How to fix your talent acquisition and retention strategy
/If you were to run a survey of 100 HR professionals today, asking what their top three priorities are right now, I’d be very surprised if almost all of them didn’t have talent acquisition and retention in there.
In the last few years there has been an increasing sense of understanding within the business community that losing (and, consequently, hiring) talent is a costly business – and that it pays to hang on to your best people.
Were you to average out the various quoited figures on the cost of one new hire into your business, you’d come up with something around the £5.000 mark – a total that represents a not insignificant dent in your bottom line, especially if yours is a business that operates within tight margins.
With news out over the weekend that job vacancies within the UK have fallen sharply in the last year and have now dipped below a million for the first time in 2 years, you’d be forgiven for thinking we’re winning the war on retention.
But results of a survey from Pluxee UK this week suggest there’s still a lot of work to do, especially among the under-35s.
The survey suggests that around two thirds of employed staff in this age bracket have already decided to look for another job in 2024.
At the risk of a bout of hyperbole, this is an eye-wateringly high figure in relation to an issue that has consumed so much time among company HR teams over the last few years, and particularly since the so-called ‘Great Resignation’ triggered by the pandemic.
The underlying data within the survey suggests that remuneration and flexible working are the core issues for young employees.
The cost-of-living crisis has doubtless fuelled the former, whilst growing push to get more employees back into the office more often may well account for the latter.
Added to this is the suggestion that more than half of all employees (54%) believe there is a discrepancy between their expectations and the HR priorities of their organisation for 2024.
Apart from pay and flexible working, this misalignment appears to also relate to an absence of coherent wellbeing strategies and individualised benefits programmes and options.
Addressing gaps in pay structures and ensuring a flexible approach to working practices is, perhaps, the easiest thing to achieve quickly, even if it’s only to accept that your business has neither the cash position nor operational scope to improve things quickly.
But in an increasingly competitive world, firms and their HR teams need to be more agile and more adept in finding other, creative ways to make their workplace a more attractive place to not only join, but also, then, stay.
So, what are your options?
Here are my three tips (aside from pay and flexible working) for not only attracting the right people into your business but hanging onto them once they’re there.
1. Positive Work Environment:
Focus on culture and values to foster a positive and inclusive organisational culture. If you can clearly identify, communicate, and embody the company's values to create a sense of belonging in which your employees feel aligned with the company’s mission, they are more likely to stay.
Look to promote better work-life balance. Remote working isn’t the only practice that defines flexible working. Encourage employees to take breaks and ensure they are actively encouraged to take their full holiday allowance. A balanced lifestyle contributes to overall job satisfaction and reduces burnout.
By publicly recognising and appreciating employees' efforts and achievements. And celebrating milestones achieved by both individuals and teams, you’ll find you exponentially enhance job satisfaction and loyalty.
2. Professional Development Opportunities:
Invest in employees training and growth through training programmes, workshops, and opportunities. Providing avenues for career growth within the organisation demonstrates a commitment to employees' long-term success.
By establishing mentorship programmes and/or providing coaching opportunities to help employees navigate their careers, you can begin to foster that continuous learning and personal growth that is often a key attraction for existing and future employees seeking to advance in their careers.
3. Competitive Compensation and Benefits:
It goes without saying that salaries need to be offered fairly according to industry standards and the employee’s contribution to the organisation. Regularly reviewing and adjusting salaries to remain competitive in the market will there fore help to attract and retain the best talent.
A competitive benefits package that includes health insurance, retirement plans, and other perks enhances enhance job satisfaction and demonstrates that the organisation cares about the well-being of its employees.
Finally, performance-based incentives such as bonuses or profit-sharing programmes enable businesses to recognise and reward high performance and motivates employees to excel in their roles.
Remember that each organisation is unique, so it's essential to tailor retention strategies to align with the specific needs and values of your employees. Regularly seeking feedback through surveys or one-on-one discussions can also help you understand and address specific concerns within your workforce.
If you’d like to find out more about how Constantia Consulting can help to design an employment offer that gets results in attracting and retaining talent, we’d love to talk to you.
