Today’s labour market is the story of ‘The Great Rethink’, that is, the way many workers are re-evaluating the relationship they have with work and the work life balance, a shift in priorities and value alignment all in the context of the cost-of-living crisis.
It’s no doubt then that recruitment right now is incredibly difficult and with over 45% of employers recorded by CIPD reporting that it’s become more challenging to fill vacancies over the past year, your organisation’s success rests on your recruitment and retention strategy more than ever.
Salary
Salary is the #1 consideration for UK job hunters and a recent survey by CV-Library, one of the leading recruitment sites, found more than three quarters of 4000 workers were considering a new job due to the cost-of-living crisis. So, what can employers do?
- Use market data to benchmark and evaluate salaries and compensation packages.
- Encourage pay transparency. Create a culture that encourages conversations between managers and employees about why workers are paid what they are and rises/bonuses they can expect.
- Consider non-salary benefits such as free breakfasts, employee assistance programmes, access to discounts, travel loans.
- Include flexible working to help employees reduce travelling expenses and childcare costs. According to Business in the Community, some spend as much as 65% of their wages on childcare.
Flexible Working
Flexibility on the where, when and what hours employees work is the new norm and flexible working arrangements (FWA) have been shown to support employee satisfaction and wellbeing with almost a third of workers citing these arrangements as one of their top factors for job satisfaction. The latest report by CIPD on flexible and hybrid working indicates those with FWA are more satisfied with their:
- work–life balance (76% vs 60%)
- control over their work (64% vs 46%)
- job (68% vs 56%)
- manager (70% vs 57%).
Unsurprising then, 17% of employees cite more flexible hours and greater remote working as highly relevant in driving intention to leave.
Training and Progression
Investing in staff development and creating progression opportunities will be key to addressing recruitment and retention challenges in the year ahead which is why more than 9 in 10 large employers plan to increase learning budgets in 2023 (based on research by City & Guilds, which surveyed 600 L&D and HR professionals).
Considerations:
- Formal policies outlining how your organisation can develop its workforce’s skills and competencies to remain successful.
- Frequent conversations with your employees to assess skill gaps and identify demand for training. At present these conversations average once per quarter for managers compared to just once per year for non-managers (Adecco’s Global Workforce of the Future 2022 Report).
- Ongoing internal and external training such as mentoring programs, master classes, industry certification.
Investing in your people and making them feel valued is more important than ever, and according to Adecco’s latest report, for 1 in 4 workers who intend to remain in their current job, this is conditional on there being opportunities to gain new skills and progress within their organisation.
Key Takeaways
UK unemployment remains at a historic low with more vacancies than those looking for jobs, the cost-of-living is soaring and there’s been a dramatic shift of employees’ expectations post-pandemic meaning the ball is very much in the court of candidates today. This remains the fact within the property sector even during a recession.
Moving with the times and being mindful of the cost of turnover is key, and certainly, there are benefits of working with recruitment professionals, including:
- Specialist knowledge of the market
- Access to a wider talent pool
- Faster hiring
If you have any questions or would like support with your acquisition and retention strategies, please leave your enquiry or call us on 020 7430 0088.
