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.
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.
So, next time you are writing up a job ad, consider including tailored benefits to stand out from the crowd and increase ad response.
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
Another example of a modern employer practices would be considering the hybrid working for your employees
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
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
More simple wellbeing ideas may include ergonomic workstations, water stations, walking breaks, wellness tracker, cycle to work scheme, early finish on Fridays, casual dress
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
If none of the above is listed within your existing employee wellbeing programme, it is worth reviewing it to improve retention rates