First published: June 10th, 2022
It’s everywhere in the news. Headlines screaming out ‘cost of living reaches all-time high in 30 years’. The situation is bad, and it’s only getting worse. So, it’s no surprise to see staff looking for pay rises and bosses looking for pay cuts…
Still, it’s crisis after crisis as the Great Resignation trend totters on. Competition for talent is high – as are expectations. Post-pandemic job hunting is on the rise. Now, lots of employees are re-evaluating their career choices as they try to find the right fit for them.
Yes, they might strive for higher salaries to compete with higher costs of living – but that’s not all they’re looking for, and it’s not the only thing that keeps them in a job.
Flexible working has become not just a desirable, but a must-have for some. Staff want to cut back on commuting costs and research has found that 31% of workers reject jobs that don’t offer flexible hours.
In the same vein, businesses are considering pay cuts for remote workers, which isn’t a wise move if your goal is to retain staff. You might not be in a position to offer staff a pay rise but there might be other ways you can support them financially. What about offering free lunches? Childcare options? A commuting loan?
In times of uncertainty, professionals are looking for support. It’s not just about money. Employees want to know their wellbeing matters to you.
Mental health is always a concern and after a tumultuous couple of years, you need to have support in place for staff. If you have an Employee Assistance Programme (EAP), this is a great way for staff to access advice on money-saving tactics and a safe space for them to talk about their anxieties.
Financial stress can easily lead to mental health issues, so making counselling accessible to staff is likely to make them feel more at ease and more valued.
This is the time for you to adapt your approach to attract - and retain - the best talent. Get in the mind of your ideal candidate. If you were looking for a job in the current climate, how would you be feeling? What matters most to you? Maybe it’s work-life balance. Maybe it’s flexibility. Maybe it’s a positive work environment. Generally, people are looking for a combination of things.
And it’s up to you to show why you’re the business for them.
You don’t have to figure it out on your own. With Peninsula, you have access to unlimited 24-hour advice from HR experts who’ll give you practical tips on how to support and retain your staff.
You can also get your contracts and policies crafted and updated for you. Your advisors are there to rid you of the burden and keep you safe and successful, no matter your situation.
To get instant professional HR advice today, give us a call on 0800 917 0771.
