UK Labour Market challenges and a recession could create a perfect storm for businesses

ONS figures for May 2022 show that there are more job vacancies than unemployed people in the UK for the first time since records began.  

Employers are facing an uphill struggle to attract and retain their people in a market more competitive than ever. It’s imperative they act now to reduce attrition rates and ensure existing employees are engaged, motivated and not a potential flight risk.  

The challenging labour market conditions also come at a time when many economic experts are predicting the UK will soon be entering a recession, which has the potential to create a perfect storm for businesses.   

Employers need to prepare themselves for economic turbulence whilst simultaneously attracting new people and retaining existing employees. Now more than ever, businesses need to deliver a candidate and employee experience like no other to successfully convert, and retain new talent. 

Mentoring with purpose will be key to delivering this.  

Proven to foster a sense of belonging, and key in creating and maintaining progressive, inclusive company cultures, mentoring champions candidate and employee engagement, productivity and retention.   

Connectr’s own research shows that 94% of employees would stay longer at their current organisation if offered learning and development opportunities. Our data also reveals that 55% of businesses report an increase in profits as a result of mentoring.  

Mentoring enabled through technology delivers belonging, engagement and upskilling at scale to future and existing talent so businesses can maximise and retain their most critical asset to continuity and growth in a time like no other. 

Talk to our team about how Connectr can hire, progress and retain your people.