Following the announcement of the latest ONS labour market data published this morning, finance experts and recruiters based around the UK have been outlin

ONS jobs market data - “discussion of inflation surged 188% among employees” - reaction

Nicky Acuna Ocana has led high performing recruitment teams for over 20 years. As the Regional Managing Director of Ambition UK, Europe and USA, she leads a team of highly-skilled recruitment consultants who are experts in their niche specialist areas across Business Services for a range of Professional Services firms.

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Professional services firms face an increasingly competitive recruitment environment, as candidates have greater leverage to negotiate salary and benefits packages, according to a recent survey by recruitment specialists Ambition. The survey, which polled employees in Legal Finance &amp; Accounting and Professional Services Business Development &amp; Marketing, found that 44% of Legal Finance candidates and 49% of Business Development &amp; Marketing employees received a salary increase of more than 15% when moving jobs externally in the last 12 months. With the swing towards remote and flexible working it would be a fair assumption that where people work might have more impact than the salary they receive every month.&nbsp; But 71% of Legal Finance employees said they wouldn’t be willing to consider roles with a lower salary in exchange for fully remote working.&nbsp; This rose to 80% of BD &amp; Marketing professionals. Demonstrating that when it comes to attraction strategies, firms need to first and foremost look at their salary/benefits package to ensure it’s as competitive as possible.&nbsp; The survey also highlighted a preference for flexible working, as the majority of employees surveyed preferred a balance of two days in the office and three days working from home.&nbsp; 73% of the hiring managers surveyed said that employees are now required to work in the office 3 days a week.&nbsp; But when it comes to employee expectations the majority said they only wanted to be in the office 2 days a week. Only 11% of Legal Finance professionals want to work 3 days in the office and that only rises marginally to 14% for BD &amp; Marketing employees.&nbsp; With more employees prioritizing flexible working, firms will need to consider their stance on remote working arrangements to attract and retain top talent. In addition, the survey found that diversity and inclusion policies have become increasingly important to candidates when considering job offers, with 59% of Business Development &amp; Marketing employees and 39% of Legal Finance employees stating that they would review a firm’s diversity and inclusion policy before joining.&nbsp; The survey emphasized that firms must not only adopt diversity and inclusion policies but also demonstrate tangible action to create a more diverse and inclusive work environment.&nbsp; What actions are professional services firms taking? 79% of professional services plan to increase employee salaries by 3-5% this year. But when that’s compared with the up to 15% jump the majority of candidates are making when moving jobs, you have to query whether that’s enough.&nbsp; Given the responses from employees stating that salary is the most important factor, more firms may need to look at bigger salary increases if they are to remain competitive for both recruitment and retention. For other hiring managers the answer is to look outside the current legal business services market and recruit from outside the sector. Or to consider hiring fully remote workers so that location isn’t a limiting factor.&nbsp; Managing Director of Ambition, Matthew Gardner, commented;&nbsp; “What’s clear is the recruitment industry has had to adapt and change so much over the last few years that it now feels we’re getting to a point of stability once again.&nbsp; That’s not to say it’s the same as before. The market, and candidate’s expectations have changed and it’s unlikely to revert back to pre-March 2020. Salaries, flexible working and diversity and inclusion are all topics that firms need to address if they want to continue to recruit and retain the best talent in their sectors. Based on our results, we don’t see that changing and if anything with the market positioned in the candidate’s favour right now - those three factors will only gain more importance and become more entrenched in candidate’s expectations.” &nbsp;<blockquote>79% of professional services plan to increase employee salaries by 3-5% this year. But when that’s compared with the up to 15% jump the majority of candidates are making when moving jobs, you have to query whether that’s enough.</blockquote>

Matthew Gardner

Jobseekers are prioritising pay rises and flexible working

Millennials, generation X, baby boomers, generation Z. It’s likely that your workforce is a mixture of all 4. Each generation is at a different stage in their life, has different experiences and challenges. That means they can’t be managed as one homogenous group. Instead, leaders need to consider how to bring these individual subsets together to create a productive, engaged workforce.&nbsp; Without that forethought, harmful stereotypes, disagreements and potential discrimination will likely start to emerge. That’s not the working environment businesses are looking to create, that’s why we’ve created these 5 tips to help leaders and managers guide their multigenerational team to success.What is a multigenerational team?In its basic terms a multigenerational team is one that’s made up of people of different ages. If your team has a few graduates, employees in their 30s and 40s and one or two approaching retirement age then it’s multigenerational.&nbsp; The benefits of a multigenerational team are fairly straightforward. You can take advantage of the experience and knowledge in the team for different roles. Often the older, more experienced team members take on more responsibility and help impart their knowledge to younger team members. This way of working provides more skills and knowledge for the business.&nbsp; But there are also drawbacks and challenges. There can be a clash over expectations particularly around working styles. These clashes can quickly descend into conflicts that take up management’s time. Communication can also be a source of disagreement with both the tone and the method varying between generations.&nbsp; The frustrating point is that the areas of disagreement and the challenges can be a multigenerational team's biggest strengths, with the right management.&nbsp; The rise of multigenerational teams The number of retirees returning to work in either a full or part-time capacity has risen over the past few years along with 2.5 million older employees pushing back retirement plans to cope with the cost of living crisis. This trend is set to continue with the government reportedly planning an overhaul of legislation to encourage the older generation back to the workforce.&nbsp; The older talent pool isn’t one that should be ignored. They bring with them a wealth of experience that can be an asset to any business. Firms should be looking to embrace older talent through D&amp;I initiatives so businesses can benefit from this talented section of the workforce. The reality is that multigenerational teams are here to stay and with the number of older workers increasing it’s likely that proactive team management will need to be at the forefront of leaders' minds. Tips to support leaders managing multigenerational teams 1. Create a culture of belonging, inclusion and diversity Successfully integrated teams start with the culture. When everyone feels that they belong there, that they’re respected and that they’re welcome, a more positive attitude follows. Admittedly this isn’t always an easy set to achieve but if every leader or manager thinks about how they can make small changes in their department bigger change will follow. Ensuring the right policies and support are in place, celebrating differences and successes is a great starting point to creating this culture. 2. Embed opportunities for mentorship and learning Let’s use an example. Baby boomers and Generation X’s experience of technology is vastly different to that of Millennials and Generation Z. The different levels of skill can lead to conflict with older workers leaning on the younger generations to support their tech needs. Putting learning opportunities in place to upskill those who need it quickly eradicates the bad feelings.&nbsp; Multigenerational teams will have different areas of knowledge and skill gaps. Embedding learning into the team culture will help overcome that. This can be formal training courses or it could be peer mentorship where more experienced members of the team can work directly with someone earlier in their career to upskill them. 3. Embrace flexibility Flexibility isn’t just for working parents. It’s something that’s needed whatever stage of life someone is at. Whether that’s so they can take their dog for a walk, attend medical appointments or look after ageing parents. The reason for flexibility shouldn’t matter. Empowering your team so they can work flexibly and be responsible for their workload, will help stop any discontent around working patterns and preferential treatment across the generations.&nbsp; The important thing to remember here is to talk to your team to understand what flexibility means to them and what their specific needs are rather than blanket policies that might not solve the multigenerational problem. 4. Prioritise communication Email or phone call? Working hours or anytime? Meetings or huddles? There are so many ways to communicate, there’s someone to suit everyone. But that isn’t always a good thing. A heavy reliance on electronic communication can feel impersonal and dismissive. On the flip side phone calls and meetings can be overwhelming to some. Leaders need to understand what the preferences are within the team, and encourage employees to share those preferences with each other. Building an open, honest dialogue around communication preferences and styles. There’s no correct style but with a myriad of communication methods available, it’s easy to default to what you feel comfortable with, without thinking about the impact on the wider team. 5. Set clear, precise goals and expectations Clarity will always be a fundamental part of successful teams, whether they’re multigenerational or not.&nbsp; Setting clear expectations and goals and communicating them to all team members is essential. But to be successful you need to go a step further and communicate what role each team member has to achieve that goal. What this does is convey the message that each individual is important and they have a part to play. This goes back to creating a culture of belonging and inclusion.&nbsp; When workers understand the role they play and how that contributes to the bigger picture there’s more incentive to work together. To celebrate each other's differences, skills and successes because their success is your success. There’s no question about the benefits of a multigenerational team, or that they’re going to be more common in the workplace going forward. There’s also no denying that, like all teams, they have their challenges.&nbsp; What’s clear is that with deliberate managerial choices and the right leadership, multigenerational teams can be a secret weapon. With individual skills and knowledge complimenting each other and workers learning from each other, there’s real potential. The way to unlock that? Clarity, flexibility, communication, learning and culture. It’s not groundbreaking but it’s about creating an environment people want to be in, people feel they belong to and people want to do their best. Isn’t that the working environment we’re all striving for anyway? &nbsp;<blockquote>There’s no question about the benefits of a multigenerational team, or that they’re going to be more common in the workplace going forward. There’s also no denying that, like all teams, they have their challenges. What’s clear is that with deliberate managerial choices and the right leadership, multigenerational teams can be a secret weapon. With individual skills and knowledge complimenting each other and workers learning from each other, there’s real potential.</blockquote>

5 tips for managing multigenerational teams

Supporting female leaders makes sense. Firms with female leaders see higher profits, a more diverse workforce and higher employee engagement. But despite the obvious benefits, gender equality in leadership positions is a long way off.&nbsp;With the pandemic placing additional strain on women trying to advance their careers while staying on top of their caring responsibilities, and a diminishing window of opportunity to achieve leadership roles. It’s more important than ever that firms step up and start working with women to support current and aspirational female leaders to reach their full potential.&nbsp;<h2>Women in the workplace</h2>While more female leaders are rising to senior positions, it’s a trickle. The gate isn’t fully open yet. Despite <a href="https://www.theguardian.com/business/2022/mar/06/companies-with-female-leaders-outperform-those-dominated-by-men-data-shows">evidence</a> showing that companies with female leaders outperform those led by men there’s still too many obstacles in the way for women to overcome to reach gender parity.&nbsp;Covid hit women particularly hard, and it’s been said many times that it saw a reversal in gender roles with women giving up their careers to focus on their caring responsibilities.&nbsp;Women went from providing <a href="https://blogs.lse.ac.uk/politicsandpolicy/lockdowns-gender-roles/">49.1%</a> of childcare to 56.4% while seeing a reduction in joint support by 27.2%. This step back has stalled progress and also created a gap of experienced women who aren’t able to fully contribute to the workplace.&nbsp;<a href="https://croner.co.uk/resources/culture-performance/women-in-leadership/">Research</a> found that in 2021 79% of women didn't’ feel supported in developing their leadership skills. With many feeling like that lack of support has held them back in their career.<h2>What’s holding women back?</h2>There’s a small window of opportunity for women to be promoted to a leadership position. If they haven’t reached a leadership role in the first <a href="https://www.internationalwomensday.com/Missions/18471/Race-to-the-top-Women-face-limited-window-of-opportunity-to-reach-leadership-roles">10 years</a> of their career then their chances of securing one in the future are severely limited. From that point the gap between men and women increases.&nbsp;When you combine that statistic with the preconceived thoughts about women in the workplace and that female leaders are <a href="https://wiw-report.s3.amazonaws.com/Women_in_the_Workplace_2022.pdf">twice</a> as likely as male ones to be mistaken for someone more junior. It’s clear that women are facing deep-rooted societal bias in their ambitions.<h2>How can firms support current and future female leaders?</h2>It’s not all doom and gloom. There are some basic steps that firms can take to ensure female leaders, both current and future, are supported and empowered to achieve senior leadership positions.&nbsp;<h3>Mentorship and coaching</h3>There are many obstacles in a woman’s career. Navigating those, standing up for themselves and forging a path is hard work, particularly if you feel like you’ve got no one to turn to. Mentoring connects women with others who have had a similar experience. The statistics around the impact of mentoring on a woman’s career are also staggering.&nbsp;<ul><li>Those with mentors are promoted five times more than their peers</li><li>87% of mentorees feel empowered</li><li>Retention and promotion rates for women with mentors increased from 15 to 38%.</li></ul>(Source: <a href="https://www.togetherplatform.com/blog/women-mentorship">Together Platform</a>)It raises the question: why wouldn’t you offer a mentorship program for female leaders, or aspiring leaders?&nbsp;There may be times when it’s difficult to facilitate a mentorship program, in those instances it’s worth looking into coaching. While this has a slightly different angle to mentoring it can help build women’s confidence, suppress imposter syndrome and create the self-belief necessary to secure, and thrive in a leadership role.<h3>Flexible working</h3>In this post-Covid era flexible working is no longer a dirty phrase. But there’s still a lack of understanding around what flexible working really is and how it should be rolled out.&nbsp;When thinking about flexible working, many jump to the thought of part-time work. And if most people are being honest they think of women in those part-time roles. But the reality is flexible working is much more than that. It’s remote work, contracting, annualised hours,9-day fortnights and everything in between. The reality is also that it’s not just a women’s problem.Increasingly, workers are citing flexibility as a key driver in their employment decisions. With&nbsp;<a href="https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/the-organization-blog/three-types-of-modern-flexibility-todays-workers-demand">44% of returners</a> to the workplace citing their top reason for returning was flexibility. That’s both men and women. Because flexible working has to be about everyone, not just focused on women. If we focus solely on women’s needs for flexibility then we’re pigeon holing them into primary caring roles and that feeds into the subconscious bias women are trying to fight every day.&nbsp;Flexibility goes beyond parenting. It should apply to anyone who wants to have commitments outside of the office - whether that’s pets, hobbies, family needs or just to do what they want. It’s that shift in mindset that will support female leaders to succeed.<h3>Wellbeing</h3><a href="https://wiw-report.s3.amazonaws.com/Women_in_the_Workplace_2022.pdf">43% of women leaders</a> are burned out.That’s almost half of the women surveyed admitting they’re struggling to do it all. The problem comes from the narrative around female burnout that it’s because they can’t have it all, they need to focus on their homelife. The media coverage around Jacinda Arden’s resignation proved that.&nbsp;It’s no wonder that female leaders face burnout and concerns over their wellbeing. As men’s careers advance they do less housework. But the same can’t be said for women. A study by McKinsey &amp; Co found that regardless of their seniority at work women do between 52-58% of the household chores.&nbsp;The conversation needs to be changed. It shouldn’t centre on having it all, but it should instead focus on supporting women to succeed. Removing barriers around childcare, caring responsibilities and the juggle to empower women.That needs to happen in wider society but also in the office. With firms taking a proactive step to ask women what support they need to improve their wellbeing and mental heatlh, and then putting it in place. Showing that women are valued and their challenges are real.<h3>Promotion opportunities</h3>While the number of female leaders in <a href="https://www.investmentweek.co.uk/news/4059295/ftse-350-companies-female-leaders">FTSE 100 companies</a> jumped from 9% in 2011 to 37.6% at the start of 2022. It’s a difficult place to get to. In part that’s because of bias within the promotion process.&nbsp;For every <a href="https://wiw-report.s3.amazonaws.com/Women_in_the_Workplace_2022.pdf">100 men</a> who get promoted to manager only 87 women are. That means right from the initial step up into management there’s a disparity in the number of male to female managers. That gap only widens over time.&nbsp;This requires firms to look at their promotion criteria and assess whether there is gender bias built into the process. A <a href="https://www.bbc.com/worklife/article/20220222-proof-verus-potential-problem">2019 study</a> found that male candidates were assessed for their potential with female candidates only evaluated on their performance. With such inbuilt gender bias it’s impossible for female leaders to be supported and it’s down to firms to critically evaluate their processes and put the relevant steps in to overcome any bias.Ultimately the best way firms can support their female leaders is through challenging stereotypes and bias towards them. That’s a big ask, but through changing attitudes in the recruitment process, flexible working, the right policies in place and addressing gender bias in action it’s possible to create a positive working environment where female leaders flourish and pave the way for others to follow in her footsteps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<blockquote>&nbsp;With the pandemic placing additional strain on women trying to advance their careers while staying on top of their caring responsibilities, and a diminishing window of opportunity to achieve leadership roles. It’s more important than ever that firms step up and start working with women to support current and aspirational female leaders to reach their full potential.</blockquote>

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