A growing number of UK employers believe that focusing on developing a multi-skilled workforce will help them address ongoing labour market challenges, according to a new survey by Willis Towers Watson.
The following ‘rising priorities,’ according to the WTW’s Reimagining Work and Rewards Survey, will become increasingly important over the next three years, compared to the previous three years. Multi-skilling, which allows employees to perform tasks from multiple jobs, has increased by 85 per cent in the last three years, according to the study, as has finding new sources of talent, which has increased by 36 per cent. Changing the skills needed to complete work increased by 27 per cent, and changing employee preferences increased by 26 per cent.
WTW Work and Rewards Leader for Europe Hazel Rees says: “Companies in virtually every industry are now under significant pressure to adapt to a new business environment and sweeping workforce changes,” “And there’s no greater challenge right now than hiring and retaining workers. Unfortunately, organisations do not expect the situation to improve this year, especially for critical-skill roles.”
The survey found that more than half of UK respondents or 58 per cent, expect to have difficulty attracting employees this year. This is up from 39 per cent in the first half of last year and more than double the 17 per cent predicted for 2020. Similarly, three out of five respondents or 60 per cent expect to have trouble retaining employees this year, up from 21 per cent in the first half of last year and only 11 per cent in 2020. Employers in the UK are having the most trouble attracting and retaining employees across the board, with digital talent, 69 per cent, salaried employees, 47 per cent, and sales force positions, 36 per cent, proving the most difficult.
The survey found that there has been increasing pressure in five key areas driving workplace changes over the last three years. These include things like how employees work, such as more flexibility and a greater focus on diversity, equity, and inclusion, as well as technology and data strategy and improving employee experience.
More employers expect to make significant changes in two strategic areas, according to the survey: optimising work and job design such as multi-skilling, remote work, technology, sourcing talent as well as rethinking Total Rewards.
Rees says: “For organisations, this is not simply asking “how much should we pay?” but “how should we be rewarding our employees?” This includes an increased focus on non-financial rewards such as benefits, wellbeing, learning and development and career progression; as well as considering how pay programmes need to adapt to support the changes in the way work is done.
“Whether you view it as the Great Resignation, Reshuffle or Reprioritisation, organisations can take tangible actions to win the talent race. These include identifying new sources of talent, reskilling/upskilling, optimising job design, resetting their Total Rewards strategy and delivering a more robust career experience for employees.”
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