Competition to recruit workers will intensify in 2022, says Stephanie Hatton, corporate distribution manager at Zurich International and one of the Isle of Man’s leading employee benefits experts.

Mrs Hatton believes that, next year, Isle of Man businesses will continue to face the ripple effects of a perfect storm that has transformed the jobs market.

She said: ’From the pandemic, working from home revolution, and the so-called "Great Resignation", to changing attitudes amongst workers regarding the moral and ethical expectations they have towards their employers, the employment landscape has evolved beyond all recognition in recent years.

’Both here on the island and internationally, it’s created a perfect storm which has transformed the challenges of recruiting, retaining and motivating employees. Locally, one of the ripple effects is the magnification of longstanding issues which have contributed to the skills gap faced by businesses in many sectors of the economy.

’A recent Isle of Man Chamber of Commerce survey revealed 75% of businesses were finding it difficult to recruit, and the latest government figures available at the time of writing shows that there are 1,175 vacancies across all sectors, with only 771 people unemployed and looking for work.

’Add to that the additional challenges of securing work permits and persuading employees from overseas to relocate, and you can understand why more and more businesses are increasing their investment in employee benefits as part of a strategy to recruit and retain the best people.’

Experienced employees, or those that have specialist skills, are now in the fortunate position of being able to pick and choose businesses that are prepared to offer them the best possible benefits packages to support the aspirations they have for themselves and their families.

In that context, Mrs Hatton said that she had been seeing first hand a renewed interest in Zurich’s Group Life and Income Protection solutions as a cost-effective investment as part of an attractive employee benefit package to give businesses a distinct advantage over their competitors.

She said: ’Increased competition to recruit and retain staff is a major factor that’s driving businesses to invest more in employee benefits.

’Hiring those key people, retaining their services and keeping them motivated, are all key factors for successful companies aiming to achieve business growth.

’Conversely, businesses that fail to invest in people and employee benefits are putting future growth at risk. Employee benefits are a wise investment that provides a competitive edge by reducing the risks associated with failing to recruit, retain or motivate key personnel.

’Our wealth of experience both here on the island, and based on Zurich’s global group expertise, tells us that in most businesses employees can be the most important competitive advantage, or its biggest risk factor. Companies that set a goal to recruit and retain the best people who have the right skills and experience, plus high levels of employee motivation and engagement, have a clear advantage over competitors.

’Investing in the best possible employee benefits package has a vital role to play for any business aiming to achieve that goal in 2022 and beyond.’