Prosper Autumn, Black Country Chamber of Commerce magazine

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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
What pitfalls are they likely to find? S Will: Building relationships and creating effective collaboration takes time so the challenge is to ensure that initiatives and communication is consistent and sufficiently frequent to build trust. JD: Desperate times call for desperate measures; so look for changed payment patterns in even the most loyal customers - even the big ones. The size of a business doesn’t necessarily make it financially secure. A bad debt hits the business hard. You lose money, and you lose a customer too. All too often in retrospect, you know the signs were there already so don’t ignore these changed behaviour patterns. Stick to your credit control process and limit your risks. CW: There will always be a certain resistance to change and doing things differently, but it is essential for a business to succeed. We can never stand still but this is not a comfortable place for everyone. The speed of change, or lack thereof, can have consequences. Of course, it relies on leadership teams to recognise the challenges and opportunities and change business practices accordingly – but always bring your people with you. Any change needs to happen fast to position the organisation in the right lane for the road ahead. “You need to ensure you understand your unique differential... organisations often fail by trying to positions themselves as something they’re not ” Sophie Wardell (right) Are your business plans being held back by skills shortages and a lack of qualified staff, do you have concerns that your plans could be hampered by the limited pool of labour currently available to you? S Will: Not specifically, but we are acutely aware of our role in helping to plug the skills gaps in the region. We are keen to work with business to review what is needed and adapt our curriculum accordingly. JD: There’s always a shortage of experienced finance professionals and that’s why we continue to invest progressively in people - this year more than ever. S Wdl: I don’t think our business plans are being held back by skills shortages since as a full-service firm, there are always opportunities to grow and distribute the balance of work. We are much more alive to succession and actively consider new ways to accelerate people’s careers or satisfy knowledge or technical gaps. Moving away from the more traditional routes into the profession has been a shift for us and one that will hopefully avoid future skill shortages whilst creating diversity of opportunity for a broader range of people. CW: Though we are a recruitment specialist, we are not immune to candidate shortages! Our focus is always on helping our clients achieve the staffing plans they need. We spend significant time and resource ensuring we meet their demand. The reality is that there is a wealth of “The skills shortage is a massive issue for the IT industry... there is nowhere near enough ‘fresh blood’ coming through...where is the conveyor belt of talent?” Richard Lane (left) untapped talent out in the marketplace, which could add up to £24 billion to the economy. Through our Levelling Up and social mobility agendas, we are working hard to ensure we find the right fit tailored to unique business needs, while reaching out and engaging with harder-to-reach groups of candidates. RL: The skills shortage is a massive problem across the entire IT sector so finding, training, and retaining staff with the right skills is a real challenge. We provide our clients with the highest level of IT expertise and customer service and therefore require team members with the right experience, skills, and attitude. We have an exciting vibrant place to work, we pay really good salaries, however attracting the right talent can still be difficult. The other issue is that we have nowhere near enough ‘fresh blood’ coming through. Where are the young school, college and university leavers looking to join the IT industry? What I need is to know that every year, there will be 20-30 young college leavers who I can look at and bring in to train up. But it’s just not happening. The conveyor belt of talent has stopped. Continued on page 32 PROSPER AUTUMN 2022 31
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Page 10 and 11: NEWS IN BRIEF Doocey Group, a local
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Prosper Autumn, Black Country Chamber of Commerce magazine

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