How can businesses win in the battle for talent?

As the talent crunch bites, how can businesses position themselves as the most attractive option for a rewarding career without breaking the bank?

by Katie Jacobs

If you don’t believe the so-called Great Resignation is having a very real effect on British workplaces, consider the case of an account manager at a small, London-based charity. Lucy (as we will call her) decided in October 2021 that she might be open to a new job. She registered her details with a popular high-street recruitment agency. Within a day, she had been matched with dozens of vacancies. And within a week, she had taken part in seven interviews and received three job offers.

Of course, the ferocity of the current recruitment frenzy differs greatly by sector, role and location. But Lucy’s experience is not unusual. Huge numbers of workers are choosing to radically alter their working lives by quitting, switching careers or just changing employers. Randstad says that 69% of UK employees were “confident” about changing roles in the next few months by late 2021, more than six times higher than the usual average. All this has created huge volatility in the market.

Most importantly, it creates a clearer differentiation between winners and losers in the employment market. The best businesses, by this measure, will be less likely to lose key staff and more likely to be able to replace them if they do jump ship. That’s useful at any time; in present conditions, it is essential.

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