A government-backed study for Zurich Insurance suggests that senior women are 20% more likely to apply for senior roles if they offer flexible working hours. It found there had been a lack of applications from women for senior roles, many of which had not been available on a flexible basis. Female employees reported this had made them less likely to apply.
The volume of job searches using the “Remote” filter on LinkedIn has also increased 60% since the beginning of March, and the share of Remote Job Applications has increased nearly 2.5 times globally from March.
Adopt a flexible working approach to attract and retain the best talent
We’re also hearing from our finance and tax candidates that some sort of flexibility is fast becoming an accepted norm. It’s also becoming clear that many firms are adapting their approach here to attract and retain the best.
In fact, the first question candidates used to ask us when being approached about a new role was “What’s the package?” Now it’s “what’s the working pattern for this role?”. In order to reach the widest pool of candidates, we recommend adding your flexible working policy on the job specification so that your job doesn’t get discounted. Clients with no flexibility to offer will find it harder to recruit but it’s by no means impossible.
The Great Resignation
In the UK, a HR company’s survey found that 38 percent of respondents were planning to quit within the next year. Meanwhile, a Microsoft survey of 30,000 people around the world noted that 46 percent of people have recently thought about a “major pivot” in their career.
It’s being referred to as The Great Resignation and people are essentially looking for more control of their lives. We still want to earn money though! So, if you can offer job seekers the opportunity to work in a way that’s most productive for them, you’ll retain your best people.
The research also shows that black-identified women are overly represented in this group preferring not to go back into the office. According to Monica Torres writing in the Huffington Post, more black professionals want flexible work policies than their white, Asian and Latin American colleagues.
Why is this? The research points to microaggressions, discrimination and racism, making home a much safer place.
Improve your digital community to widen your talent pool
Regional and international talent pools are also becoming more readily available to firms – if you have good digital onboarding and a vibrant digital community to welcome people into your infrastructure, there’s no reason why you can’t recruit from further afield.
At SRM, we’ve recently conducted job searches for clients in New York, Milan, the Netherlands, Portugal and Paris. Recruiting across borders is becoming much more commonplace as is managing team members remotely.
For FDs, CFOs and senior tax practitioners our key piece of advice is to think about your talent management now. Ask yourself if your working patterns and your salaries are competitive as we’re about to see a new wave of resignations and proactive headhunting of your best finance talent.