How to Increase Growth in 2022

The pandemic has dramatically redesigned the way we work. The switch has come to foster flexibility and new corporate cultures, but every coin has another side to it. The result of the economic effects, and the increased unemployment as a result of this, has come to have a negative effect on the growth curve of many consulting companies. Whilst companies are battling to recover from the effects of the pandemic, they have the opportunity to take the lead in the industry and create a strong competitive advantage, to increase growth. 

Successful consulting companies know that both growth and profitability are driven by the ability to recruit and retain consultants. Your offer is built upon the skills of your consultants, and we all know that high staff turnover is costly both in terms of billing rate, customer satisfaction, and direct recruitment costs. Today, it is more difficult to recruit and retain consultants than it is to sell consulting services and assignments. Growth is thus governed by your access to skilled consultants.

High staff turnover in the consulting industry 

During the pandemic, the number of consultants reporting heightened levels of stress and mental illness has increased, and the rise in a heightened pressure in the industry has been backed up and confirmed by several physiological reports. Reports show that these issues have especially affected the new generation of consultants. An inevitable result has been heightened staff turnover due to employees leaving their employers for other companies or even industries. 

McKinsey calls the phenomenon “The Great Resignation”. In their report, they state that 40 percent of all employees are considering resigning from their current job. LinkedIn states the corresponding figure to two-thirds of all salaried employees in the Nordic region. Recruiters drown in comments such as “keep me on the radar if something comes up”.

It can feel daunting for the companies that lose employees on the assembly line, but increased mobility in the labor market also means a larger recruitment pool – for those who have the right offer to attract talents!

An attractive offer post pandemic

Talents want to be challenged and developed. They are neither lazy nor afraid to perform. But they demand sustainable working conditions. With their experience of stress and ill health during a pandemic, they are now looking for companies that are at the forefront of mental health, actively investing in their employees’ wellbeing.

Universum’s talent reports show that work-life balance and mental health top the wish list, in addition to basic factors such as remuneration, tasks, and leadership.

More specifically, talents want tools that enable and support work-life balance, better sleep, and increased resilience to stress.

Your growth strategy 2022

With this in mind, it’s easy to see what has to be at the top of your agenda in 2022. Wellbeing.

The companies that can offer a workplace with a clear strategy for their employees’ wellbeing have a strong competitive advantage,  both when it comes to recruiting and retaining talents. 

Do you want to learn more about workplace wellbeing? Feel free to get in touch!