The rate of redundancies and resignations is at an all time high. Staff are evaluating their lifestyles and making decisions about the life/work balance. Companies are evaluating their resourcing needs and making sure that they live within their means.
BUT it is not just bodies walking out of the door, it’s experience and expertise.
Can you afford to lose them?
Many businesses stand to lose their valuable resources, the ones that make the revenue targets, build the products and deliver the services.
I predict that once this first wave of focus on the bottom line is over, the job market will be the most buoyant we’ve seen in a long time. (The other side of the bell curve to be topical.)
After companies cut to the bone, they will need to rebuild and there will be a huge amount of talent on the market waiting to be snapped up.
However, there will be a shrinking pool of real talent as people exist the industry through age, aspiration and lifestyle choices. Less people, more vacancies to be filled in turn will drive up wages.
To protect themselves companies must do 3 things:
- Identify core competences needed to make the company successful
- Uncover their key resources without whom the business will suffer
- Put in place a retention strategy that ensures that key people stay