Attracting and retaining top talent remains one of the biggest challenges businesses face in 2020; and it is no different for HR teams.
Be adaptable and creative in 2020
With the ever-challenging economic environment, coupled with a changing and diverse workforce, HR teams need to be creative and competitive if they want to stand any chance of attracting the new generation of talented HR professionals to their organisation; here are our TOP TIPS!
1. Offering flexibility is a MUST
As the workforce demographic has changed, so have the needs and expectations of the new generation of HR professionals. No longer solely focused on the highest possible compensation, flexibility is now rated as a key factor when employees look for new roles and prospective employers. Be it working from home, compressed hours or flexible schedules, work life balance is now what people look for. And taking into account the fact that many Millennials have only existed in a workplace where technology has allowed us to access information at any time or when in any location, flexibility is now seen as the norm rather than a perk or something you have to earn!
We recently conducted a survey of our candidates and clients, discovering that while 65% of respondents outlined that their employer offers flexibility in the workplace, that meant a relatively large proportion (35%) are still behind the curve.
2. Always pay attention to employee engagement
Over the last decade or so, businesses across the UK have focused on their employee engagement programmes much more. We all now agree “a happy employee is a productive employee” meaning the idea of strong employee engagement is a prerequisite rather than nice-to-have for the new generation of HR talent.
HR teams now track, analyse and present successful examples of employee engagement to ensure top talent is both attracted and retained! With the introduction of sites like Glassdoor, potential employees can view and consider the engagement of your current and past employees like never before.
3. Prospective employees care about your ‘company brand’
Emerging HR professionals are now, more than ever, aware and conscious of who they work for, and what their employer stands for. Before you even get to consider a prospective employee, let alone directly meeting them, they will have researched, Googled, followed, liked, connected etc. with your business. They will be forming a perception of who you are based on the information they find online – your company brand and how you choose to represent it on social media channels is therefore key to ensuring you attract top talent, rather than lose out to a more proactive and potentially tech-savvy competitor.
To ensure your business is attractive to the new generation of HR talent, it is key that you use your social media presence to frequently and positively engage with your audience, ensuring your content and message is aligned with your brand and vision.
It is also key that you remain consistent (in your content and in your messaging) and engage your current workforce so that your social media presence is transparent and genuine.
4. Creative and competitive compensation & benefits packages
The amount someone is going to be paid is always going to be an important driver when attracting new talent. The way people are remunerated is more than just a salary though, and the companies that are not only competitive but creative with their compensation and reward packages as well are always going to be able to attract the top talent.
A study conducted by AON has also shown that the amount of money businesses are setting aside to pay out in bonuses in 2020 has increased from both 2019 and 2018. This demonstrates the importance of rewarding employees in a structured and transparent way.
The new generation of HR professionals want to hear about the access to:
- Bonuses (individual as well as company related)
- LTIP’s and other Share Option plans
- Holiday related choices
- Wellbeing initiatives
- Gym memberships
- Training courses or memberships
- High pension %
- Private healthcare
- Subsidised workplace perks
5. Make sure you offer a clear and progressive career path for your employees
HR professionals are keen to understand how they can take the next step in their careers, and in a study conducted by Garter, it shows that a lack of career development is a key factor driving professionals looking to move jobs.
Ensuring you have a transparent career path for promotion, with structured pay reviews and development opportunities, will mean you not only attract top talent but also ensure your current employees feel valued as well as engaged. Similarly, by sharing the support you offer in an easily accessible and concise manner (be it promotional targets, competencies per level, access to personal or professional development programmes etc.) you will attract people that are both ambitious and culturally aligned to your business!