Navigating the storm

Navigating the storm

22 March 2018 by Justin Rush

Navigating the Storm

At present, leadership teams in all businesses are focused upon growth in some shape.

Growth will often be underpinned by the appointment of new staff at various levels.

In conversations, Justin has had recently with senior executives of local businesses the issue of how difficult it is to appoint for specific positions has become a major concern.

This is why it is difficult to recruit right now:

THE SHRINKING TALENT POOL

Underinvestment in skills and training during the recessionary period has lagged behind the levels needed to produce the professional’s local businesses currently need. The number of accountancy, legal, human resources and associate professionals qualifying in 2017 has just met the pre-recession level.

YOUR BUDGET IS NOT SUFFICIENT

For the most, salary levels for junior to management level positions has been mainly flat for the last five years. Expectations for wage growth in real terms are now very much present, so don’t be surprised if you need to add 10% to your salary pay point.

BREXIT EFFECTS

Whatever the ultimate position for Northern Ireland becomes, EU nationals are simply not viewing Northern Ireland as positively as they did in the past. More EU nationals are leaving than arriving. A vital supply line to the local labour market is receding. So if you are like me, a local business person who is committed to living and working in this region, you are asking yourself what is the best course of action. Unfortunately, there is no ‘one size fits all’ approach, however, I do have some perspectives I can offer.

SECURE YOUR BEST PEOPLE

If they are good at what they do, other businesses will try to prise them away from you. Start by benchmarking reward it will take the immediate pain away but make sure you have development plans for all key people, money is only a sticking plaster.

CREATE A POSITIVE CULTURE

Recent research shows that in a work setting people rank remuneration, socialisation and personal fulfilment differently at various stages of their lives. Have you looked at the makeup of your team and identified what activities you can drive that support a positive working culture?

MAKE RECRUITMENT A PRIORITY FOR ALL YOUR TEAM NOT JUST HR

There are many good reasons to have everyone in your business involved in promoting your vacancies; referrals cost less, are generally of a higher quality and tend to be more ‘bought in’ to the process due to a
personal connection.

BUILD FOR THE FUTURE

If economic forecasts for growth are to be believed, it is going to become more expensive, more time consuming and more challenging to attract top talent in the years ahead. Smart businesses are designing training programmes and growing their own.

Justin Rush is a career recruiter and Director at Abacus Talent Group. Justin can be contacted on [email protected] for further advice.


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