What else can businesses do?
Businesses are also considering weathering the storm by investing in upskilling their available workforce. The 2008 recession saw widespread redundancies, but the response to the pandemic was more about getting through the unprecedented times together. With fewer employers reportedly relying on academic success as a marker for future roles, skills-based hiring is on the rise as employers look for potential and look to up-skill existing workforces.
Many employers are reviewing their recruitment processes to drive greater success in attracting the right skills. Onboarding is seen as a critical tool to set the right tone from the outset of the employer and employee relationship, embedding the company culture from day one and avoiding high staff turnover. Equally, the recruitment process itself and how efficient this is can also drive engagement from the moment the candidate applies.
‘Quiet quitting’, where employees become disengaged from work, has recently been widely discussed as a concept, introduced by social media. Achieving engagement from the outset through a positive onboarding experience followed by effective internal communications can help individuals achieve greater work-life balance while feeling engaged.
Building the right culture is critical. The pandemic gave more people the opportunity to work from home. A study by Aviva suggests that as a result, priorities may have shifted for many, with 41 per cent attracted to their current role because of the work-life balance it offers, compared to 36 per cent who valued salary more. In 2019, 41.02 per cent of employees valued salary more, compared to 40.97 per cent valuing work-life balance.
Companies are increasingly looking at how they can support employees as individuals, with greater support offered via leave policies which now encompass menopause and fertility treatments. Fostering a sense of belonging and inclusion is a cornerstone for company culture that is a priority for many employers, driving engagement and productivity at work for people.