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Tune in for our latest blog in the ‘Ask a recruiter’ series, where we share questions our candidates have about anything within and outside of the job search process. In case you missed it, our previous blog answered the question of why salaries aren’t always included in job posts.
This week we’ve decided to answer a question posed by a client of ours to change things up a bit. With high competition between companies for quality candidates, thinking about the perks and benefits provided has become quite important.
One of our clients, a Head of Finance at a London Tech Startup, asks: “What are some key perks and benefits we should offer to improve our attraction and retention rates?”
How is a company’s success traditionally measured? Annual growth/turnover, percentage of their market, quality of their product? The list could go on.
But what about the hidden factors which drive a company forward? Namely, employee attraction and retention. When considered individually, that grade A candidate you missed out on who went to a rival or the trainee who resigned last month may seem trivial. But when looked at as part of the bigger picture, losing out on top candidates can have a significant impact on the overall success and productivity of your team.
So what are some of the key perks and benefits you can use to improve your attraction and retention rates? These are by no means conclusive but can assist with beginning to form that all-important company culture/branding.
- Flexible hours are on the rise across a range of sectors. An awareness of this can reach out to the ‘millennial’ mindset of doing work, not going to work. Treating staff as humans with lives away from work can speak volumes about company values. Netflix has gone a step further, with untracked hours and unlimited holidays.
- We’re on track for reaching a workforce where 50% work from home by 2020. Clearly, there’s a degree of trust required here but higher productivity, overall higher retention and morale and reduced environmental impacts can’t be ignored!
- How clearly defined is the progression roadmap? This can apply to new applicants and existing staff. Plenty of competitors will have a route already planned out and their employees will know what they’re working towards from day 1, increasing overall morale and satisfaction. If you can’t think of what this would look like, that would be a good place to start!
- Providing company equity/stock options is increasingly popular. This won’t be for everyone, but working as part of a growing business can be an attractive option for staff who want to have a real-life stake in their job/company and will drive success.
- Health and wellness programmes can be a low-cost, high-reward offering. From gym subsidies to a simple fruit bowl policy, our physical and mental health is increasingly being linked back to our working conditions. The element of flexibility is a plus here, from in-house yoga classes to working for sports teams, there are plenty of ways to stand out.
Whilst a job offer may seem like the end of a recruitment process, its contents have a role to play in the initial attraction of candidates. Ensuring this is aligned with your company brand and values will increase the likelihood of attracting those who share your vision.
Tune in for our next instalment of ‘Ask a recruiter’. If you want to get in touch about a question you’d like to ask us, contact our team.
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Callum’s expertise lies within assisting both SMEs and large corporations, and he prides himself in his ability to offer a tailored service to both candidates and clients.
In a candidate-driven market, Callum will use his expertise of the accountancy market, to attract and approach the best talent available.