In the past year, employees have faced price inflation and a slowdown in the job market. With many opting for the safety of staying in their current role, what can employers offer to attract talent in 2024? Here’s our rundown of the major factors.
As always, compensation is king, and many employees and candidates are looking for transparency in recruitment and role banding. Legislation in the US has enforced salary disclosure in job advertisements in some states. While there are no similar rules in the UK, more is being asked of large employers when it comes to sharing data on pay differentials for diversity. Being upfront about salary can help clarify a role's seniority and help you identify and attract the right calibre of candidates. We help our clients by benchmarking roles against competitors, taking into account total reward and using a powerful combination of primary and secondary research.
Finding meaning at work is a significant factor in retaining talent long term. Employees who can see the impact of their contribution are more motivated and engaged and more likely to stay. The benefits for organisations are tangible; companies whose employees feel a sense of purpose at work and believe their leaders set clear direction and expectations outperform the stock market by 6.9%.
With Millennials and Gen Z now making up the majority of the workforce, the importance of shared values is increasing. According to a recent LinkedIn survey, 59% of European respondents stated that they would not work for an organisation that does not share their values, with 55% reporting that even a pay increase would not change their minds.
Many employers benefit from the increased engagement that accompanies a shared sense of purpose. The key to success is ensuring these values play out across the business, from ESG policies and charity initiatives to the approach to teamwork and work culture.
Poor management is one of the main factors in attrition, so it follows that openness and honesty are key. A Gallup survey found that 50% of those who had quit had done so because of poor management. Support for employees is essential, as is the ability to facilitate difficult conversations and confront any issues early. Research by the CMI points to the impact of ‘accidental managers’, those who are given line management responsibility without formal training or guidance.
According to New Possible, 50% of employees who don't currently have flexible working options say they’re likely to change jobs in the next year. While a minority of employers are pushing for a full-time return to the office, 73% of employees want more flexibility and this consideration is front of mind when looking for a new role. For those in non-office roles, flexi-time, condensed hours, and the 4-day week are all options which allow for greater work-life balance.
A strong L&D programme with opportunities to learn, clear career pathways, and organisational support provides an attractive proposition for prospective candidates and helps to retain existing talent. According to PwC research, only 40% of employees said that their company is upskilling their workforce, and 39% of employees are concerned they are not getting enough training, especially when it comes to digital and new technologies.
Supporting both physical and mental health, and offering benefits which align with this mission is becoming ever more important. Better health benefits overall wellness, and makes for happier and more productive employees. Benefits can range from subsidised gym memberships and health insurance, to confidential counselling services and fitness classes in the workplace.
Read more in our guide to building a compelling Employee Value Proposition. Learn how to craft an EVP that meets employee expectations and helps you to attract and retain top talent in your organisation.
Only 29% of functional leaders report they have all the talent they need to meet current performance requirements. How can you ensure you are attracting the right talent to your organisation?
Want to understand the key components that make a strong EVP? Dive into our latest guide.
© Talent Insight Group 2024
