06 Oct 2021 | 09.54 am
Global Growth To Fuel Battle For Talent
The view from HSBC
06 Oct 2021 | 09.54 am
Businesses face a battle for talent as they look to unlock future global growth opportunities through a hiring drive, according to research from HSBC.
The findings show that stiff competition for talent means companies are having to diversify how they attract and retain staff, as they seek to achieve high ambitions for growth in the next year.
Large companies expect to increase their workforces by an average of 13% in the next 12 months, while 42% plan to increase headcount by 20% or more. However, they face a struggle for talent, with 70% planning to increase headcount while just 12% plan reductions in numbers.
More than three-quarters of businesses see a ‘strong’ relationship between investment in the workforce and profitability, as they target almost 19% revenue growth on average in the coming year.
To take advantage, 69% are already investing in their workforce in some way, through hiring, upskilling, or training, with a further 29% planning to do so in future.
HSBC Ireland chief executive Alan Duffy (pictured) commented: “As Ireland opens up and businesses look to fill roles to bring forward projects that have lain dormant due to the pandemic, competition for the most talented workers is getting fierce. Businesses are reporting skills shortages, and are struggling to fill positions with fully qualified workers.
“Our research shows that the business leaders that are most ambitious about growing their business are the very same ones that are looking to invest the most in their employees, in training opportunities, flexible working and improving their business’ culture.”
Despite salary and benefits still being seen as the top factor in moving jobs by 46% of business leaders, factors such as flexible working policies (39%) and emphasis on employee physical, mental and financial wellbeing (36%) are set to become just as important, the results show.
The report claims that business leaders are reimagining the future of the workplace and how they think about empowering their employee base, and instances:
- Remote working is here to stay: 67% see remote/hybrid working as crucial to enabling the enhancement of future growth, while only 5% believe that they will not see any form of remote working in future
- Flexibility is seen as big boost for wellbeing: 39% believe offering staff a flexible working arrangement – where employees are able to choose freely where they work from – is a key driver for both attracting and retaining staff, with the potential positive impacts on employee wellbeing noted as the top benefit of a remote or hybrid approach;
- As a result, the most popular future workplace option for businesses is a ‘fully flexible’ approach to remote working — where employees can freely determine whether they are onsite. More than a third of businesses plan to implement this policy.
- The advertising and communications sectors plan the largest growth in the workforce.
- Sustainability is an additional factor for businesses when attracting staff, 27% noting that is important for the recruitment process.