They’re calling it the Great Resignation, but when you’re an employer, there’s nothing great about it. In the U.S, the U.K. and elsewhere, businesses are losing staff in record numbers. Some employees are leaving to pursue new career adventures, driven by the pandemic to shake up their lives. Others have perhaps been considering a move
The UK and global political climates and economies have seen extensive changes and many surprises in the last decade. For many, that means job security is all the more important. The latest development in the UK is Theresa May’s calling for a ‘snap election’ this week, and of course on a more long-term basis we have yet to understand the full implications of Brexit on UK businesses. It goes without saying that there are likely to be feelings of ‘watch this space’ among employees.
So, if you have employees who are waiting to see what happens rather than take the plunge in looking for a new role, what does it mean for you? Low staff turnover is generally considered a good thing – regardless of whether that’s because of insecurity driven by market forces. We all know of the obvious advantages to be benefited from low turnover: retention of knowledge, stronger collaboration within teams, better morale etc… but what about the disadvantages?
Staff who have worked in their respective roles for longer periods of time will inevitably end up stagnating. While they may well have created their own efficiencies and streamlined processes, it can also mean they are less likely to push and stretch the boundaries of the role. In some instances, repeating the same tasks may even unknowingly lead to a decline in productivity. While there are certainly benefits to retaining those with wisdom and experience, introducing new team members with fresh eyes is more likely to give you a competitive edge.
Build-up of team cliques
Again, teams who are close both professionally and personally can present advantages and disadvantages to employers. On the one hand a team is likely to work more collaboratively and be more in-tune with one another. On the other, cliques may form which can be extremely detrimental to collaborative working practices; it’s also a potential nightmare for staff spirits in the long-term. Encourage regular activities that encourage bridge-building between cliques, ages, genders and departments. If it’s an option, give the teams a shake-up by introducing secondments or external hires.
Ambition leads to greatness
Where there is drive, there is a desire to succeed. If staff have been with you for a little while performing the same tasks and have furthered their careers as far as possible within the business, in all likelihood the hunger for success has deteriorated. By injecting some fresh blood into the company, you’ll not only see the new talent you’ve hired rise to the challenges you set, you’ll also see existing staff become a little more competitive.
Get the mix right
After all is said and done, what is crucial is getting the mix right. Turnover from one industry to another varies and in certain environments, it will always be quite high. But get the mix right of ages, genders, longstanding employees, new hires, experience and skillsets, and you could very well end up with a winning formula for a team that delivers fantastic results. It is this mix that will also give you perspective on the available talent in the market.
For more insights into your hiring strategy or for help with your next recruit, get in touch with us today.