Attracting and retaining talent for the future of work

The media continues to highlight the pressing issue of skill shortages and lack of suitable candidates across many sectors, in an evolving post-COVID-19 working world. The resurgent private sector and transforming public sector, is driving an unprecedented demand for talent. When combined with a reduction of people in the labour market due to hundreds of thousands of EU nationals returning home, this means competition for skills is more acute than ever.

There are some startling numbers underlying the struggle employers are facing to attract and retain talent. The Office for National Statistics Vacancies and Jobs in the UK: October 2021 report, for example, shows a record-breaking 1.1 million live vacancies across the UK – an astonishing 35% higher than pre-pandemic levels. Overlay that with pre-existing pre-pandemic skills shortages in professional and technical environments, from digital, data and technology through to all corporate professions, qualified social work, care work, HGV driving and construction and trades, and you can see why it’s a challenging scenario for employers.

Data we’ve collected too as part of the Hays Salary & Recruiting Trends Guide 2022, suggests the dynamics in the market are more complex. We surveyed over 22,700 employers and professionals across the UK, found that 80% of employers are planning to recruit staff over the next 12 months. That’s the highest level of recruitment intentions for eight years.

This seems like good news for people who have indicated they are ready to take on a new challenge, but another really interesting statistic from our survey was that just over half of professionals said they plan to move jobs in the next 12 months - the lowest number reported by Hays in eight years.

If that’s the case, then employers already in a war for talent face an uphill struggle to attract the right people and tempt them away from their current roles. So, what steps can employers take to better attract and retain talent as we move forward into 2022?

1. Adopt hiring for potential

Employers need to be able to reskill existing staff or be more open-minded about the skillsets of professionals they take on by looking at workers who don’t come through the traditional routes. Whilst 57% of employers told us they were committed to hiring people who don’t possess all the required skills, with the intention of upskilling them – this number needs to be much closer to 100%.

When hiring, consider what skills or experience is truly essential – and what could easily be taught and built upon. For example, we recently worked with a fast-growing e-commerce business which was recruiting front-end software engineers. The technology skills required are incredibly hard to find, including TypeScript and NodeJS, so instead we focused our efforts on somebody with more limited experience than they wanted but with the capability to learn quickly. It allowed us to hire somebody recently, who was quickly upskilled, and is now doing a fantastic job.

2. Prioritising hybrid working

Employers shouldn’t underestimate how important offering hybrid working is to prospective talent. Whilst hybrid working doesn’t necessarily work for all industries,  professionals in roles where there is a possibility to work from home, have come to expect it.

If employers don’t offer hybrid options, they could risk losing staff. Data from our Salary Guide showed 48% of professionals say they are considering a career change in the next 12 months, and of these, 47% plan to find a role which offers a greater mix of hybrid working.

Considering which roles, if any, can be worked remotely  will help employers in the bid for talent. Not only does remote work give employers access to a wider talent pool at a time when competition for staff is high, it also opens up opportunities for those who might have accessibility issues, or for neurodivergent talent who might feel more comfortable in a remote environment. Professionals with caring responsibilities can also take advantage of remote or hybrid opportunities. Jobs requiring long commutes for example, might have previously been inaccessible or proved difficult to juggle work and home life.

3. Salary isn’t everything

Whilst salary is important, our findings show that staff are attracted to roles with better work-life balance and roles which offer more purpose. People are increasingly motivated to work for organisations that prioritise social responsibility, doing good and having a purpose. There is a clear shift away from more traditional motivators such as salary and benefits. Opportunities such as offering volunteer days, supporting charitable organisations, and having a clear strategy for sustainability, are all really important to prospective candidates.

In a bid for talent, businesses are offering salaries high above what is typical for some roles, but that isn’t sustainable in the long term. Having a clear understanding of why people want to work for you – and what will encourage them to stay – has never been more important.

If you’re interested in hearing more from Hays, join the CBI's Annual Conference on 22-24 November.