It’s not about the money, money, money when it comes to attracting and keeping staff.
When it comes to your business, attracting enthusiastic new people and firmly hanging on to those loyal and hard-working members of the team are important in equal measures.
Understanding what drives your staff
While at one time a pay rise or an attractive salary was the tipping point as to whether someone stayed or joined your company – many bosses will already be aware that in today’s competitive market, it’s not all about the money. A report by ‘Power House Truths’, gives an insight into what employees really think about working in some of the UK’s most coveted companies.
With talent shortages currently reported in many sectors, top candidates are looking beyond basic salary offerings.
Benefits packages are very much in the spotlight, with a particular focus on those which support a work-life balance.
In talking to candidates of all ages, their most sort after benefits are:
- Generous holiday entitlement. We have also found that more employers are offering welcome extras including a day off for your birthday or holiday entitlement increasing with time served
- Healthcare/wellbeing including employee assistance program or health insurance scheme
- Flexible working/home working option/family-friendly
- Supported additional professional development
If a flexible benefits program is in place allowing employees to select the benefits that most align with their personal situation all the better.
If this isn’t possible, if you are a small business for example, then be sure to measure uptake on the benefits that you offer and / or regularly canvass your employees to find out which benefits they desire so that you can adjust your offering to attract and retain staff. You can find some more helpful solutions about attracting and attaining top talent in our resource, ‘Anatomy of the perfect employer’.
Other than great benefits, what can make a difference?
In terms of likelihood of a candidate to attend an interview based on benefits – absolutely – if a skilled candidate has multiple interview offers then benefits package will come into play. They may be time-poor (in terms of interview preparation time and time out to attend an interview) so having the edge will narrow the field by evaluating the overall package.
And when it comes to existing employees, keeping your best people is key. Here’s how:
- Promote your company’s culture. Employees who feel a strong attachment to their company’s culture and values tend to be more loyal and engaged.
- Pay attention to your top performers. Top performers are typically harder and more expensive to replace. Consider performance-based bonuses or greater autonomy and responsibilities to recognise and encourage exceptional work.
- Provide challenges. Many employees seek challenging and varied work, two factors that can keep employees engaged.
- Recognise and reward. Recognition shows employees that their work is appreciated. Recognition can come in the form of an ‘Employee of the Month’ award or a personal congratulations from the boss.
So, while it is important to have a talent acquisition strategy, do not forget to invest this same time and purpose into your existing staff. After all, having dedicated staff speaks volumes for who you are as an employer.
Investing in your current employees can ultimately help your bottom line while creating a positive, productive work environment.