War for talent

March 18, 2022

  • The ’war for talent’ continues, building upon months and months of rising job vacancy levels
  • And increased competition means many firms have resorted to inflating salaries and offering lucrative work perks to get the best in class
  • But when almost every firm in the hiring market offering similar benefits, how can leaders be sure they’re recruiting the best of the best?

UK workplaces are in the midst of a hiring crisis. The fallout from Brexit, coupled with the impact of the coronavirus pandemic, has seen many workers return to their home countries, and many sectors across the nation are struggling to plug gaps as a result.

Furthermore, the latest ONS figures, reported on today by the Financial Times, show that the unemployment rate has fallen to 3.9% in the three months to January, down from 4.1% in the previous quarter, while the employment rate increased to 75.6%

But with record levels of job vacancies comes increased competition for the best candidates. So how can leaders sort the wheat from the chaff, and then lure these candidates away from other enticing job offers? Grapevine Leaders has collated some ideas below:

Make your offer ‘magnetic’

All leaders should be well acquainted with an employee value proposition (EVP) – or the balance of what an employee ‘gives’ for what they ‘get’ out of their role. In the current climate, leaders must accept that this balance is weighted on the side of the employee. This means that your EVP must offer what others cannot. Development, strong structures, progressive work-life balance and the assurance that hard work will result in further opportunities are a must.

Work perks

Recent data from London-based workplace benefits marketplace Juno has shed light on the lengths firms are going to in an attempt to keep existing staff happy, and attract fresh talent.

Among the ‘work perks’ being doled out by some bosses are: free video game vouchers, plants, regular meal kit deliveries, and at-home cleaning services for work-from-home offices.

Juno polled a sample of 110 businesses using its platform, and found a “significant spike” in demand for these "non-conventional workplace benefits".

Work-based perks are far from a new trend, but increasingly we are seeing a shift towards more quirky offerings.

Hybrid models

Future Strategy Club (FSC) recently revealed that 58% of UK workers now want flexibility in their current role, with 43% agreeing that they would consider leaving their job if not given a hybrid work option.

This means firms must respond to this request and proactively develop their employee retention strategies to ensure longevity, and to attract a generation more concerned than ever with purpose, flexibility and work-life balance.

Shout out about your office culture

According to CV-Library research, working for a company with an attractive culture is actually more important to younger workers than their wages, as is feeling a sense of purpose and mission in their careers. So, building a culture in which values are keenly felt, wellbeing is considered, and communication/collaboration are abundant, is essential.

Source: Liam Soutar, Grapevine Leaders

Link: https://www.grapevineleaders.com/content/article/2022-03-15-as-vacancies-hit-record-high-what-do-you-need-to-do-to-attract-staff

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