During the pandemic companies needed to adapt their HR practices. This provided a catalyst for change in the way in which we embed HR processes within the workplace and we are seeing new workplace trends as a result.
Restructuring
Furlough ended last month, which has put pressure on companies to make decisions regarding their workforce. Companies are therefore having to consider their business structures to work to their post pandemic business model, as well as considering how they want their longer-term future business model to look.
Reskilling
Restructuring involves reviewing current skills, to ensure your business has the right people, with the right skills, at the right time. For some companies that may mean the possibility of redundancies, whilst for others it may mean recruiting for new skills or developing existing skill sets. Companies should consider, as part of this process, the option to reskill current employees to develop their existing skill set to reach the required skills for the business. This results in the reduced need for redundancies and aids the retention of key tacit knowledge within the business, before going out to the market for new talent.
Reward package
Recruiting new employees and retaining existing employees has become an added strain for companies post pandemic as skills shortages has led to a candidate’s market. Employees are being attracted to competitors with higher than inflation salaries, and additional generous compensation including bonus and incentive schemes. Reviewing your businesses reward package including additional benefits, salary positioning, and wellbeing are vital in retaining employees and attracting new talent.
Our advice for businesses:
With many future facing business challenges being people related, the focus on adapting your HR practices is at the forefront of change. Other areas that your business should consider is reviewing how your business approaches the following practices:
- Workforce planning – reviewing supply and demand post pandemic, analysing skill gaps and succession planning
- Your recruitment strategies and tools, and how you attract talent into the company
- Your policies on flexible and remote/hybrid working
- Training and development – do you have the right skills in the business post pandemic, and have your employees career ambitions changed since covid – can you put into place career progression plans
- Your companies wellbeing strategy – health and wellbeing benefits, processes and policies are becoming ever more important to employees and candidates.
For more information and to find out how we can help you attract and retain talent, contact Nockolds HR on 0345 646 0406 or email us at enquiries@nockoldshr.co.uk and a member of our Team will be in touch.