A poll of over 3,000 senior HR professionals carried out by Alexander Mann Solutions has revealed businesses are more concerned about retaining and developing staff in the next six months than the potential impact of Brexit. In the survey emerged that 23 per cent of companies are most concerned about how to retain top staff without large financial incentives. In comparison, just nine per cent stated that the uncertainty of Brexit is the key challenge they face.
These statistics mirror a recent PwC report which revealed the emphasis business owners are placing on improving talent processes in the immediate future, with 81 per cent of UK CEOs intending to amend their people strategies.
“It’s somewhat surprising that having spoken directly to organisations, the biggest headache they are predicting in the immediate future is at odds with the many news reports we see each day,” said Jeremy Tipper, director of consulting and innovation at Alexander Mann Solutions. “Despite the avalanche of media attention and continuous emphasis on the potential impact Brexit could have on businesses, very few firms have placed this at the top of their list of concerns in the coming months. However, there is an unquestionable link between Brexit and the acute focus on talent. Many UK employers are heavily reliant on talent from the European Union and further afield. If access to this talent becomes more difficult, if not impossible, keeping the talent you have will become even more vital to the success of UK employers.”
Commenting on changing workforce demands, Jeremy adds: “The fact that so many organisations have identified the need to keep top employees without hefty financial implications demonstrates a real move towards true employee engagement – one where the chance to make a change, work flexibly and access multiple development opportunities are more important than monetary rewards. This can certainly – at least in part – be attributed to changing demands from the workforce as the growth of millennials in employment continues to revolutionise what colleagues want from employers.
According to Tipper, the need for greater engagement with talent is further emphasised by the growing focus on internal mobility. The survey found a quarter of those asked identified internal movement of the best employees to be a top priority in the immediate future. “Given the increasing demand from staff to have access to a wider variety of opportunities, relocating talent across the company will certainly aid staff retention,” says Tipper. “With this emphasis on staff retention and development, it’s no wonder that a quarter of those we polled also plan to invest in more appropriate assessment processes in the coming months.”