Attracting & retaining the top talent: part two – what to do in 2024
In our last blog, we summarised some of the key findings from IIC’s “Should I Stay or Should I Go” report, the result of a survey of 3,000 UK workers in large organisations (with 500+ employees). You can read that article here.
The IIC report ends, rather helpfully, with some advice on what organisations should be doing to both attract and retain the best people. We think they offer some great advice, and it seems pertinent to offer these up, along with a couple of our own pointers, as the final instalment of our January trilogy on looking at the year ahead.
In order to keep your talent…
Review your pay and benefits offer. How does it compare with similar organisations within your sector? Cold, hard cash still matters. In fact, in a continuing cost of living crisis, take home pay and other benefits matter more than ever. This process needs to happen regularly, too; it doesn’t take long in today’s market for a reasonable pay offer to slip into the realm of something less attractive.
Make sure you are shouting about your benefits package. Schedule in some engaging comms throughout the year. It’s always timely to remind your existing people about what’s on offer and you may also catch some newer starters who aren’t fully aware or haven’t taken the time to weigh up what’s right for them. They’re the young guns who may start to look elsewhere if they think your offer isn’t competitive. Case studies and video content are great for this. Having your own employees talking about what they have signed up to and how it benefits them will be so much more eye-catching, engaging, and persuasive than some dry old text in an email from HR listing the offer.
Focus on recognition and appreciation. IIC recommends you “look at introducing a peer-to-peer recognition scheme to build a culture of appreciation.” And if you wouldn’t know where to start with that, we’ve got you covered!
Take a good look at your leader and manager comms. Do your leaders have the skills, the confidence and the tools and resources to communicate and motivate their teams effectively? As well as the day-to-day leadership stuff, are they able to make their teams feel valued, and do they have a robust understanding of your values and what they mean in practice? Any differences between what you claim as your values and how your managers behave will shred your credibility and trustworthiness. For organisations that struggle to get key messages to all of their people, a digital, remote meeting platform could well save the day.
If you’re not 100% certain that your current comms strategy and digital platforms are fit for purpose and tailored to your business, then request a comms health check. An audit of your offering and how your comms are landing now could be a game-changer when it comes to retaining your talent for 2024 and beyond.
In order to attract new talent…
Set your salaries against industry benchmarks. The number of job vacancies may have fallen a little from its recent peak, but there are still plenty of options out there for those seeking a new role. You simply cannot get away with undercutting on salary offering now. Even if you do recruit with a “discounted offering”, you won’t be getting the top of the talent pool and you won’t keep any of them for long. The same goes for the benefits package. Is yours competitive and in line with the offerings of similar sized businesses? Be sure to include the salary, benefits package and details of flexible working opportunities in your job ads. “Salary – competitive” and “benefits – are available” will not cut it with today’s jobseekers.
Get creative with your recruitment drives. Case studies with existing employees talking about their experiences and what they love about working for you can work wonders. Video versions of these can be even more authentic and persuasive.
Revisit your interview structure. It’s all-too-easy to focus exclusively on the job role on offer and associated headline Ts-&-Cs. Whilst getting to know the candidate as well as possible at interview is key, you also want them to leave with a detailed knowledge (and positive view) of your organisation and all that you have to offer. Include some detail on your development and progression opportunities, your values and culture. If you’re interviewing a Millennial or a Gen Z candidate, you might also want to talk about your ethical standards, community commitments and green credentials.
In short, on top of ensuring your pay and benefits are competitive, the key to keeping your talent is to focus on your Employee Value Proposition (EVP), and a good start to attracting it is to tell them about how you focus on it!