ATTRACTING TOP TALENT IN THE COST OF LIVING CRISIS: 10 STEP GUIDE
Posted on 9th November 2022
We previously shared the latest trend analysis that the cost-of living crisis could lead to a new surge of active candidates. While the solution for how to attract these new candidates may seem to obviously centre on salaries, a carefully considered hiring strategy will require a more nuanced approach. Below are our top 10 tips for attracting new candidates looking to enhance their finances.
01. BENCHMARK YOUR SALARIES
Offering the ideal salary requires a thorough approach. Benchmarking analysis needs to be done with attention paid to a range of variables. Competitor research, similar roles in the market, key required skills, location and predicted future trends all need to be considered.
02. OTHER FINANCIAL INCENTIVES
Salary is just one piece of the employee renumeration puzzle. Think about the expectations a role may carry in relation to bonus structures and whether this rests on team or individual efforts. Senior appointments might benefit from some form of long-term financial incentive.
03. CASH SAVING BENEFITS
There’s still a huge range of options available to save employees cash aside from direct salary. For example, many businesses offer free medical insurance and cash plans, while others offering free lunches - all of which can provide genuinely attractive savings for staff.
04. HYBRID & REMOTE SAVINGS
Hybrid and remote working can benefit employers and staff - employers can operate with reduced costs while employees can save huge amounts in reduced travel. Those who would otherwise be embarking on long-distance commutes could save significant sums!
05. ASSESS CURRENT PERK SPEND
Many ‘traditional’ office benefits (such as lavish festive parties) could potentially fence off funds that might be better spent in other areas to attract new candidates (specifically within the context of a cost-of-living crisis).
06. PENSION CONTRIBUTIONS
Generous pension contributions can be effective in providing longer term financial peace-of-mind for potential new employees. With a generous structure in place, new employees will want to view appointment as a long-term move that benefits everyone.
07. OUTLINE FUTURE CAREER PROGRESSIONS
Another way to provide longer term financial peace-of-mind is to openly outline potential opportunities for future career progression. No-one looking to change jobs for a cash boost wants to feel like they’ll quickly hit a dead-end.
08. EMPHASISE LONGEVITY & ASPIRATIONS
In the current climate, employees want reassurance around stability. A new start-up with a tiny team probably won’t be their favoured set-up right now. By emphasising your business’s longevity and aspirations, you’ll provide real reassurance.
09. DEFINE & ENHANCE YOUR WORKING CULTURE
While money will be at the top of the agenda for many in the current jobs market, it still isn’t everything. Make sure you clearly define your company culture and ensure it provides a positive environment that promotes collaboration & growth.
10. BE SENSITIVE
Interviews conducted in the middle of a cost of living crisis may need adjusting accordingly. Usual questions around “why do you want to work here?” may need to be viewed with an understanding that we’re living through a very specific, financially-challenging context.
SHAPING YOUR HIRING STRATEGY
At Netbox Recruitment, we have worked with a multitude of businesses in shaping various aspects of their hiring strategies that are directly relevant to the current opportunities and challenges facing businesses through the revitalised availability of new candidates. We have undertaken compressive salary benchmarking, advised on benefit structures and how to act as an employer of choice by offering real benefits that truly strike a chord with today's best candidates. For more information and for a free hiring review contact us on firstname.lastname@example.org or call 0344 2572070.