Whilst on a call getting to know my new industry friend Kate Temple-Brown, who does wonderful work supporting businesses optimise their Apprenticeship Levy, we talked about the workplace ecosystems that Apprentices ultimately land in when they start work, and how simple interventions to reduce stress by improving environments, conditions, behaviours and treatments, can demonstrably increase initial and ongoing engagement, employer brand affinity, productivity and retention!
Unfortunately some organisations don’t get this quite right, something Kate and I will be working on together with clients, and we continued our conversation surrounding the cost and impact of losing an employee soon after joining, including the wasted up-front investment and effort to attract people in the first place, and the legacy costs.
The discussion got a little deeper as we started comparing the impact of getting it wrong in a more buoyant market where talent becomes scarce! Enter Brexit into the conversation! Everywhere you read there are already concerns about the impact of reduced immigration on attracting talent, and it dawned on me what if there was a double whammy and Brexit actually turns out to be brilliant for UK business creating a spike in the economy?
According to some this could actually become a reality and therefore constitute a major risk to the continuity of business. Reduced immigration combined with a much larger draw on the existing and emerging talent pool could be catastrophic for businesses that cannot attract, satisfy and retain the people they need! A Double Brexit Bombshell in the War for Talent!
I wanted Kate to share her insight on this potential phenomenon; “Many organisations that we speak to have been relying heavily on buying rather than growing talent, particularly in the fast moving digital space. Many companies have specific consultant budgets and the market costs of hiring short term experts in new digital technologies is running out of control. We recommend spending a short amount of time strategically thinking what you will need in the next 18-36 months, then leverage the flexibility and modular nature of the apprenticeship standards to create a relevant, rigorous and transparent career and development pathway. This will not only prepare your company for the future but also be an employer of choice for the ever decreasing talent pool”.
If HR hasn’t got this on its risk register, and therefore isn’t investing in diverse, emerging and established talent attraction and retention excellence, it might need to add it PDQ. Even if this doesn’t become a reality, it would still be best practice to prioritise this.
If you would like to discuss the potential impact on your business, or any other resourcing, HR technology, employee engagement, retention and wellbeing challenge, I would love to hear from you.
All the very best.