The other GRC - great resignation challenge

Chief audit executives across all sectors appreciate that people are the foundation of any organisation. Good people enable effective governance, good risk management, a strong control environment and compliance with appropriate laws, regulations, policies and procedures.

In 2022, the GRC known to internal auditors took on new meaning. As employees contemplate post-pandemic working arrangements, employers face the great resignation challenge.

We put an internal audit lens on the recruitment and retention risks facing organisations today.

The phrase great resignation challenge started in the US in 2021 and has found relevance here in the UK too. It is fundamentally about a post-pandemic shift in employee expectations rather than mass walkouts overnight.

Before we get started. Here are a few useful tips for overcoming the recruitment challenge:

  • Offer on the job training and an upskilling package eg digital skills training
  • Talk to candidates about supporting them to build their CV for the future
  • Adjust the requirements of the role to suit the market
  • Consider alternative candidate pools
  • Increase or tailor the benefits package
  • Increase salary expectations
  • Ensure your organisation delivers against the hot topic’s candidates are seeking eg D&I, Climate Change, ESG etc.
  • Evidence how your organisation delivers against the three P’s: planet, people and profit
  • Explore alternative recruitment models (such as apprenticeships, secondments)
  • Offer flexible/remote working if not already included
  • Outsource tasks to third parties rather than recruit

Unfilled vacancies

The forecast recession for the UK has the potential to further impact the recruitment market. Those currently thinking of switching roles or making lifestyle choices may opt for job security as the cost-of-living crisis deepens. In the absence of a crystal ball audit leaders will need to keep an eye on the market. CIPD is always a good source of insight.

In October 2022 unemployment fell to its lowest level…