In the wake of the pandemic, the UK job market has changed forever. The employment landscape has rebounded strongly, with the latest figures from the ONS showing an estimated 1,124,000 job vacancies from December 2022 to February 2023, which has created a unique challenge for businesses in all sectors: attracting and retaining top-quality candidates.
But don't let the current landscape intimidate you. Many job seekers today are no longer solely driven by the figure on their pay packet but also value the overall benefits package and company culture that comes with it. So let's explore several ways to position your company as an employer of choice and enhance your chances of securing top talent for your team.
The Evolving Priorities of Job Seekers
Before considering who you want to employ, it is important to acknowledge that priorities have shifted over the past few years. This means that what you offer job seekers is crucial in attracting and retaining staff.
While salary remains a significant factor, today's applicants place a higher value on work-life balance, flexibility, and growth opportunities. As an employer, it's essential to recognise these shifting priorities and respond accordingly. Below, we have highlighted several suggestions your company can integrate or refresh to secure outstanding candidates.
Number 1: Offering Competitive Salaries and Benefits
To remain competitive in the job market, employers must offer fair wages and an attractive salary…but that's not all. Offering additional perks and incentives can help set an employer above the rest and create a happier and more motivated workforce. Some ideas include:
Mobile phone compensation: Providing employees with a company-paid mobile phone or a monthly phone allowance can go a long way in boosting morale, productivity, and overall feelings of appreciation.
Gym membership: This can come in the form of a company-paid gym membership or a discount at a local gym. Encouraging employees to maintain a healthy lifestyle benefits their physical and mental health, leading to a happier and more productive workforce.
Private healthcare is another perk that can set an employer apart from its competition. Providing access to private medical care can help employees feel valued and supported, increasing loyalty and job satisfaction.
Workplace facilities: Showers can make a big difference for employees who cycle, run, or exercise during their lunch break, helping them feel refreshed and energised throughout the day. In addition, a well-equipped kitchen, or even something as simple as free fruit, can promote healthy eating habits and encourage social interaction as well as a sense of community.
It's worth noting that not all benefits will apply to every workplace or employee; instead, we hope these suggestions can inspire your own promotional or incentive tools that work for you and your teams.
Please also note with some benefits, employees might be in scope for BIK (Benefit in Kind), so it is always worth checking if your benefits package will affect your employee's tax payments.
Number 2: Providing Opportunities for Growth and Development
Does your business offer concrete paths for growth and development? This could take the form of workshops, seminars, or coaching sessions aimed at helping employees improve their skills or pursue their personal goals. Alternatively, you might offer a 'budget' for annual external training, allowing employees to attend conferences, workshops, or courses directly relevant to their work.
Another effective strategy for fostering employee development is by providing mentoring or coaching opportunities. This might involve pairing employees with more experienced colleagues who can offer guidance, support, and feedback on their work. Not only does this help employees improve their skills and knowledge, but it also builds strong relationships within the organisation and promotes a culture of learning and growth.
Overall, what helps attract and retain employees are businesses that go beyond just 'stating' there is an opportunity for growth and outline the actual path to growth so employees can see it isn't just words.
Number 3: Embracing Flexibility and Adaptability
Though many roles still require a physical presence, offering flexible working styles and arrangements, including remote work (where possible), flexible schedules, and job-sharing opportunities, can be a huge deciding factor for job seekers. Providing this flexibility allows employees to balance their work and personal lives, reducing the risk of burnout and improving job satisfaction. Temporary roles can also serve as a stepping stone for candidates looking to transition into permanent positions or attract quality candidates who may have been out of work or are looking to re-enter the workforce at their own pace.
It's important to strike a balance and ensure that flexible working arrangements align with the company's objectives and the demands of the role. The aim is to create an optimum work rhythm that allows employees to perform at their best. A clear and concise flexible working programme ensures that both employees and employers benefit.
The Future UK Workforce
All in all, the UK workforce is more competitive than ever, and as it continues to evolve, employers need to stay ahead of the curve. Companies can retain quality candidates and maintain a competitive edge by offering competitive salaries, benefits, growth opportunities, and flexibility. Fostering a positive company culture and prioritising employee well-being can go a long way in attracting and retaining top talent.
In today's job market, it's no longer enough to simply offer a job - companies need to actively demonstrate their value proposition to stand out from the crowd and secure the best candidates for their team.
Interested in learning more? Our team is on hand and ready to help; email us at enquiries@thrivegroup.co.uk or call our expert team at (+44)1793 488057 today!
