It’s more important than ever to create and develop both retention and attraction strategies to suit individual businesses as what works for one will often be different to what works for another. In my role, it’s so interesting to hear new initiatives and ideas on how to improve in areas such as flexible working and how this has changed and evolved since lockdown, like views on wellbeing budgets, holiday allowance and what is no longer seen as important for people heading back to the office on a more regular basis.
If you’ve read my recent article focussing on recruiting during economic uncertainty, you’ll have no doubt realised the importance of attracting and keeping top talent. This applies especially when the financial climate may not be encouraging individuals to take the risk of changing jobs and may even make them question if they are receiving adequate remuneration in light of an increase in living costs.
In this blog discover more insights from some of the most connected and experienced figures in the industry on how to attract and retain your staff heading into 2023 and beyond.
Most businesses now seem to be going back to a minimum of two to three days a week, depending on the sector this could be more than this. Connections in industries such as architecture are in and on-site four to five days a week. For us working as part of an embedded team, we are in the two to three days a week, but aim to co-ordinate between both our own internal team and also the client teams. I have heard of other companies moving to mandatory two fixed days a week with one flex. I think a large % of businesses across all sectors will now be hybrid for the foreseeable future and will be part of the reason some will look to move to (or leave) a company. Both working hybrid and having flexibility are key components of a package for people now.
Businesses have dramatically changed in quite a short space of time to focus on employee wellbeing. I have never worked for a company that offer so much to people. WPP Global this year offered a ‘Making Space’ long weekend back in July whereby they granted everyone under WPP an extra Friday and Monday in July for everyone to have a long weekend to help with wellbeing. In addition to this, with Mental Health Awareness week two weeks ago, mSix also granted a free Friday off for Mental Health Awareness. In addition, there was numerous talks and cross company promotion of Mental Health with numerous types of support available across the organization. E.g. Free Mindspace subscription, employee assistance programs, free BUPA medical cover.
Since the pandemic there has been a noticeable shift in remote working being a candidates preferred working arrangement - even if the candidate is based in the same city as your company. The pandemic has also improved people's approach to wellbeing and mental health, which has made benefit packages and company culture even more important than before. An enticing and unique benefits package with a remote first working arrangement has become key to attracting and retaining talent.
Flexible/hybrid working is key. Businesses need not fear it, and if they do, they’re just driving the best talent away. On top of this, office culture is vital. From providing regular culture focused events (even little things like monthly payday meals and drinks etc) to ensuring the office is an inspiring environment (space to break out, modern set up, vibrancy and colour), people will want to feel more invested in the company and coming into the office.
But the biggest focus for improving retention should be progression plans. Giving people goal posts to work towards followed by rewards (such as promotions, pay rises, team expansion), is how you keep your talent. If you don’t invest within you might as well forget about bringing new talent in as you will struggle to attract and keep them.
In order to help employers retain staff or even attract new employees, I feel a balance needs to be struck with a decent financial package and flexible working. Following the pandemic and lockdowns, more and more people are wanting to strike a work life balance and simply live more. Nowadays, the hybrid working model is very much the here and now, whereas personally I believe a 4-day week is the future. You could argue a 5-day week isn’t exactly a work life balance. Therefore, I feel employers will require striking this balance to offer a good financial package to support living on top of offering some frills (flexi working/4-day week/increased holidays) in order to differentiate themselves and attract/retain the best talent moving into 2023, whilst also improving productivity.
Hopefully this has illuminated the ways in which you and your business can attract and hold on to the best candidates in the industry heading into the next year.
If you would like any advice when it comes to building a strong and talented team, please get in touch with us today, we’d be happy to help!
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