What’s the average tenure in your company? We used to want a job for life, then we began to crave flexi-time positions and now as the lines between personal and working life fade, many have turned to making rather than taking a job.
Throughout this employment evolution, the most successful companies are those, which have focused on attracting and retaining the best talent to gain competitive advantage.
PwC has launched an online marketplace to tap into the ‘gig economy’. The last few years have seen a significant rise in the use of freelancers and independent consultants, across organisations of all shapes and sizes. This is no longer a quick fix, but rather a business decision to increase the flow of talent and avoid skills shortages.
To make the most of the gig economy you must first identify those areas that will have the biggest impact on your business. Many freelancers now work across industries, especially those in marketing, media and sales. Shared resources are likely to be more cost-effective and because of their temporary nature, can be quicker to recruit. The inevitable flip side is that demand for the best freelancers is high, so finding and keeping them engaged can be more time consuming than employing someone long term if you don’t have agency help.
Business incubators such as Entrepreneurial Spark, show the rising appetite for creating jobs and companies that match this emerging economy. Having a hybrid role across multiple organisations is now a viable career choice.
The companies that find it easiest to keep and gain talent are often those who’ve built their reputation on being innovative. This doesn’t have to mean cutting-edge technology, instead think alternative benefits, adaptive career structures, industry award wins and office spaces designed to promote collaboration rather than separation.
The result? Existing staff become your best advocates, reducing recruitment costs as they encourage like-minded individuals to perpetuate the company culture and success.
Even if your business isn’t quite ready for the gig economy, your employees are still your biggest asset. There’s a good chance your C-Suite is over 35 years old and the skills they provide are no less valuable.
Talent mapping for experience is not new, but how this wisdom is used can have a significant business impact. Traditionally appraisals kept firms informed of staff commitment and skills gaps, but many companies are now switching to continual performance management as an ongoing measure of success. Similarly, mentoring is best practice but reverse mentoring (where senior employees gain insight from more junior members), is gaining momentum. Sharing skills that might otherwise be lost or over-looked, builds trust and increases the flow of information and ideas. It’s no surprise to find strong links between good communications and a happy workforce.
Denholm have the ‘know how’. Considered innovators in our field and with almost 20 years in the market, Denholm consultants know where and how to find the talent you need to grow your business.