Is attraction and retention still all about salary & benefits?
Attracting and retaining employees is always a topic of conversation in our office. Whether that’s with clients wanting to know what they should be offering. Or from candidates directly who have spent time thinking about what is important to them.
The list has definitely changed over the years and will no doubt change again as our relationship with work continues to evolve.
Today most people see through the cheap (and not so cheerful) perks like free fruit, well-bring packs or ‘dry promotions’ etc. There is far more focus on culture and opportunity for personal growth.
An ambitious, high calibre candidate/employee will likely always be looking for:
• Opportunity and development.
• Company stability, growth and purpose.
• Team fit, people engagement, inclusion, diversity.
• Leadership style and autonomy to do their job.
• Open and honest communication.
• And... reward and recognition.
Of course, the last one is the big one; people want to feel that if they are moving, they are welcomed as a positive addition to the new company and that they will be compensated fairly for the worth of that new role.
In offer negotiations, it often boils down to discussing fine margins regarding the over-all package which at a senior level would normally include:
• Bonus and long-term incentive plans (LTIPs) including shares and investment potential.
• Enhanced pension contributions by the employer (and the max. total combined).
• Family healthcare, life assurance, and enhanced sick pay.
• Fully paid periods (4 months or more) of parental or adoptive leave.
• Holidays are becoming increasingly important to people with enhanced leave of more than 30 days per annum, or ability to buy extra holiday days.
• Car allowance or car.
When companies get the culture right their reputation goes before them, resulting in positive recruitment and retention. It is only then that extra perks are seen in the context in which they are genuinely meant, as a happy additional token for a hardworking team to enjoy.
So, coming back to my original question is attraction and retention still all about salary and benefits? For me, the answer is yes and no. You have to tick some of the hygiene boxes to get people through the door. But the differentiator comes from your culture. If you get the culture right then you’re on the right road to empowering people to add value, and that’s when real growth is possible.
For further details contact Anita Caldwell anita.caldwell@rmg-uk.com or visit the website https://www.rmg-uk.com/
