As the job market begins to open up, organisations may become susceptible to talent loss at a crucial time of recovery
As lockdown measures are gradually eased, evidence suggests we could be seeing the first green shoots of recovery for the UK economy. For example we have seen a surge of interest in the housing market, an increase in consumer spending now that non-essential shops are reopening, as well as an uptick in the Purchasing Managers’ Index (PMI) which tracks prevailing economic trends in the manufacturing and service sectors.
Another sign of the UK’s recovery came from the Institute of Employment Studies (IES), reporting that despite a complete crash in the jobs market in late April, signs of recovery were being seen in recent weeks as employers begin looking to make new hires.
According to James Don-Carolis, Managing Director at TrueCue, although the increase in job vacancies is undoubtedly a positive for the UK’s recovery, it is something senior leaders and HR departments need to be wary of. As he explains:
“In and around the lockdown period, a lot of organisations will have taken very difficult decisions on staff retention, whether that be redundancies or making staff furloughed. The teams which are currently in place are likely to be the people who businesses view as key for their rebound efforts.
“It’s incredibly important for companies to keep these employees driven and engaged at this critical time but the prospect of job vacancies increasing could create a level of apprehension for business leaders. At such a crucial stage of recovery, the last thing you want as a business is to lose your best and brightest talent. To address this, the emphasis will be on senior managers and HR teams to spot employees within their teams who could be considered a flight risk. This is not easy, particularly amongst larger organisations, but this is where data and analytics can make a big difference.”
Organisational Network Analytics (ONA) provides a deep insight into the individuals, teams and networks of a business. Having sight of this data enables HR to understand how individuals within specific teams collaborate, behave and work together to complete key tasks. Historically, ONA was leveraged as a means of determining how best to unlock innovation within a business, drive productivity and enhance performance, but it’s increasingly become a much more valuable tool in helping to identify positive and negative agents of change across a business.
Don-Carolis continues, “In the current climate, challenges relating to employee burnout or e-presenteeism have been widely reported. Internal data, seen through sources such as timesheets or task management systems, provide employers with insights on where pressure needs to be alleviated. Additionally, these insights can be used to understand where attrition amongst staff members could be putting businesses at most risk of losing vital knowledge and connections.
“It’s imperative senior leaders and HR teams leverage these insights to ensure employees remain happy and committed to their role. As we move past lockdown, staff retention will become a critical differentiator in aiding business recovery and therefore it’s critical that organisations can leverage the insights and data available to them, in order to get a complete picture of staff satisfaction,” Don-Carolis concludes.