The dynamics of the job market are beginning to shift, however at the moment it is still favouring candidates. In this current competitive situation, attracting and retaining talent is an important issue for all businesses. We’re seeing high numbers of talented professionals quitting their jobs because they’re not feeling fulfilled in their position and they can see better opportunities out there.
So, what inducements (other than a higher salary) are companies offering to attract talent and make their most valued workers happy?
Four attractive incentives
- One-year sabbatical
With borders now predominantly re-opened, some organisations have recognised the restlessness many workers have felt over the past two years. Rather than watching valued employees quit so that they can travel, visit loved ones or have a break, we’re seeing a number of companies offering staff the opportunity to take 12 months of unpaid leave. The security of knowing they have a job to return to after 12 months is obviously appealing for employees.
- Treating staff as valued individuals
Employees will often quit a job if they’re able to secure a better salary elsewhere. However, people are just as likely (if not more so) to leave a job if they aren’t feeling valued and respected in their current role. It’s important to cater to staff as individuals wherever possible, such as by asking them about their personal needs and career ambitions. This may be represented in a number of ways, such as flexible work hours. Recognition for a job well done is also very important. Bonus incentives are obviously effective, but other means of appreciation such as praising an employee in a meeting are also helpful.
- Planned career progression
Does your company have training programs and career progression pathways? If not, then it is likely you are falling behind the competition. It is motivating and satisfying for employees to feel a sense of achievement and growth within their role. Establishing an advancement roadmap with short and long-term benchmarks gives employees a route to strive for, while allowing staff the opportunity to access free training and development programs offers additional benefits.
- Improve company culture
Toxic workplace culture is thankfully becoming less and less common. Employees have higher than ever expectations in regard to respectful, diverse and inclusive workplaces. There is also a growing sense that the company you work for should (at least to some extent) reflect your core values. If your organisation is lagging in this regard, it’s time to step up.