If we are heading into a 5 year Economic Boom
‘People, people, people. Pay well. Treat well. Give ample support for training.’
Steering our companies through COVID, keeping our employees and partners engaged and optimistic about the future when none of us have had a crystal ball has been our primary concern since March 2020. It’s been relentless.
But with the economy about to bounce back all of us now need to pivot fast to be ready for the upturn. Investing in talent will be business-critical.
Are we heading into a 5 year Economic Boom?
‘People, people, people. Pay well. Treat well. Give ample support for training.’
*‘The IMF announced two weeks ago that they estimate there is now $5.7 trillion of global saving waiting to be spent. This is nearly twice the size of the UK economy.
They are now expecting world trade to grow at twice the normal rate of 4%. Yes there are risks such as the second wave in India but if the USA, Europe and China avoid further lockdowns then the second half of this year will show all the signs of a boom.
By the end of 2021
Taken from a recent paper by Roger Martin-Fagg, Behavioural Economist and Vistage Speaker
What does this mean for the growth of our businesses?
Steering our companies through COVID, keeping our employees and partners engaged and optimistic about the future when none of us have had a crystal ball has been our primary concern since March 2020. It’s been relentless.
But with the economy about to bounce back all of us now need to pivot fast to be ready for the upturn. Investing in talent will be business-critical.
On the front line the change already happening
Since Easter the volume of new roles we have taken on at f1 at all levels across all sectors in Marketing and PR (both agency and in house) has sky-rocketed. ‘Recruitment is rebounding at the fastest pace in 23 years’. According to the Report on Jobs produced by KPMG and the REC (Recruitment & Employment Confederation, permanent hires rose in April at the fastest rate since 1997.
The competition for talent will be unprecedented. It is a candidate-led market. At all levels. So, first, make sure your current employees are feeling valued. Make sure everyone in your organization is on board with your company vision, your reasons for existing beyond profit and your strategy for navigating the next 5 exciting years. Diversity of thinking and the diversity of your staff will be paramount.
Your recruitment processes need to be slick and candidates need to have a good interview experience regardless of whether you actually hire them; you need to take a sincere interest in interviewees beyond their skills, experience and qualifications. Invest time in the interview to really understand what they are looking for in their next career move. Candidates are going to be very fussy about who they will work for. Companies that can demonstrate how they engage with societal change and the environment while following good corporate governance alongside their profit targets will be the out-and-out winners in the next half decade’s war for talent.
For advice and insight into the talent market for Marketers, Comms & Digital experts and sports marketing professionals email amanda@f1recruitment.com