The latest data from the Office for National Statistics (ONS) revealed the British economy grew by 1.9 per cent in 2013; its strongest rate since the recession hit in 2007.
There was a 0.7 per cent quarterly increase in gross domestic product, with the service, manufacturing and production sectors performing particularly well. The news has been welcomed by many, not least the Prime Minister, who tweeted his satisfaction that the Government’s long-term economic plan is working.
Understandably, British businesses have become accustomed to retracting and minimising expenditure in recent years, taking a short-term view to survive the challenging times. But in order to capitalise on these latest results and respond to the more positive economic outlook, it’s essential for decision makers to be bold and plan ahead.
If your business saw unprecedented demand for its products or services, could your workforce scale to cope at an efficient and affordable rate? You might have a strategy involving an often costly reliance on agencies to see you through these peaks and troughs, but there is much more value to be gained in taking a more strategic approach.
Begin by assessing your employer brand and truly understanding whether it’s a strong as competitors in your field. If a skilled candidate had the choice, why would they choose to work for you over your nearest rival? The reason very rarely comes down to salary alone. In this era of talent shortages and scarce skills, candidates have a more holistic view when choosing their next place of work. Employer brand, CSR initiatives, corporate reputation and workplace environment are often just as important as payslips.
Your business strategy should also include engaging with existing staff, who will undoubtedly be vital in responding to future economic growth. This could mean creating additional opportunities for promotion and should include a retention strategy to mitigate losing staff to your rivals – who will also be seeking to enhance their respective workforces in response to a strengthened economy.
The Chancellor is right to suggest there’s still a job to be done, but this promising news from the ONS presents a real opportunity for businesses to assess their proposition and ensure the foundations are in place to maximise on the upward trend, starting with recruitment.
