You may have noticed more headlines recently about organisations struggling to recruit the people they need. Whether this is due to people re-thinking their work life in light of Covid, or a lack of overseas workers post-Brexit, many businesses are facing the challenge of attracting and keeping suitable employees.
“Value Proposition” is often used in terms of what businesses offer to their customers, but can equally be applied to your workforce:
- What do you, as an employer, offer to your potential and existing employees?
- How to you attract the best recruits?
- And, once you have recruited them, how do you keep them?
Of course, financial rewards play a large part. Potential employees will look for a good salary, as well as financial extras such as pension schemes and car allowances.
A recent survey of over 1500 employees by Perkbox put employee discounts at the top of a list of benefits, with items such as subsidised gym membership, and access to professional financial advice also proving popular.
So if you are a small business or a not-for-profit organisation, how do you compete?
It is worth remembering that there are a range of things that can be attractive to employees: a similar survey by MediFit found that the majority of employees said having a choice of benefits would increase loyalty to their employer. This illustrates that different employees will have different priorities, be that childcare, flexibility, or personal health. This gives a range of options for employers to tap into.
Also, it isn’t all about the money: we are also seeing evidence that suggests that for a lot of people Covid has prompted a re-evaluation of their work life balance. The same survey by Perkbox found that flexible working – both in terms of hours and the ability to work remotely/work from home scored highly in benefitting wellbeing and happiness.
Finally, and arguably most importantly, the most frequent answer to what would improve employee happiness was: greater recognition for their work. Simply taking the time to recognise the effort an individual puts in, sending an email to formally praise their contribution, or even an occasional “thank you” chocolate cake can make a big difference.
Whatever benefits you may be offering, it is important to remember that the principles of best practice HR management remain the same:
- good communication and effective engagement with employees;
- giving individuals regular feedback on their work and taking time to show you appreciate them;
- fostering a culture of trust and encouraging development.
Do talk to us if you’d like advice on putting this into practice and if you’d like to re-consider how you can improve your ability to attract and retain the best employees.