How to attract THE PERFECT EMPLOYEE…
Are you attracting THE PERFECT EMPLOYEE? If not, why not? And more importantly….. how can you keep them?
According to the latest employee turnover statistics, one-third of new employees quit after 6 months on the job. Hence, employers are losing valuable talent and have to deal with hiring, training, and replacing workers on a regular basis. Sounds expensive right?
Firstly, let’s address the elephant in the room. Recruitment. With 44% of UK employees looking to leave their job and find a new position in the next 12 months (ACCA 2023), surely staff retention and keeping excellent talent within an organisation is key. The biggest factors for movement has always been better salary and benefits, this is even more apparent now with the cost of living crisis. However, post covid we have seen a large increase in the number of candidates seeking a better work life balance with flexible working hours and hybrid working playing a big factor in candidates decision making. So ask yourself, are you looking after your employees financially and most importantly their wellbeing in order to give them every reason to stay?
Recruiting is one of the most important things to get right for any business, yet it doesn’t come without its challenges. It’s remarkable the difference in productivity a business will achieve when recruiting top talent in their field. In a competitive UK market and the economy showing small signs of improvement for businesses, we are going to look at how you can attract the very best talent and where recruitment can go wrong.
So what are employees looking for….
1. Attractive Salary
The most common complaint and reasons for candidates searching for a new role is related to salary. 41% of people in the UK feel they are paid less than they should be for the job they are doing. With only 39% thinking they are fairly paid.
Before advertising a role, do your research. What are your competitors paying? Look at the job title across various industries, are the candidates you are recruiting currently in demand? With average UK salaries now around £33k, it is important to offer an attractive salary to attract the very best talent. Remember the right hire can be the key to a company’s success, just as much as a bad hire can be very costly. If in doubt, speak to a trusted recruiter to get advice before advertising.
2. Clear Training and Career Path
Having a clear and well thought out training schedule can really set a candidate up for success from the off. Discussing this at point of interview can give the candidate the confidence they will have the support in learning new systems and the company workings and can be a key factor in decision making for a candidate. Couple this with a clear career path or potential future opportunities within the company, not only shows the growth of the company, but how it includes staff within this growth.
3. Company Benefits
Advertising all company benefits can be attractive to candidates and in most cases show an employer values its employees.
Benefits like healthcare and childcare can save an employee money, having a good annual leave offering, gym memberships, personal development training and other wellness benefits are proven to boost productivity, attendance and long term employee retention.
For smaller companies, offering a free lunch, support with training, allowing pets into work or flexible working hours can be equally as beneficial to the offerings of a large commercial firm.
4. Work Environment & Team Fit
As a recruiter, we know candidates are always really keen to know and understand the company and environment they are walking into. A focus on company reputation and growth shows stability and potential progression for an employee and it’s important for a company to sell the company as much as it is for the candidate to show they are suitable.
We encourage candidates to look at lots of factors when making a decision on a new role, these include; the work environment and expectations, whether it is smart or casual attire, is the office open plan, is the company using hot desks, do employees smile & look happy in the job? All important things to consider and this is why it is key to make a good impression.
This responsibility also lies with the interviewers. First impressions are important from both sides. How welcoming was the interviewer? Could you see yourself being managed by them? Were they approachable? Whoever carries out the interviews within your company holds a vital key for attracting and giving a positive account of what it is like to work for YOU.
5. Development & Salary Reviews
Laying out in an advert how often reviews and salary reviews are carried out can show how much a company values employees. Feeling valued and part of the business comes with regular feedback and growth reviews. Candidates that feel they are succeeding and being rewarded are more likely to stay put than those that are undervalued or not recognised for the work they do. Statistics show that employers with higher engagement levels have 18% lower turnover levels than those that don’t. Food for thought!
6. Flexible working hours
Post COVID-19 , hybrid working and flexible working hours have become an important factor for candidates wanting to have a better work life balance. It has become a very attractive benefit and something a lot of candidates are now looking for in the search for a new role.
Almost half of the employees that worked from home during COVID-19 did not return to employers due to not providing remote work following COVID-19. (Pwc.com, 2021), and 80% of full-time workers expected to work from home at least three times post pandemic.
In July 2023 we saw The Employment Relations (Flexibly Working) Act 2023 receive Royal Assent. Once in place, this act will dictate important changes to the current rights that employees have in relation to requesting flexible working. But incorporating this into your companies values from the outset saves the long drawn out process an employee has to go through, and will only be a benefit in their eyes.
So how do we conclude?
It is evident times are changing, while we can look at turnover and retention statistics, the key factors here are that employees want to feel valued within an environment they feel comfortable and that allows them to grow and offer a healthy work life balance.
A happy employee is the key to a successful business. Who doesn’t want a happy workforce with better productivity? After all, it could and should increase your profits….. I will leave that there!
References
https://www.myshortlister.com/insights/employment-turnover-statistics
