Reports show that the amount of people without a job is currently at the lowest it has been in over 40 years and the unemployment rate is at just 4%. While this is great for the UK and the economy, it does mean it is tougher to get the best talent into your business.
British workers are currently enjoying the strongest wage growth in 3 years further to this candidate-driven market. However, if your business can’t afford to pay the highest to win the talent into your business, what can you do?
Firstly you need to look beyond the wages. It is not all about the money. Pay rises aren’t enough to motivate and retain job seekers. A recent survey revealed that over a 25% of all employees in the UK would value additional leave, sabbaticals and flexible working more than a higher salary. This is definitely worth considering when you are looking to attract the best talent in today’s candidate driven market.
The Human Capital Edge, a people management reference book by Ira Kay and Bruce N. Pfau, looked at what employees want from work. Having looked across the generations, races and genders there were 4 main things that employees essentially want from their job;
- They want to work for an organisation that they can be proud of. This is an organisation that is successful, high performing and a leader.
- Employees want to work in a job that maximises their performance, in an environment that makes the most of their abilities. They want to work for an organisation that provides the resources, information and training that is needed to perform their job.
- Employees want to be treated well financially but also physiologically. They want to work in an environment that is inclusive and they feel respected and valued, but also treated fairly.
- Employees also want to enjoy their job and they want to enjoy working for their employer. Alongside this employees want to derive a sense of meaning and purpose from their job and what they do.
How many of these points are you offering to attract talent to your business? Consider ways that you can offer these benefits that employee’s value and make sure they are included when you are advertising vacancies.