Frontline is the word on ‘our street’ that will offer useful considerations to hire and retain talent.
Working in the hiring business #GreatHires it will not surprise you that we talk about work more than most; the lack of it, the need for it, the problems with it, the beauty of it, the stress of it and most importantly, the people who can do it!
When times get tough, most workers will look at their pay, leading to an active labour market and money topping the priority list when making career decisions.
A Gallup poll on the Top 6 things employees want in their next job shows that a significant increase in income in benefits has risen to 1st place from 4th in the original survey seven years ago. (List of the top 6 at the end). All of this means that we need to improve conversations around pay.
We are experts at job and role positioning, and we can present your brand and opportunity, the employer value proposition when we get the opportunity, and that’s harder because:
- Fewer people will open a dialogue unless we discuss money and package in the first call.
- More are saying they will talk to me as the package I am proposing is better even if they are not unhappy currently.
- Some people are being honest about their motivations and sharing 3-5-10 year plans (with early retirement in mind).
- Clients seek salary information from the market and make provisions for us to dig deep if necessary.
The six key factors that employees consider most important when deciding whether to take a job with a different organization: gallup.com/workplace (February 22)
1. A significant increase in income or benefits (64% said “very important”)
2. Greater work-life balance and better personal wellbeing (61%)
3. The ability to do what they do best (58%)
4. Greater stability and job security (53%)
5. COVID-19 vaccination policies that align with my beliefs (43%)
6. The organization is diverse and inclusive of all types of people (42%)
Therefore, employers should consider the following:
- Improve your pay conversations. Equip your hiring managers with up-to-date information on pay and total compensation; this will also prevent you from overpaying for talent.
- Review your wellbeing promise. When updating your EVP, it’s time to put wellbeing up front if it’s not already. Employees want to know their employer cares about them as a person and that their work will help them thrive rather than burn out.
- Assess your EVP and candidate experience. Time to review your hiring practice and ensure you attract the top talent.
- Narrow your focus to top talent. Employers who are searching for the best talent need to recognize that high-performing, high-potential individuals often have unique desires. Employers should study their high performers and top-tier job candidates so that their recruiting targets resonate with the right people.