruitment and retention challenges identified by leaders over the next 12-18 months focus on operational issues rather than strategic talent issues, with many focusing more on skills than job status. spirit in recruiting (80%), focusing more on recruiting than retention (79 percent) and a focus on younger new hires rather than more established and experienced workers (78 percent).

Develop talents

However, some organizations are successful in managing and developing their talents at an advanced level.

Companies that were first identified as talents in research were described by business leaders as being globally recognized for nurturing talent and developing leaders and having an excellent talent management system, explained Abakar Saidov, co-founder and CEO of Beamery.

Saidov told City AM this morning: Talent retention has become one of the most pressing issues facing business leaders today, and solving it quickly is essential for the growth of every organization, not only in the months to come but also in the years to come.

Progressive companies have not only set ambitious goals around talent transformation goals, but have already put in place processes and tools to achieve them, he continued.

Adapting to different working styles and creating an environment that fosters the mobility of talent, in which people want to stay, grow and develop, is what will enable the best engagement and retention of talent. For those who move too slowly, the consequences will be dire, Saidov concluded.

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