The Great Resignation is actually more of a Great Reshuffle. People are not resigning and quitting work altogether. Rather it’s more and more people re-shuffling priorities and reconsidering the rhythm of their work life.

With all this churning of staff, for the first time since records began, there are more job vacancies than unemployed people in the UK. Resultantly, we’re seeing winners and losers in the work landscape.

Companies that have held onto staff have been the ones that have prioritised initiatives such as fair salary, diversity, benefits, as well as learning and development (L&D). Nearly half of UK organisations invested in L&D last year. However, others that haven’t helped staff priortise work/life balance resulting in overworking have fallen victim to the Great Reshuffle.

Any business looking to come out on top in the Great Reshuffle has to rethink its tactics, ensuring that workplace policies meet the needs of today’s employees, and also those in the future. From improving recruitment right from the get-go to creating workplace cultures where employees feel valued, businesses must act now before it’s too late.

Here are four key areas business leaders should consider if they’re to be on the winning end in this war for talent.

Hire right - Ensuring businesses are hiring the right - and best - talent from the get-go avoids the risk of employees jumping ship. CVs and traditional hiring processes do not accurately measure job-performance ability. Instead, they encourage unconscious bias in hiring that could potentially result in a bad hire. Over time, this may cause an individual to rethink their role and consider moving on to something that’s better suited to them.

Incorporating technology that measures skills like conscientiousness, emotional intelligence, and problem-solving, means hiring managers can accurately measure a candidate’s ability to grow within the business. While also seeing if they are right for the role and will enjoy what’s expected of them.

This reduces the worry for business leaders that their employees will jump on the Great Reshuffle bandwagon. They’ll have a workforce that enjoys the work they do and are far more likely to remain loyal.

Prioritise development - We’re in a salary dilemma. Wages are not keeping pace with the cost-of-living and many businesses are unfortunately not in a position to hand out bonuses or salary increases. As a result, employees are rethinking goals and moving on to companies that can offer them better pay to cope with rising costs (even if they don’t want to leave).

For businesses that cannot afford to increase pay for all employees, L&D should sit at the heart of retention strategies - promotions come hand-in-hand with pay rises.

Providing learning opportunities and access to ongoing career development demonstrates the organisation's dedication and investment in an employee's future. It proves to employees they’re valued and that their commitment to the business is respected and appreciated.

Recognise times are tough - A common mistake businesses make is that money is the only motivator for employees. If a paycheck is the only reason employees are staying, then businesses have already lost in this Great Reshuffle war.

While paying fairly is crucial, non-financial rewards that are customised to employees are also important. Encouraging flexible working and promoting a healthy work/life balance will entice employees to stay. The Great Reshuffle is all about reshuffling priorities - both at work and at home.

A business that respects its employee's personal priorities and builds customisable experiences that meet their needs, is a company worth sticking around for. Flexible working is also great for the bank balance. The money spent on travel, food and other working expenses can be better spent on things far more important to employees - like friends and family.

Make work memorable - On the surface, going to work is not exciting for many. It’s work accomplishments and experiences that are inspiring. Going the extra mile for employees and creating positive employee experiences that ultimately make work fun and worthwhile, can be extremely motivating.

When employees are happy and enthusiastic about their job and the organisation, they tend to be better employees. Providing an experience that is purposeful, inclusive, happy, full of achievement, and energetic will lead to a positive attitude, passion, connection, commitment, and performance - basically business success. For instance, conducting regular performance reviews that are fair and accurate contributes to an employee's productivity and overall satisfaction.

There’s always room for improvement

Businesses should not see the Great Reshuffle as a threat, but instead as an opportunity to reshuffle their own business operations.

From ensuring the business has the right people running operations and prioritising employee growth, to recognising wider challenges outside of work and simply making work fun, when an organisation invests in its employees, it can expect the same type of investment in return. And with the Great Reshuffle in mind, this means giving employees strong reasons to stay.

Darren Jaffrey is General Manager, EMEA & APAC, at HireVue