Sustainability, flexibility and vigour; the pieces of the productivity puzzle?

Looking back…

2014 was the year of resilient businesses, flexible working and the fall of unemployment. Although 2014 didn’t show the fastest growth since the recession, UK PLC demonstrated the most optimistic hiring in Europe. The CIPD found that each low-skilled vacancy attracted 50 applicants on average and each high-skilled vacancy attracted over 20. More importantly, 40% of these applicants were appropriate for the role; signs of a healthy labour market.

This might have something to do with the shifting attitudes of jobseekers. In 2014, a better work/life balance became a priority, meaning employers had to quickly adapt their overall employment package. The 2014 Deloitte Millennial Survey found additionally that young jobseekers were keen to work for ethical organisations, it concluded that to attract and retain talent, businesses need to show millennials that they are in tune with their worldview.

Looking ahead…

Compared to the growth of employment, productivity has grown very little, and we expect this to be a major topic for 2015. Productivity fell significantly during the recession of course, but we haven’t yet returned to pre-recession levels of output per hour and economists are struggling to understand why. This has coined the top buzzword of 2014; the ‘productivity puzzle’. Fixing this will be up to both employers, who need to beprepared to upskill their workforce if they want to survive the impending skills shortage, and the government; our arduous recovery will be intensified by the uncertainty of the upcoming General Election.

Perhaps the productivity puzzle is partly explained by a change in the UK worker demographic. The deepest recession of the last few years has seen an increase in the much talked of ‘zero hours’ contract approach, in both limited hours and non-permanent working arrangements. With UK PLC looking to secure stronger productivity in what will remain a challenging economic environment, RSG’s Managing Director Nick Walrond predicts further growth of specialised freelance resource; ‘we expect to see more vigorous hiring processes, but also greater flexibility regarding how and where people work’, such as working from home, job shares and Bring Your Own Device (BYOD).

Another prediction for the coming months is lower inflation, relating predominantly to the falling price of oil. Cheaper energy will boost the spending power of both people and businesses, and it is even possible that inflation could turn negative over the next few months. While no one is expecting prices to fall for any prolonged period of time, this could mean a widening gap between earnings and prices for a little while. It seems that 2015 will be the year of ‘hanging in there’ as we trudge towards better productivity and higher salaries; it won’t be until next year at least before we start feeling the effects of an improving labour market, but hopefully, it’ll be nice when we get there.

New Year’s evolution: how to better yourself in 2015

The holidays have passed and we have reached that time of year when everybody discusses their New Year’s resolutions. Whilst goals such as quitting smoking or ‘getting fit’ are positive ideals, the majority fall short. This year, why not also pursue an endeavour focused around your work? Below are four things to consider for 2015…

1.    ‘Rev up your résumé’ - Amy Levin-Epstein (CBS Moneywatch)

Whilst you might not be actively seeking new employment, effort should be made to regularly update your CV. When you’re comfortable in a job this might seem inconvenient, but in the current business environment the employer often comes to you. This is especially true for highly skilled individuals, who may be approached by head-hunters with time-sensitive offers. Presented with a lucrative offer, would you really want to be rushing to update your CV? 

Another benefit is that you automatically review your progress and establish ‘where you’re at’ in your current role and career. Considering most employment involves reviews and appraisals with management, this can help you provide a comprehensive justification of your contributions and achievements to date. If you are not satisfied with the outcome, then consider steps you could take and ways you could ‘upskill’ yourself to improve your CV.

Read more about ‘upskilling’ yourself in our recent blog: ‘New Year’s Resolution; three easy ways to upskill yourself outside of work’.

2.    ‘A healthy work-life balance’ - Mike Harden (CEO, Clarity Group)

Another great New Years resolution is to ensure you are content with your work-life balance; you should be working to live, not living to work. As remote working becomes more common and the traditional working day becomes less common, it is increasingly difficult to establish when work finishes. As a result an ‘always on’ culture has materialised, so to counter this it’s vital that you establish your own boundaries and fill your time away from work with activities you enjoy.

30% of UK employees experience a mental health problem annually due to long hours and thinking about work away from the office, so the issue clearly needs to be addressed. Pursue hobbies, socialise, do things that relax you and to the best of your ability, leave work at work. Consider your out-of-office/annual leave approach: some people prefer to check emails once daily, some wish to remain contactable only by phone/text and others don’t want to be disturbed at all. Those with limited annual leave should try to stagger it across the year and whilst at work, take regular breaks whilst eating and drinking sufficiently.

Read more about work-life balance in our recent blog: ‘Life-Work balance; employers and employees need to get their priorities straight’.

3.    ‘Put another oar in the water’ - Liz Ryan (CEO & Founder, Human Workplace)

Alternatively, if you find your self with an abundance of time available and an ambition to increase your earning potential, why not generate a new revenue stream? Most of us have marketable skills and many individuals have side-businesses consulting, bookkeeping, designing websites and providing administrative support. Liz Ryan states that “everybody has marketable skills and everybody can grow entrepreneurial muscles by selling their expertise”. Whilst acknowledging your extra earning potential, a healthy work-life balance should still remain your priority.

4.    ‘New year, new career?’ - Rachel Emma-Silverman (Wall Street Journal)

Finally, serious consideration should be given to your current position in the work place. Do you feel happy, valued, adequately rewarded and motivated? Or do you frequently regret the one (job) that got away? The most difficult step towards evolution in 2015 could be to change jobs or even career. Consider your career so far and whether your vocational goals can be achieved with your current employer.

Whichever goals you decide to pursue in 2015 we wish you the best of luck!

8 Hints & Tips for the Jobseeker of 2015

How do you make sure 2015 is your best year yet? When you make your New Year’s Resolutions, think about these simple tips to give yourself the best chance possible, whatever stage of the recruitment process you are at.

Stay positive - Job Searching

1. If grammar and formatting aren’t your strong suit, get a few friends to help you with your CV. 65% of employers said that poor spelling and grammar is the most likely reason for them to bin a CV. You can’t fall at the first hurdle; it’s too small!

2. Updating your skills is a great way to make yourself more valuable on the job market. There are many free and online courses you can take, where you can practice your professional skills in a safe place. This extra training will help convince a potential employer that you are driven and committed, as well as having tangible, relevant skills. Here are some easy ways to upskill in your spare time.

3.  If you have a good relationship with a previous employer, arrange to meet up for a chat about your options. If they don’t know of a vacancy that suits you, they can surely put you in touch with valuable people in the industry.

Stay cool – The Interview

4. The signals your body language displays leave an impression of your personality in the interviewer’s mind, and this impression will inevitably affect their decision. Make sure your body is saying the right thing by using this guide, which will show you some handy tricks to help you exude interview confidence.

5. Nobody’s perfect, and giving nothing but a glowing account of yourself may come across as false. Without selling yourself short, be willing to talk about your weaknesses. Show them that you are shrewd enough to identify and accept them, and then that you have the drive to improve them.

6. It’s not enough to glance over a company’s website, so do your research. Find out about their achievements in the last year, their work ethic, their history and their vision for the future. How can you be a part of their growth?

Stay humble – Responding to an offer

7. Once you have accepted an offer, send a formal letter of acceptance. You will find plenty of templates online to help you with this. Taking the time to do this will show your new company how grateful you are, and how seriously you will take your new position.

8. If you’re going to decline, do so gracefully. You never know, you might reapply! You may need their help in the future, so maintain the relationship and take the opportunity to learn from the interview experience. You want their memory of you to be a good one.