Boosting talent attraction and retention in times of uncertainty

With the UK pay growth slowdown and stubbornly high inflation resulting in a prolonged cost of living crisis, companies find it incredibly tough to attract and hold on to the best talent. According to recent reports, people are voluntarily quitting jobs faster than businesses can replace them. However, as 2023 unfolds, remember that new challenges also create new opportunities. Below are 5 top tips that will help your business adapt to the ever-changing recruitment market.

1. List well-being benefits on your job postings

It’s a high-paced labour market with aggressive job advertising, and candidates are taking a holistic view when weighing job offers. So, if you believe that wellbeing impacts recruitment and retention rates, you are absolutely right and here’s why.

Data suggests an average of 87 percent of jobseekers of all age groups consider the health and wellness benefits on offer.
Data suggests an average of 87 percent of jobseekers of all age groups consider the health and wellness benefits on offer

So, next time you are writing up a job ad, consider including tailored benefits to stand out from the crowd and increase ad response.

2. Listen well to what your employees have to say

Employees often feel underappreciated and overworked. Therefore, with the aim of boosting staff engagement in the workplace, it is highly important that you take genuine interest in what employees want, and especially, how they feel. Not only will it promote staff inclusion and a two-way communication, but employees will feel valued knowing that you are concerned about their wellness the same way you are about their productivity

Do not miss out on initiatives such as inviting your team to complete wellbeing surveys to evaluate how they feel and highlight pain points
These surveys could later be used as a benchmark to track improvements in staff wellbeing

3. Convert the office team into a hybrid team

Another example of a modern employer practices would be considering the hybrid working for your employees

According to the ONS, over 50% of employees in the UK would quit if the option to work from home was withdrawn
ONS data suggests, in the period from September 2022 to January 2023, 16% of the workforce in the UK worked solely from home, while 28% were hybrid workers who split working hours between home and the office
Even more than this, 40 % of employees stated they worked from home in the last 7 days compared to 12% in 2019

A game-changer for employee retention, hybrid working brings wellbeing benefits such as improved mental health, better work-life balance, and lower stress levels. To further support the wellbeing of your employees consider having days for all of you to be in the office together and host open discussions or teambuilding activities to help build connections

4. Re-think your office environment

Despite it is somehow natural for most businesses to adapt to hybrid working, the office still has an important role to play in staff wellbeing. Employees factor in physical environment in the office to have huge impact on stress levels, physical health, and interactions of colleagues

Most modern offices nowadays are more than simply a room filled with desks and computers – consider investing in an office design which inspires creativity, innovation, collaboration and relieves stress
Some business owners chose to have bright open spaces with plenty of natural light combined with mood-boosting elements such as greenery and plants to encourage people to connect
Modern offices also feature break-out spaces, branding the office space, sit and stand workstations and many more that improves employee engagement and loyalty

More simple wellbeing ideas may include ergonomic workstations, water stations, walking breaks, wellness tracker, cycle to work scheme, early finish on Fridays, casual dress

5. Financial well-being

Despite the exacerbated economic situation, employees will first try to discuss their financial well-being with their employer before resorting to other measures such as looking for a higher-paid job elsewhere. In the capacity of an employer, it is your role to win the trust of your employees and let them speak to you about their financial wellbeing. Although, the cost-of-living crisis puts more pressure on us all, employers who are ready to listen to their workers while show empathy and honesty, are likely to see this pay off in staff engagement and turnover rates

Since early 2022, It is not uncommon for employers to offer one-off payments to help employees cope with the rising energy prices as well as discount food vouchers, summer hours, birthdays off, free meals and treats, and subsidised gym memberships
Financial well-being support can also include financial literacy such as helping workers with budgeting, improving credit score, managing debt and long-term planning

If none of the above is listed within your existing employee wellbeing programme, it is worth reviewing it to improve retention rates