Are high salaries enough for the best talent?

While the UK may officially be out of recession, employers are still looking long and hard at their cost base. Workforces are continually being trimmed; and if most FD's had their way, organisations would be left with all but a few, incredibly talented and equally overworked employees!

How to retain talented employees

Talented employees are facing increased workloads; shrinking budgets; and more demanding targets to keep the business productive and profitable. In this kind of cost-cutting and highly pressured environment you can understand why employers are looking for ways to attract, retain and engage the best talent.

The priority for HR professionals is to work out just what employees want and need to remain loyal and engaged. The good news is that financial incentives and higher salaries are often not top of the employees' wish lists.

So if it's not just money - what do employees want?

Many companies have introduced talent management strategies, well-being initiatives and family friendly employee benefit packages to appear more attractive to applicants. Employers are going that extra mile by demonstrating a holistic approach to human resources because they understand that by supporting work-life balance it will increase staff loyalty, staff engagement and thus productivity and profitability in the long term.

Employers are also taking advantage of the competitive edge that marketing and branding can provide. Marketing has been described as the ability to promote the right product or offering to the right person at the right time. Recruitment teams face the same issues: they need to have the right jobs for the right people at the right time.

Benefits of promoting the employer brand

Employer brand is a term many HR professionals have come to hear more regularly. Awards like The Sunday Times 100 Best Companies and Top Employers for Working Families are giving organisations the opportunity to build their employer brands, promote their initiatives and be recognised for the extra benefits they provide.

It is no different to the "hidden powers" that convince us that Coca-Cola or Pepsi is better than a basic brand cola. Employer culture, values and work ethics will impact the type of talent an organisation attracts and retains. It will also affect the level of motivation, engagement and productivity.

Supporting employees' care needs

The workforce is changing - 46% is female and is getting older. That means that more and more valuable employees also have care commitments - whether it's their children, parents or other dependents. Whilst flexible working has made a massive difference to the lives of SOME working parents and carers, other employers have a long way to go.

In the fight to keep the best talent, employers are increasingly offering childcare, eldercare and maternity support. Working parents and carer strategies are usually a mix of practical solutions like Childcare Vouchers and some sort of backup care programme, teamed up with training, workshops and KIT days. Top employees will also be offered high level coaching, and a consultant to help with the maternity journey.

These schemes have seen return to work rates rocket and childcare related absenteeism plummet. Having the right working parent strategies in place has seen smoother transitions from working woman to working mum, making the whole process less stressful for the employee and less disruptive for the employer. If you'd like to discuss in further detail, please contact us.