Mind the gap. For those that travel frequently to London and use the tube, the sign on the platform reads loud and clear. There is a slight distance between the train and the platform and if you don’t pay attention, you can get caught out. The newer, smarter stations like the Elizabeth Line are so well engineered that there isn’t one. Why? Because 100+ years of building the infrastructure mean the gap is a thing of the past.
When it comes to business, those that pay attention to the landscape have noticed that the employment world has indeed shifted. What worked even 5 years ago may not be enough to retain talent for the long term. That is where Core 3 come in. Our ‘people first’ approach ensures we meet expectations by attracting the right talent and give you the tools and insights to keep them for the longer term.
Looking at the numbers make for interesting reading. The facts dictate that there is a skills shortage with the Office of National Statistics (ONS) addressing the ramifications by giving us the data that undoubtedly create a lasting impact on the economy not addressed. The data bods of the ONS cite, 15.4% of businesses that they asked had seen an increase in shortages of workers since October 2021, with a peak seeming to be in August 2022 when 16.8% of businesses reported that they were experiencing a shortfall. This growing challenge means that many businesses who want and need to scale are faced with a resource shortage that is leaving their dreams and aspirations stuck at the station.
This phenomenon has affected certain areas of employment more than others, exacerbated by the fact that vacancies have hit all-time highs and have been proving difficult to fill. There appear to be more jobs than ever, but the talent needed to fill those seats is getting harder to find. Learning to attract the talent is one thing but if you want to ensure you don’t derail your dreams keep reading.
A report from the Federation of Small Businesses showed that the majority of smaller companies had been experiencing great difficulty in finding applicants with the correct requirements over the last year. So, what do they do? Compromise their expectations, delay their plans, or cancel their desired route to the top. Or do they learn from the experts? Well, first we need to address where the shortage of labour is coming from.
One of the most significant differences is between the demand for labour and its supply since the end of the Covid-19 global pandemic. Jobs have returned to many sectors at a much speedier rate than was anticipated. The number of opportunities for employment is much higher than it was pre-pandemic but the supply of workers to these roles is more restricted than it was before. In our eagerness to work through, the workforce is not meeting demand.
In general, following the end of Covid, there has been a huge increase in those experiencing economic inactivity. This is to say people who are not employed and not even looking for any gainful employment. These broadly break down into three major categories of which the first are students, the second are those that are experiencing some kind of long-term sickness and the third are those that are retired. The latter two are heavily linked to the pandemic.
They are dealing with the long-term effects of Covid or unable to get their condition seen to with waiting lists at an all time high. The retirees making the decision that if they could financially exit early, they would. I remember one instance when a successful company that had been running 40 plus years saw the 63-year-old CEO make the choice to shut the whole business down, immediately. He woke up one day and said, I can’t go on, I’m tired. And although that sounds extreme, those 3 years hit many of us hard, never mind being responsible for 100 staff. No MBO’s, not sales, just ‘I’m out, and done’. The pandemic aborted many people’s best laid plans as they had become exhausted by the struggle. The SME landscape is full of the super-skilled crashing, and not quietly quitting either.
Another factor post Brexit, there has been a downturn in the number of immigrant workers coming to the UK. Many people heading ‘home’ and looking for a simpler life. The Bank of England have suggested that, with a population rate decreasing, there are naturally going to be less workers as a result. For their part, the government has introduced a skills based immigrant worker acceptance plan and introduced several new training schemes to help people get back into employment quicker. The skills gap is affecting every level of business infrastructure.
With all of this in mind, considering the employment shortages in finance & accounting, the question must be: What tools can employers use to retain the talented finance professionals that they have as well as attracting new ones? After all, don’t forget the adage that it is easier to get more work off an existing client than keep pursuing new ones.
Whether your business is seeking to find a Management Accountant, a Finance Business Partner, or an Assistant Accountant, it’s a difficult question for any Head of Finance to keep the train moving in the right direction. Here are a few suggestions to get you moving in the right direction as well as introduce you to a few of the benefits of working with Core 3.
Generation next – Work with schools
It’s a great idea for a Head of Finance to invest in work with educational establishments. Creating early partnerships with schools and universities allows students to gain an access into the world of finance that they may not have had before. The introduction of a finance apprenticeship or taking people in as interns not only provides training to young students but also provides a company with the ability to look at what fresh talent is coming through. While finding talent can be tough, creating a talent pipeline is a masterful strategy where you continue to recruit the emerging talent ahead of your competitors.
Generation now – Staff development
Offering ongoing training throughout a career is one of the most important ways to retain individuals within your company as it gives employees the opportunity to be able to apply for roles at the next level and to feel valued in the jobs that they do. People don’t leave for more money; they leave because their boss or upline isn’t providing progression.
Generation neat – Offer different ways of working.
Many forward-thinking companies continue the practices of hybrid and remote working. The pandemic has given many employees, especially in the financial world, the ability to choose where they work and when they work as opposed to having to live with the rigidity of set hours. Many Heads of Finance have come to see the benefits of having a flexible workforce both at home and in the office. The workforce has changed. You must too or get left on the platform.
Generation necessary – Evaluate and re-evaluate
Job roles need to be constantly re-evaluated along with what each one provides to a company and improvements can be considered so that the employee feels valued. Salary benchmarking is a useful exercise to ensure your team are paid in line with market rate. Fostering an inclusive culture that offers professional development and wellbeing programs is also important. Combine all of this with a strong company ethos and brand and your employees will feel that they are invested in the company and will want to stay to maintain its focus and drive, and success. Brand is more than a logo and a company that gets this creates a winning culture by celebrating the values that make your business valuable, to the team and the clients they serve.
At Core3 we like to approach the challenge of attraction and retention in a way that changes the narrative. Our focus is to find a head of finance the perfect employees that will remain with them for the long term. Not only to find employees to build a team but to also build careers. We are committed to doing this in a way that positively impacts our community and environment. Our ‘conscious recruitment’ model means that we commit to invest in people and planet before profit.
We do our best to be a trustworthy advocate for our candidates, aiming always to nurture their careers, and aftercare is important to us. We’ll work hard to close the inequality gap by levelling the playing field through a continuous focus on diversity, equity, and inclusion. Our organization is built around these tenets and we believe that making decisions for the very best reasons helps create a happier and healthier workforce.
For employers, we can help you bridge the talent shortfall that is currently afflicting the country. We believe that our qualitative Core3 method will produce results not only for you but also for the person looking to work within your organisation. We help you model what people are looking for and ensure that it becomes part of your DNA.
On a practical level, we’ll use technology to amplify your employer brand; we create dedicated landing pages, employer brand videos, virtual job descriptions and social campaigns all as a means of getting your company noticed in the competitive marketplace we find ourselves in. We give your brand the lift it deserves to stand out and attract outstanding opportunities and talent.
For us, closing the skills gap is about doing all we can for our stakeholders… and we don’t just mean our customers and shareholders, but also our employees, our suppliers, our community, and the environment. So why not get in touch if you are struggling with this skills shortage? We can help you to find the people you are looking for and ensure that you enjoy a first class experience and benefit from first-class opportunities.
#core3 #core3recruitment #recruitment #purpose #people #planet #giveback #consciousrecruitment #business #finance #accounting
