How to become an Employer of Choice post Covid?
Among the many negatives – like losing two years of our lives – there is no doubt that a number of positives emerged during the Covid period. Trust between employers and employees grew by 70% as we saw a more human form of leadership emerge. But we also saw a high degree of burnout as the pressure people were under was unsustainable.
We have all heard of - and probably experienced - ‘the Great Resignation’. In December 2021, according to PwC, 68% of employees claimed to be considering a career move. This had come down to 57% by February, but it’s still over half the workforce which, if anywhere near accurate, will cause huge disruption and a loss of what we call ‘corporate memory’. And according to the Office for National Statistics, three in five over 50s have left work earlier than planned since the pandemic started.
There is a crisis in recruitment at all levels which will be exacerbated amongst the brightest and best by pent up demand for gap years and even going back to university to take an MBA.
Hybrid working is here to stay – but what are the long-term implications? Will it drive resentment between those who have no option but to work five days in stores and DCs and support centre colleagues who can choose to WFH 2-3 days? And we’re already seeing more men back in the office than women, to whom the majority of childcare still falls. What impact will this have on promotion prospects and diversity over time?
So how do you attract and retain the best talent?
Never was corporate purpose more important. What do you stand for? How do you create alignment around shared values? Now more than ever people need to believe “I’m doing something important with my life”.
Your ESG agenda and D&I policy will be scrutinised and challenged by a workforce that is more engaged, involved and entitled. This is a stakeholder group which has found its voice and is not afraid to use it if it finds the company lacking or not sharing its priorities – Black Lives Matter showed us that.
Wages and salaries are rising at the fastest rate since the 1980s, but money is still a hygiene factor – as soon as someone receives a pay rise, they think they were worth it anyway. Recognition is the real motivator, valuing people for their personal contribution and treating them as individuals will create stickiness and loyalty.
Work is a verb not a noun!
We know from the last two years that we can trust people to work wherever they are - office, store, home - in fact the combination might make them more productive and creative.
What is the office for? When colleagues do come in, we have to make it worthwhile to spend up to two hours a day and thousands of pounds on the commute. We’ve all heard the buzz words; collaboration, innovation, personal growth - but how to put this into practice? Can you reconfigure your space to truly create hubs where teams can come together to learn and share best practice? Will investment in technology and AI free up time for more added value work? Can you reskill and upskill the workforce?
It’s time for a new working contract - a holistic approach to the whole person, not the “employee”. Reengage with your people before someone else does in this tight labour market.
The new employee value proposition is about flexibility, mental well-being, development opportunities and non-cash rewards.
The future of work is more fluid and inclusive with a healthier relationship between company and individual. Consider exploring reverse mentoring to stay connected to what Gen Z values and is looking for beyond the pay packet.
Get it right and you can have the best of both worlds: higher productivity at home and better collaboration in the office.
