Prosper Autumn, Black Country Chamber of Commerce magazine

THIS IS THE BLACK COUNTRY: SPOTLIGHT ON TODAY’S CHALLENGES
“Employers need to have a
workforce plan with built-in agility to
adapt to an ever-changing market.
It’s not just about the skills needed
today, but those that will be
required in the future”
Carmen Watson (left)
Continued from page 28
What insights/recommendations
would you give to business leaders
faced with the current set of
challenges?
S Will: We are working with businesses
to find opportunities for our graduates and
plug skills gaps; this is key to the success of
the Business School and to businesses in
the region and it should be a priority.
There are lots of opportunities to engage
with students in the university and I would
encourage organisations to get involved.
JD: There is a need to manage costs at a
level that fits the market rate, in order to
control and, if possible, reduce overheads.
Most importantly - get paid.
Competing purely on price will likely
mean a ‘race to the bottom’, especially in
an environment of increasing costs/
inflation. It is far better to have a smaller
sized business in terms of sales, but with
higher margins and lean overheads.
Consider automation of processes as
much as possible, especially in ‘repetitive’
areas and where data management and
handling are involved. The mantra of ‘we’ve
always done it that way’ can often be the
limiting factor for positive change, or even
the reason behind business failure.
S Wdl: From a business perspective, you
need to ensure you understand your unique
differential. At Higgs LLP we have spent
time articulating who we are and that
authenticity resonates throughout the
business. Organisations often fail by trying
to position themselves as something they’re
not. It sounds obvious but you need to know
your proposition and let it flow through
everything you do – your workforce are
consumers and choose whether or not you
are the right brand for them.
In addition, trust your people. Manage
by output rather than input. Inspire people
to do their best work and avoid adding
more controls to compensate for
management capability.
CW: Employers need to have a
workforce plan that has built-in agility to
adapt to an ever-changing market. It’s not
just about the skills needed today, but also
those that will be required in the future. We
specialise in this and can advise clients on
what may lie ahead.
In a 2020 report, the World Economic
Forum (WEF) estimated that, by 2025, 85
million jobs will have been lost to machines
– but 97 million new roles may emerge. It
also reported there was a need for 54% of
exiting workforces to be upskilled and
retrained in the same time period.
It is a constantly changing landscape and
businesses need to make sure they have an
eye on the horizon.
RL: For me the secret is to communicate
with your people, especially in times of
challenge. We had a meeting a few Friday
afternoons back, over sandwiches, at which
we explained where we were as a company,
what help we could give our people but
what we needed them to do.
People appreciate where the business is;
they don’t like being kept in the dark. If
there are challenges, explain them and
trust your people to help you solve them.
What do those managing businesses
in such conditions need to be aware
of / consider?
S Will: There are unique challenges in
education at the moment, and in focusing
on them business schools should not lose
sight of their role in supporting local
business. It is easy to become consumed
by the internal environment and the
challenges of the sector, but business
schools have a unique role in the regions
they serve.
JD: I know it’s boring but get your
budgets up-to-date and keep them ‘rolling’
as a regular business tool. Know what the
key dynamics are and measure them
- weekly, daily, hourly if necessary. These
KPIs are your early warning system and it’s
proven that, in tough times, early action
pays dividends.
S Wdl: Be creative when considering
solutions to resource and recruitment
issues. Engage in social media to raise the
profile of your business and use the
apprenticeship levy to grow talent rather
than relying upon lateral hires.
Talk about mental health and wellbeing
at all levels of your organisation rather than
relying on HR and equip managers with the
knowledge and skills to identify concerns
and have the right conversations.
CW: From my vantage point, it remains
all about people. People make a business.
You need the rights ones to increase
productivity and growth. The new
Employment Trends Survey we have
undertaken with the CBI shows 75% of
businesses have been impacted by labour
shortages – and nearly half of those said it
had affected their ability to deliver for
customers.
Every company should have an
understanding of the demographics of its
own local workforce. These vary, and what
works for a specific sector in one area may
struggle to make an impact in a different
part of the country,
30 PROSPER AUTUMN 2022