Our latest Alternative Perspectives webinar discussed Staff Retention and Recruitment and the challenges currently faced by SMEs across the UK.
Clearly a very hot topic, 42 TAB members attended this event which was chaired by MD Ed Reid. We heard from four esteemed panellists – two of whom run recruitment firms - about their experiences of recruitment and retention both historically and in today’s challenging economic climate.
It was interesting to hear the perspectives from the point of view of both business owners and recruiters and the many different strategies employed to both attract and retain employees.
Through breakout sessions during the webinar, we further explored the topic in smaller groups, sharing experiences, advice and best practice. We then regrouped to pull together the most pertinent pieces of advice that we had shared.
Introducing the session, Ed opened with a straw poll of attendees’ understanding of the current employment market. Some fared better than others on their expertise 😉 but all agreed that the current 1.3 million vacancies in the UK is an extraordinarily high figure.
Ed went on to reveal that in a recent survey of 6,500 UK candidates, 88% said culture was crucial when job hunting, indeed 38% said they would choose a great culture over better pay.
Culture, Ed pointed out, includes trust and flexibility and perhaps unsurprising post-pandemic, 78% of employees said they would be interested in a four-day week.
Our two expert recruitment panellists were Nick Scott, MD of Option A, a leading provider of temporary and permanent labour solutions to companies across Europe and Scotland, and David Loades, MD of Digital Dragons Global which combines recruitment with Amazon Web Services (AWS).
David commented on the lack of candidates in the private sector and the importance of actively seeking out and approaching candidates for roles. He also recommended employers ensure their packages include benefits beyond the financial and reported success encouraging his own clients to offer a ‘family pack’ of employee perks.
Concurring with his peer, Nick Scott agreed wage competition is fierce but non-monetary perks such as hybrid working and flexi hours are a must when attracting new talent.
Panellists Doug Johnson, Founder of Mesh Energy and Tina Keeble, Founder of Valiant Design provided insights into their experiences as business owners keen to retain existing talent while also growing their businesses. Tina shared the increasing importance of culture and feeling valued to employees, often over salary. She believes businesses must demonstrate a good employer brand and proposition to punch higher against the competition. Doug revealed Mesh Energy’s revolutionary approach to employment which includes unlimited holiday and unrestricted office hours which has proven hugely successful. For Doug, running a business is quantified on performance, employee targets are set on salary multiples and his team have welcomed the trust and flexibility gifted to them.
So many great ideas and approaches to recruitment and retention were highlighted during this insightful webinar with the 4-day week a particularly hot topic that we may address more thoroughly in the future.
Here are our top 7 key learnings from today:
- Review your employer brand – this is your reputation and it has to be authentic in order to attract and retain talent. It’s not your logo, it is how you behave as a business – do you offer employees an environment where they will be valued, mentored and advanced professionally?
- Culture is King – the way you run your business will be reflected in how you recruit and how your employees advocate for you as an employer. Monitor team happiness (apps are available!) and adapt where you can show you are listening.
- Beware of salary gazumping – establish clear salary bands benchmarked against your industry and ensure your employment packages include non-financial perks. Consider offering golden handshakes or target related bonuses if you cannot afford to match competitor salaries.
- Consider non-financial routes to retention – such as private healthcare, hybrid working and extra annual leave. Many employees value these above salary rises.
- Review your employment contracts – if they were drawn up pre-covid they are outdated. Look at the tone and wording, does it make a candidate feel welcome and respected or restricted and burdened? Ensure any new flexi-working elements are included.
- Recruit constantly – even if you don’t have an opening at present, keep talking to recruiters and potential future employees so you have warm candidates at the ready.
- Be flexible – presenteeism is the ultimate turn off for employees. Embrace flexi hours and hybrid working and consider how a 4-day week could work in your business, even if you are not ready to offer it yet.
In conclusion, our webinar showcased that there are a myriad of approaches and options available to business leaders when facing recruitment and retention challenges. Businesses should not be afraid to change their working practices and bringing employees into the decision-making process will further showcase your trust and appreciation of your team.
“Fear of the unknown seems to be the greatest barrier to many business owners particularly with regard to the 4-day week,” commented Ed. “In reality, we can all adapt to new ways of working and shouldn’t be afraid to step outside of our comfort zones. Every industry is facing its own niche challenges regarding staff retention and recruitment. It’s important that we take the time to recognise these, reconsider our proposition and realise new opportunities to attract and retain the right talent.”
Special thanks to our insightful panel of speakers: Tina Keeble, Doug Johnson, Nick Scott and David Loades.
