Any first year MBA student can write a business plan, and it’ll probably be a good one – in theory. But a business is much more than strategy, numbers and the bottom line. Your business is a collection of people; and while some may be motivated by the basic numbers, many more want to feel part of something bigger; something meaningful. We’re talking about company culture.
It’s all over the national press: unemployment is at its lowest since 2005 according to the Office for National Statistics (ONS). That means 55,000 more people in work in the last three months, meaning a record 31.6 million are now employed. Earnings are also on the rise, an increase of 2.3% on last year (without bonuses).
Good news for employees, but what is the impact on small and mid-tier employers?
For most businesses, recruitment has been that bit easier since 2008, with more candidates than jobs, and a pick of the bunch for roles not in shortage professions.
That is rapidly changing: there is higher competition for good candidates, more roles available, and most employers need to consider how attractive they are to jobseekers, not the other way around.
There are significant changes ahead that will redefine the way that many of us do business, if we can keep abreast with these shifts then we can really take advantages of the opportunities that will arise.
We will shortly be entering a time when for many people there will be 4 generations in the home, this will have a dramatic impact on both our lives and our businesses. In addition, technology continues to transform so much about our lives, including the physical places we do business and the ways in which we communicate with colleagues and clients.
Businesses are only just adjusting their models to reflect the new economy and are engaged in a constant war for talent which will increase as employees take control of their working status, eager for training opportunities and flexible hours. Have you considered what this could mean for your business?
What will the global workforce look like in 2020?
The consequences of a mistake for your business may not be life threatening, but recruiting the right people is expensive and high risk, so getting it right can make the difference between a successful or unsuccessful organisation.