It’s a tough life being a manager in these challenging economic times and now one big accountancy firm reckons they need a lift.
Workforces have been cut back to such an extent that managers feel they lack the talent or resource needed to fulfil growth ambitions, says PwC.
Mike Robinson, senior partner at PwC’s office in Midsummer Boulevard, Milton Keynes, said: “Managers are not only having to contend with macro economic factors outside of their control but are also coming under pressure to deliver growth targets and some are now feeling the strain.
“It is vital that local employers acknowledge this pressure and find creative ways to effectively motivate managers.”
On the subject of skills gaps in teams created by reductions in workforces, Mr Robinson said: “It is critical for employers to have a strategy for retaining their existing talent as well as looking at how to plug the skills gap.”
He added that in an environment where employers are not necessarily in a position to pay increases or other cash awards it is increasingly important employers are open with high performers and those with development potential about how much they are valued and the opportunities for career progression that exist for them.
At a time when pay freezes or pay rises below inflation are widespread, employers have had to look at becoming more imaginative about all aspects of motivation and remuneration. Among the strategies being used to reward staff in the current climate are increased flexibility about working hours or place of work and increased choice about how people work, for example giving employees access to a smartphone or tablet which they can use at work and at home.
Paul Norbury, partner and the midlands private business leader, based at PwC’s Milton Keynes office, said a growing number of management teams are feeling under incentivised.
He said: “This needs to be addressed urgently if this important and dynamic sector of the local economy is going to be ready to take advantage of the growth opportunities that arise in the future and those that already exist.”