The emerging cost of living crisis has highlighted the need for employers to think creatively about ways to attract and hold onto talent. At a critical time, we are seeing many organisations considering their immediate response to the cost of living crisis whilst planning for longer-term change to talent, skills and reward programmes.
Rising levels of inflation coupled with fears of a global recession and geopolitical uncertainty mean that employers are navigating through a complex external landscape. At the same time, many organisations continue to face unprecedented levels of labour and skills shortages. All of this is happening as the workforce continues to undergo radical transformation accelerated by the global pandemic.
Skills shortages and high attrition rates are here to stay. Our report discusses the need for organisations to take a more flexible and innovative approach to pay and conditions and invest in longer-term programmes linked to purpose, career paths and skills acquisition in order to remain competitive.
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