Attracting Top Talent on a Budget

As Chemical specialist headhunters, we have an interesting overview of the market specifics; we can often see what is working and what is not when it comes to attracting talent.

Our advice on this topic applies to every company, from corporates to high growth SME’s and start-ups.  Most of the teams we talk to, whether established or early stage, are often constrained by budgets so we have put together our tips to help you attract top talent on a budget.

1.         Keep up to date and adapt

In markets that are incestuous, competitive, with skills shortages, as an employer you need to keep up to date. Don’t ignore how your competitors are adapting to attract and retain top talent – this may be as simple as keeping up to date with salary levels, employee training benefits and wider renumerations benefits including pensions, saving schemes etc. Know that your reputation goes before you – for good or bad.

• Don’t get known as a company who is set in its ways regarding your recruitment policies with a slow, archaic internal process, who never gives feedback, or you will struggle to attract the best talent and over time lose your good people to fast-paced, more agile businesses. 

• Well-known ‘heritage’ brand names or long-established companies should know the attractiveness of their brands and ‘local’ reputation, but do not overly rely on this. You need to be responsive in your recruitment process to compete ‘and lead the way’ to attract and keep securing exceptional candidates.

• Always promote the attractiveness of your business, through Marketing and PR. Be innovative, proactive, and open-minded in promoting your company as an employer of choice.

• Be a leader in areas such as CSR, Sustainability, Innovation and most importantly Skills/Diversity/Equality/Talent Development/STEM Development in your sector. Be willing to collaborate, to listen, try new ideas and offer different incentives.   

 2.         What excellent candidates want

‘Money isn’t everything’... but it also matters and why most of us work. A company needs to attract a candidate by showing they are seriously listening to their motivations and requirements to attract them to their company and retain them longer term.

• Good candidates want to see their skills are recognised and appreciated, and paid for accordingly, via a comprehensive, overall ‘fair’ package and they are achieving a better progressive offer. This becomes an exceptional package in the candidate’s mind when it is offering what is important to their individual needs.

• The best talent for your company will be excited by what you do, your strategy for growth, your people, the challenge, development, and prospects for themselves within this – ‘Sell’ to them (it’s a two-way thing) what successes they can achieve to contribute as a key member of your team, and don’t forget to keep this communication going post induction.

 3.         Make it real

Whatever combination of benefits, work-life flexibility options, reviews or other reward-recognition schemes your company choose to offer, make sure the culture is ‘real’ and the policies you offer are achievable and supported as your real values and actions, and not just ‘lip-service’ or ‘greenwashing’. Your employees (and ex-employees) will know the real culture and will react accordingly so make sure your values are real.

4.         Ideas in the market

Businesses are offering an array of benefits to attract the best candidates besides salary including:

• Team development days

• Secondments and Sabbaticals

• LTIPs

• Share Options/employee ownerships

• Flexible working

• Dependent leave

• Enhanced Pension

• Private Healthcare/Dental

• Enhanced Sick Leave

• Wellbeing Policies/Gym membership

• EV Schemes

• Bike to work Schemes

• Performance related bonuses

• Professional subscriptions and fees

• Additional holidays

• Flexible locations

Our advice is to regularly check in with your employees on what they need, as it will vary during their working life in line with personal milestones as these change too. Be willing to listen, flexible to an extent, have a suggestion box and always encourage 360 review discussions.

 5.         Investment versus cost

It still holds true that good employers are the ones who genuinely see the costs of attracting top talent and development of its people as an investment; something that is essential for the future growth of its own business, as opposed to ones who see recruitment or training as a wasted cost off the bottom line.  

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