Howden encourages HR experts to implement a �retention� drive in 2022
A recent survey of more than 160 senior Human Resources (HR) professionals � representing hundreds of thousands of both domestic and global workers � suggests that the continuing acute shortage of suitable employment candidates may be damaging both output and productivity.
The research, undertaken by employee benefits consultancy Howden Employee Benefits & Wellbeing (Howden) in December, asked HR experts for their views on the recruitment process.
More than 4 in every 5 employers (81%) suggested there were either few suitable applicants for vacancies (68%), or no candidates available at all (13%).� Just 12% of employers were not currently experiencing any recruitment challenges.
The survey also suggests that the currently limited supply of potential employment candidates may also be damaging output and productivity.
More than a third (36%) of employer respondents currently expect a vacant position to remain unfilled for between 3 and 6 months, with 1 in every 10 experiencing wait times of up to 9 months.
And these delays are exacerbated further by the time it takes a new joiner to achieve their optimum level of output in a new job role.� Fewer than 1 in every 10 (7%) employers expect a new employee to reach their peak output in the first three months of employment, with another 56% of respondents suggesting that it may take between 6 and 12 months for that level to be achieved.� And a small number of respondents (2%) expect that maximum output will not be delivered until a year or more in post has been achieved.
Commenting on these findings Steve Herbert, Head of Benefits Strategy at Howden Employee Benefits & Wellbeing said:
�After two years of on-off pandemic restrictions employers across the nation are keen to return to both business as usual and maximum output.� Yet Howden�s findings suggest that the candidate shortages being experienced in so many sectors represent a very real productivity headwind for UK employers at this time.
“In particular, we would highlight that a few unfortunate employers may suffer the double-whammy of lengthy waiting times to secure the right candidate, followed by an equally long gestation period until that much needed optimum productivity can finally be delivered.� And at any point in this process the employee might leave, placing the employer back at the start of the recruitment cycle once again.�
In view of these findings Howden suggest that retaining existing employee talent should be a key focus for employers in 2022.� Yet their survey results suggest that fewer than 1 in 4 employers (22%) are currently looking to implement any form of staff retention drive.
Herbert concluded;
�A retention drive should be a high priority for many more businesses this year.� The focus of the exercise should be to highlight the uncertainties of leaving for a new job elsewhere, whilst also strongly reminding employees of the benefits of continuing in their current employment.
“In particular we would encourage employers to really promote those important � but so often overlooked or poorly communicated � employee benefits offerings.�
“Employer-funded benefits such as Group Life Assurance, Group Income Protection, and Group Private Medical Insurance are now even more important following a worldwide health crisis.�
“It follows that workers may be far less inclined to change employers once they better understand that such a move may result in a break in the cover provided, or even the loss of these valuable protections altogether.
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Howden Employee Benefits & Wellbeing is able to assist employers of all sizes with the assessment, placement, and communication of a wide range of important employee benefits.
The survey took place during the Howden Employment Webinar on the 9th December 2021.� For full survey results please scroll down.� ��
Full Survey Results:
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Question:� �Are you planning an employee �retention� drive in response to candidate shortages?�
Yes; we have already undertaken a retention drive:������������������������������������ ��9%
Yes; we will shortly be undertaking a retention drive:����������������������������������� 13%
It�s possible; but nothing planned as yet:������������������������������������������ ���������� �50%
No:����������������������������������������������������� � ��������������������������������������������������������� �19%
I don�t know:�������������������������������������������������������������������������������������������������� �� 9%
Question:� �Has a lack of suitable employment candidates been an issue for your organisation in recent months?�
Yes; there are no suitable candidates available:������������������ ����������� ����������� 13%
Yes; there are only a few suitable candidates available:������������������������������ 68%
No; we are not experiencing any candidate shortages:�������������������� ����������� 12%
N/A; we have not recruited this year:������������������������������������������������������������ � 3%
I don�t know:�������������������������� ����������������������������������������������������������������������� � 3%
Question:� �How long is it currently taking your organisation to recruit for vacant positions?�
Between 6 � 9 months (or longer):���������������������������������������� ����������������������� 10%
Between 3 � 6 months:���������������������������������������������������������������������� ����������� 36%
Between 1 � 3 months:���������������������������������������������� ����������������������������������� 42%
Less than a month:���������������������������������������������������������������������������������������� � 2%
N/A; we have not recruited this year:������������������������������������������������������������ � 4%
I don�t know:�������������������������������������������������������������������������������������������������� � 7%
Question:� �How long does it typically take a new employee in your organisation to reach �optimal productivity�?�
A year or more:���������������������� ����������������������������������������������������������������������� � 2%
6 � 12 months:����������� ����������������������������������������������������������������������������������� 56%
3 � 6 months:������������� ����������������������������������������������������������������������������������� 33%
1 � 3 months:������������������������������������������������������������������������������������������������� � 7%
Less than a month:���������������������������������������������������������������������������������������� � 0%
I don�t know:�������������������������������������������������������������������������������������������������� � 2%
The survey took place at The Howden Employment Webinar on 9th December 2021 amongst an audience of 0ver 160 senior HR, Finance, and Payroll professionals from a variety of Private, Public and Third Sector organisations.
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For more information in Howden Employee Benefits & Wellbeing visit: www.howdengroup.com/uk-en/cover/employee-benefits-and-wellbeing-consulting