The job market has been a swinging pendulum for the past two and a half years and it’s caused a lot of uncertainty for clients and candidates alike. However, we’re now entering an era completely led by candidates.
Globally, one in five employees plan to quit their jobs this year as they seek out more prosperous opportunities. They hold all the power and are in such high demand that businesses are doing everything and anything to secure and, perhaps more importantly, retain talent.
But in such a volatile market, how do you know where to start when it comes to talent retention? We spoke to a few of our brilliant recruiters and asked them to give just a snippet of insight into what helps retention levels in their sectors.
Dani: HR, Marketing and Senior Office
Any smart employer is prioritising retention through their whole package – not just the remuneration and benefits, but the wider well-being and employee experience too. Attractive employers are flexible, they listen to what works for people and ensure that the culture they create fits in with their employees’ lives. This enables teams to deliver a great job alongside their personal commitments.
Jo Howell: Financial Services and Accountancy
For the financial sector it is all about ideally keeping ahead of what your competitors are offering and being able to match them, if not better them. In most cases, the ideal scenario will be creating tailored benefits that are designed with each employee in mind.
Post-pandemic, the genie is somewhat out of the bottle for hybrid working and flexi hours, culture. Those companies who choose not to embrace flexibility will see teams shrink rapidly.
To retain staff, firms are having to promise (and deliver) good progression pathways whilst also offering the flexibility and hybrid working that lots of candidates want in this current market. Also, law firms are bumping salaries right up to keep talent. There is a newly qualified Solicitor salary war going on in Exeter between the bigger firms, which has been interesting to watch unfold!
Lynsey: IT and Tech
Traditionally, benefits offered by a company have been one-size-fits-all. Everyone gets certain holiday allowance; everyone has access to a free gym membership, and everyone can sign up for childcare vouchers.
Employers now realise that, if they are to retain their staff, they need to think about their staff on an individual basis, rather than as a collective.
Now, those businesses that offer a tailored benefits package are far more likely to see staff stay in their roles, not only because they are getting perks that matter to them but also because they feel that their seniors are taking the time and making the effort to get to know them better.
Along the same vein, the IT and Tech market is seeing candidates and current employees calling out for far more flexibility and less emphasis placed on coming into the office. Those businesses that are open to a variety of flexible working models, enabling talent to work where they want, when they want are far more likely to keep employees in situ for far longer.
With the candidate market so tight, we are looking firstly at ‘why’ an employee may want to work here – what makes us different. In a nutshell, that’s culture and as good people want to work with good people, it’s about ensuring that candidates know what a good place it is to work, how they will fit it, how they will be rewarded and how they can be successful with us.
It’s also about ensuring candidates know what training and development they will receive so that they have line of sight to the opportunities to fulfil their career aspirations.
It’s clear that a running theme when it comes to retention is flexibility, both in terms of working models as well as the benefits and perks on offer. Retaining talent is about taking the time to make them feel wanted and needed as well as offering a culture and environment that promotes belonging. Salary, while important, most certainly comes in at second place and may not be the deciding factor between an employee staying or leaving.
If you are looking to implement a strong employee retention strategy, and recruitment solutions advice from an Exeter-based agency would be helpful, please contact our friendly team who will be happy to help.