Tag: Retention

81% of employers have implemented sign-on bonuses

According to the WTW 2022 Mid-year Compensation Survey, employers are using a number of strategies to attract and retain employees. From increasing flexibility to sign-on bonuses, employers are having to think out of the box as the hiring market remains tight.

The survey found that 71% of employers have difficulty attracting and retaining employees with digital skills while 66% said the same for professional employees. For hourly roles, 61% of respondents said they are having difficulty hiring and keeping workers.

To help attract and retain workers, WTW found that employers are:

  • Hiring employees at the higher end of salary ranges, 86%.
  • Increasing flexibility in where employees work (for example, home versus office) and how they work, 84%.
  • Offering sign-on bonuses to attract talent, 81%.
  • Using retention bonuses to keep employees, 65%. Organizations that are enhancing the use of retention bonuses are most likely to target such bonuses to managers (82%) and professionals (80%).
  • Increasing training opportunities, 55%.

Lesli Jennings, North America Leader, Work, Rewards and Careers at WTW commented: “Employers are leaving no stones unturned in their battle to find and keep talent.”

The WTW survey also found employers are revising their salary budgets to hire and keep workers. Respondents said they are planning or considering:

  • Boosting their current salary budgets, 44%; 23% already have done so.
  • Adjusting salary budgets throughout the year on an as-needed basis, 46%; 22% already have.
  • Making more frequent salary adjustments throughout the year; 7% already have.
  • Adjusting salary ranges (i.e., minimums, midpoints and maximums) more aggressively, 46%; 18% already have.

The survey took place between May 23 and June 16. It involved 884 organizations in North America that employ more than 15 million people.

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What can companies do to retain talent instead?

As the frantic search for talent continues in the UK, new research has shown that 95% of UK employers are focusing their recruitment efforts on bringing back former employees to fill vacant roles.

Organisations can reduce recruitment and training costs and increase productivity by bringing back “boomerang employees” to fill job vacancies. But this raises a question of what organisations could have done to retain these employees in the first place.

In a recent survey of over 2,000 leaders around the world by HCM vendor Ceridian, the indication is that succession planning provides just such an opportunity for employers, but they might be missing the gap:

  • 88% of respondents report that their company uses succession planning
  • 74% of respondents say that they often or always hire external candidates for leadership roles instead of promoting from within.

Even though 53% of employers provide learning and development opportunities to retain talent in the UK and Ireland, only 38% give flexibility in job roles and responsibilities. A further  42% are pursuing DEI strategies to ensure that they gather different perspectives.

The key to retaining talent and attracting the “boomerang employees” will be to identify key workplace issues and use the tools and technology available to align talent decisions with employee ambitions and company goals.

Steve Knox, VP of Global Talent Acquisition at Ceridian, comments: “Staff retention has become a pain point for businesses with employers looking at increasingly innovative ways beyond pay and benefits to retain employees. With 95% of employers seeking ‘boomerang’ employees to fill their recruitment gaps, one proactive solution is to encourage retention strategies which would see fewer employees leaving organisations to begin with.”

“When key people do leave it’s vital to provide remaining employees with clear career development and ensuring plans are in place for succession when key people do leave are both vital. Ceridian’s 2022 Executive Survey highlights some common succession planning pitfalls, for example where firms might fail to put in place impactful succession planning strategies that put their people and their career development first. With over one third of employees saying career advancement opportunities would convince them to leave their current role, there is much at stake for businesses which don’t give key people a clear career development plan.

“In turn, a data-driven, holistic talent strategy that develops an organisation’s current workforce and positions key people as future leaders, as well as hiring new talent simultaneously to fill the talent pipeline, helps the business’ overall resilience and longevity, as well as bringing a variety of wider benefits to the organisation.”

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“Trinnovo Group is purpose-led with a mission to build diversity, create inclusion, and encourage workplace innovation.” – Richard MacMillan, Chairperson, Trinnovo Group

In April, Trinnovo Group made two announcements: the appointment of Richard MacMillan to the Board of Directors as Chairperson as well as the launch of its fourth brand Equiris Consulting.

NEW CHAIRPERSON
Richard has a 25-year history in the staffing industry was CEO of health and life science staffing and services company called Independent Clinical Services (ICS) for 14 years. He led the growth and diversification of ICS through three periods of Private Equity ownership until it sold in September 2020. During his tenure, ICS completed multiple acquisitions, expanded its international presence, and developed several innovative healthcare services.

Richard commented: “Trinnovo Group is an exciting and dynamic business led by exceptionally talented people and I am delighted to join as Chairperson. Trinnovo Group is purpose-led with a mission to build diversity, create inclusion, and encourage workplace innovation. They have a unique and exciting approach to the full talent cycle. The business is flourishing, and I look forward to working with the team as they continue to diversify the business and grow internationally.”

James Cox, Trinnovo Group CEO also commented: “I am delighted to have Richard join us as Chairperson. Richard’s track record in international growth driven by an entrepreneurial and technology focused approach is second to none. The Board and I are hugely excited to work with Richard and to continue disrupting the recruitment sector via our people and delivering our vision, to be the fastest organically growing and most impactful recruitment business on the planet. Ashley Lawrence continues to support the group working with the Trinnovo Board in his new role as Founder.”

NEW BRAND
The announcement of the new brand, Equiris Consulting will enable high-growth businesses to attract, retain and develop amazing people and high-performing teams that are representative of society by ensuring that the world of work is a more inclusive and equitable place for everyone.

Equiris is a talent consultancy and solutions provider with a diversity, equity, and inclusion methodology that is focused on the full talent lifecycle including attraction, assessment, onboarding, learning and development and retention.

TIARA Recruitment Award winners 2021, Trinnovo understands that every business is unique, and focus on building strong relationships that enable them to truly understand their clients’ business strategies. This focus enables them to embed bespoke talent solutions into clients’ businesses that help them achieve sustainable growth while ensuring that diversity, equity, and inclusion are at the forefront of their strategic agenda. It works closely with its sister brands, specialist recruitment companies Trust in Soda, Broadgate and BioTalent, to offer a full wrap-around DEI focused talent solution.

Cara Myers, Talent Advisory Director at Equiris Consulting commented: “I am so incredibly excited to be launching Equiris Consulting. Across our social enterprise and unique platforms, we have inspired a lot of change within the workplace and worked hard to make it a place that is more inclusive for everyone. We recognised, however, that we have an opportunity to do more, and to not only inspire change but to also work with our clients and partners to offer very targeted DEI focused talent solutions that enable high-growth companies to scale in a way that is diverse, equitable and inclusive.”

James Cox, Trinnovo Group CEO also commented: “The Board and I are hugely excited to launch Equiris Consulting. We created Equiris Consulting because we want to provide solutions that enable high-growth, tech-enabled businesses to grow in diverse and sustainable way. We are on a mission to build diversity, create inclusion, and encourage workplace innovation, and we are excited to see the impact that will be delivered through our new talent consultancy and solutions provider.”

 

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The roar of the war on talent continues as employees are switching jobs at record numbers and workforces continue to shrink. Together, these events have created an environment in which business and HR leaders are having to play catch-up. Today’s labor market, regardless of business type or location, is now faced with more job openings than available workers.

These market pressures are creating never-before-seen urgency around talent.

And for now, most businesses are reacting with the one tool that they can easily access: money. While wages in general haven’t skyrocketed as much as they have in hospitality and retail, a high salary remains one solid way to entice key employees to stay and to lure employees to their organization. And once you change that, there’s no going back. Unfortunately, the money bucket is not bottomless and SMEs don’t have access to the funds to support such high increases. The current cycle in the market can only go on for so long and leaders will need to act for the future in addition to reacting in the present. Here are three things to help drive retention in your organization.

Here are three key ways to attract and retain talent in the current marker:

  1. Ensure pay equity.
  2. Increase workplace flexibility
  3. Create a high-attention culture.

In the short-term, many organizations will continue to address talent shortages by increasing wages. At some time in the not-so-far-off future, the organizational tolerance for digging into the checkbook will wane. We don’t need to wonder what to do next. We know we also need to invest in proactive, long-term solutions that keep people from even entertaining leaving. It doesn’t have to be overly complicated. Start with embedding the practice of check-ins into your organization. Check-ins aren’t the only thing, but they are the fastest thing when it comes to creating a culture where people feel connected and less compelled to leave.

 

Photo courtesy of Canva.com

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Is the four-day week the way to solve attrition?

MRL Consulting Group, a UK recruitment firm, has seen an incredible 95% retention rate and productivity levels increasing by 25% since introducing a four-day work week. Improvements in employee wellness also reportedly improved.

Almost 90% of employees in the company reported improvement in their mental health and a marked reduction in workplace stress while a further 95% reported that they feel more rested after having a three-day weekend. Short-term absence was reported to have reduced by almost 40%.

The six-month trial implemented for all employees is now a permanent fixture within the company due to the huge success.

David Stone, Chief Executive Officer at MRL, commented: “We are driven by results, rather than the amount of time people spend at their desks. I trusted my staff to have enough self-motivation and discipline to be able to manage their time in order to fit five days of work into four. The results generated during the six-month trial have led us to implement a four-day week working model on a permanent basis.”

Kelly Robertson, Operations Director at MRL also weighed in: “During the trial, and since implementing the four-day working week, everyone has really ramped up their activity, and people feel a lot more prepared for the week ahead after having three days to rest at the weekend.  Now, the team has more time to spend on themselves, on their mental and physical health and with their families and you can really see the difference in the mood in the office.

“I can’t think of any reason why other businesses wouldn’t want to invest in its employees’ wellbeing, as there are so many positive outcomes. If you’re an output-based organisation and you are realistic about what you want your team to achieve in the given timeframe, there’s no reason you can’t have a four-day week.”

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As we come out of the pandemic, the economy has bounced back faster and stronger than anyone imagined and the number of jobs available are at record levels.

In general, it is always wise to treat dramatic headlines or simple phrases with a large pinch of salt. My rule of thumb is this: does the person promoting the headline have an interest in it being true? If so, approach with caution.

Likewise, any survey that takes ‘intent’ and translates it into ‘certainty’ should also be handled with care. For example, a statement that ‘60% ofcandidates intend to change jobs in the next six months’ does not mean that is what’s going to happen. For the last 10 years I have fully intended to lose 10kg and do a triathlon and yet both are but still unachieved!

Which brings me to the ‘great resignation’. Despite the ubiquity of the phrase, it’s been surprisingly hard to find compelling evidence to support that it’s actually happening.

Let’s look at the evidence in favour. As we come out of the pandemic, the economy has bounced back faster and stronger than anyone imagined and the number of jobs available are at record levels. It is also a fair assumption that there is an element of catch up from candidates who have wanted to change jobs since last year but were nervous about doing so. Another factor is that September is historically an active month for jobs changes.

It is also increasingly understood that employers who refuse to consider more flexible working patterns or who appeared indifferent to the challenges of their employees during the pandemic may suffer some sort of backlash. But the ‘great resignation?’ I’m not so sure.

Let’s consider the other side of the argument. Many industries are still very challenged with employees terrified, not just about changing jobs in their sector, but about losing the one they have. There are still around one million workers about to come off furlough which will have some impact on re-dressing the imbalance in the labour market.

And if we are to talk about the ‘great resignation’, we must also look to its equal and opposite force ‘the great retention.’ The vast majority of HR and TA people can not only read, but they can count and think and figure out that something needs to be done. Whether that’s increasing salaries (around20% should do it) creating more flexible working patterns even for employees who are still required to be on site for 100% of their jobs, looking at innovative learning and development initiatives and so on and so on, they know they need to respond, and they are.

So yes, we do have a truly unique labour market right now, and no, the mismatch between supply and demand won’t last forever. In the meantime there will be a higher degree of market movement than usual but ‘the great resignation?’ I don’t think so.

Whilst the pandemic has changed many things, it hasn’t changed the fact that the best employers attract and retain the best talent but that doesn’t make much of a headline.

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Primis, a new technology recruitment company that will operate out of the UK and the US will focus on improving the D&I landscape in the technology sector. The announcement was made by APSCo member and Managing Director of Premier Recruitment, Ben Broughton. Broughton who assisted in growing the firm to revenues of £30m, said that Primis will also offer D&I and unconscious bias training to the hiring managers of Primis clients and their own employees.

The people-centric approach the business appears to be focusing on comes at a time where D&I is deemed an important factor in talent retention as a sense of belonging is increasingly more important to employees when looking for a company to work for.

Primis’s training solutions is delivered by a team that includes: Faisel Choudhry, a strategic management professional with experience working at The Royal Household and The Bank of England; Chikere Igbokwe, an Executive Recruiter and D&I Leader and Jina Etienne, who became the first national leader for D&I at Grant Thornton, in the USA.

Broughten commented: “We want to educate and expand the views of tech communitites across the UK and US when it comes to hiring diverse teams. We are a growth business and will achieve this through a mixture of senior hires as well as organic growth through a structured training academy.”

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Great company culture is a top draw in retaining talent

Employers are poaching talent directly from competitors in a bid to mitigate skills shortages.

Talent solutions provider, Talent Works surveyed software and government professionals in the lead up to Talent Acquisition Day. The survey requested opinions on existing working policies and asked employees how often they’d been approached by other companies for new roles in the last year.

The research found that 38% of tech and government professionals were approached by competeitors more than five times in the last 12 months, with more than a fifth of employees saying that they’ll leave their current employer in 2022.

Other findings from the survey were:

  • More than a third of organisations don’t have work from home polices in place
  • Being asked to be in the office negatively impacts one in five employees
  • Software professionals, and employees aged between 18 and 34-year-old are more likely to want to be in the office than women, government professionals and those who are older than 35
  • Oppurtunities to advance their career (38%) and good company culture (33%) were things employees wanted most in their organisation.
Photo courtesy of Canva.com
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UK businesses have lagged the rest of the world over the past year when it comes to recruiting and retaining talent, according to a new study.

Outsourcing company KellyOCG surveyed more than 1,000 senior executives across 13 countries – Australia, Canada, China, Germany, India, Ireland, Japan, Malaysia, Netherlands, Singapore, Switzerland, the UK and the US – for its Global Workforce Agility Report.

It found that less than half (42%) of the UK firms surveyed thought their ability to recruit talent had improved over the past year, significantly lower than the global average of 59%. The only country that fared worse was Ireland, where only 39% of firms said they had improved their recruitment.

UK employers were also falling behind in terms of retention. While more than half (53%) said their ability to retain talent had improved over the past 12 months, this fell short of the global average of  62%.

One key reason for this was the pandemic, with the majority (55%) of UK employers saying it had had a negative impact on younger employees’ career development and progression in particular.

However, UK businesses also reported that employee satisfaction and wellbeing had fallen over the past 12 months. In this area, the UK ranked the lowest of all the countries covered, with less than half (39%) of UK firms saying employee satisfaction had improved over the last year.

Sam Smith, Vice-President and Managing Director of KellyOCG EMEA, said: “We know that the war for talent has intensified over the past few years, and the Covid-19 pandemic has clearly increased this pressure. Our data shows that the majority of UK businesses have struggled to improve their ability to recruit talent over the past year and clearly many are also struggling to successfully retain talent.”

Diversity drag

Worryingly given the political climate, UK firms were also not as committed to implementing hiring and promotion goals for talent from underrepresented groups, with 69% of UK companies saying this was the case versus 76% globally.

“They have to increase their focus on DEI and wellbeing, as well their own understanding of existing talent within the business in order to stand out. Age-old formulas are no longer going to be enough for employees and the sooner firms realise this, the sooner they can make the changes they need to create a more effective and successful strategy,” said Smith.

Moving forward, the researchers found that UK firms did not have a clear idea of how to turn things around. Only 40% said they knew the optimal mix of talent needed across their business. In addition, just 36% said they had a clear view of how talent strategy was linked to tangible business outcomes, significantly lower than the global average of 49%.

The UK respondents also failed to recognise the importance of improving the employee experience, with just over half (57%) saying this was as important as improving the customer experience. This was the second lowest rate globally and far behind the global average of 73%.

Photo curtosy of Canva.com

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The quest for ‘meaningful work’ is the most important factor in choosing a job, according to a new survey by leading financial recruitment company Core-Asset Consulting.

In a survey of professionals working across the financial, accounting and legal sectors in Scotland, people were asked to rank the importance of eight factors in choosing a job.

Key findings:

  • ‘Meaningful work’ was most frequently ranked as the top reason in people choosing a job
  • ‘Pay & benefits’ was the most commonly cited 2nd, 3rd and 4th factors
  • ‘Flexible working’ was most frequently cited as the least important factor

Factors:

  • Career progression
  • Company reputation
  • Location/length of commute
  • Flexible working
  • Meaningful work
  • Pay & benefits
  • Work-life balance
  • Working culture

Commenting on the survey, Betsy Williamson*, Managing Director of Core-Asset Consulting, said:

“It may come as a surprise to many that ‘meaningful work’ is the most common number one factor in people choosing a job, particularly as this is a survey of financial, accounting and legal professionals.

 

“But however you interpret the term ‘meaningful work’, it seems clear that white collar professionals are now seeking much more from their career than material rewards. The implications for employers is far reaching.

 

“To retain valuable employees, companies need to clearly articulate the driving purpose of its firm beyond the simple pursuit of profit, and how a particular department, team and individual fits into this bigger picture. This can include things such as the creation of a financially secure future for customers, tackling environmental issues and transforming local communities.

 

“Failure to do so not only means employers will have staff retention issues, they will also struggle to attract the very best talent.

 

“It’s very much a candidate-driven market now – particularly in hard-to-fill areas such as risk and compliance. Companies that recognise the importance of ‘meaningful work’ will do better in attracting and retaining the best people.

 

“But all this comes with a caveat: ‘over-selling’ roles comes with a similar risk of creating disillusioned employees. A delicate balance must be struck between aspiration and authenticity.”

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