What vibe do you think people get from your workplace?
Do people get a good feeling when they walk into the office? Does it appeal to potential new team members? This blog explains how focusing on flexibility, inclusivity, wellbeing, and technology can help you attract and retain talent in a tough hiring market.
It's not just about the money
With low unemployment and increased competition for people, businesses are changing their offering to attract and retain the best employees. Many are not looking to change jobs based on salary; the pandemic has caused people to re-evaluate their priorities namely how they want to work and who they want to work for.
Back in March of this year, accounting giant, PwC surveyed more than 52,000 workers globally and according to an article in the BBC, 2,000 workers from the UK (from various industries) responded. The findings suggest that almost one in five are likely to change jobs by March 2023 in the hope of gaining more money and job satisfaction.
- 18% said they were "very or extremely likely" to switch
- 32% said they were "moderately or slightly likely" to switch
- 16% were planning to leave the workforce temporarily or permanently.
The motivating factor?
- 72% responded that money was the motivating factor
- 68% wanted a more satisfying role
- 63% wanted to "truly be themselves at work".
The study also found that those under 24 (known as Gen Z) and those above but younger than 40 years (Millennials) were more likely to seek new opportunities.
How can you ensure your business remains competitive? Here are 5 key opportunities to focus on:
Flexible working conditions
One size doesn’t fit all when it comes to working conditions; we should consider the needs and wants of the individual. Ask your people how they work best and what personal things they‘d ideally like to work around. Whether it’s starting early, finishing later, working from home regularly, or accommodating a particular appointment each week; studies have shown that flexibility increases productivity, boosts morale, and increases loyalty.
Diversity, equality and inclusion
Diversity breeds innovation and excellence. By recognising the value a diverse team brings, your business will attract more talent. When team members feel included, valued, and able to be themselves, they’re happier in their role and less likely to leave. Review your current recruitment processes for opportunities to attract a more diverse pool of talent and undertake training if you’re unsure how you can make your business truly diverse, equal and inclusive.
Prioritise mental health and wellbeing
People no longer accept that their mental health and wellbeing should come second to their job. Burnout is a real issue and results in poor performance, strained relationships, and increased sick leave. What do you do to support your team’s health and wellbeing? It could be offering a 4.5 day work week (on 5 day pay), or arranging regular team social events and lunchtime exercise sessions in the office.
Technology as an enabler
Team members want to utilise the best technology to increase efficiency and automate tasks. How often do you review your current setup? Is it easy for your team to collaborate no matter where they’re working? Does your team know what others are working on and what their priorities are? Are there tasks that are done manually but could be automated or streamlined with technology?
Is there a good vibe in the office?
Your team spends more hours at work than they do with their own family. How does the vibe feel when you walk in? Are your team members working collaboratively and having fun while producing high-value work? Do they feel comfortable providing honest feedback or asking for help when needed? When people are happy at work, they’re generally healthier, less stressed, more inspired to work to a high standard, and have higher job satisfaction.
Do as much as you can
By reviewing your business with these 5 aspects in mind, you can identify areas of improvement to help you attract and retain the best talent. However, it would be unrealistic to expect every business to be in a position to offer everything their people want.
What’s important is to discuss what each individual needs to thrive and balance in their role. A happier team is more productive, performs to a higher standard, and is more likely to be committed and loyal to the business.