Recruitment & Retention – The Perfect Storm
Here’s the scene. You’re sitting on your boat, imaginatively titled “My Business” or “Where I Work” and it’s a calm and peaceful day out on the water. Things are going well and we’re all feeling serene on our gin palace of choice.
The crew are all working away masterfully and the going is easy. Suddenly from nowhere the wind picks up and what was a millpond like surface has become a rolling broil, the ship is rocking and rolling and suddenly the sharks are in the water along with the big squid things. First one, then a second and another of crew jumps ship tempted by the sirens call to “bigger and better” things.
All of a sudden, your calm, easy sailing is anything but. So now you have to search and try to replace people that you didn’t think you would need to replace. Unfortunately, there are loads of other vessels and everyone is looking for the same experienced folk to man the rigging. What are you going to do? How do you keep your treasured staff out of the hands of the recruitment pirates?
Let us step away from the nautical picture that I’ve created and return back to the real world of business that we actually inhabit. A perfect storm has been created over the past 12 to 18 months in which organisations could very easily find themselves suffering from high staff turnover and poor retention levels. Certainly compared to what they might be used to.
The uncertainty of what lies ahead for us all has created a buyers’ market, especially for experienced people, as companies look to secure the perceived best talent available. Currently there are large sums being offered to people in an effort to leave their current employer and join another firm.
Interestingly though the Chartered Institute of Personnel and Development recently published the results of their annual staff satisfaction review. It highlighted that 46% of employees didn’t move for rewards and benefits but for job satisfaction*. Having said that it did also find that 21% of employees are actively looking for other jobs.
What that tells us though, is that employers can take measures to head off a lot of the problems that recruitment and retention cause simply by making sure that the benefits that they do offer are tangible to employees and that they engage with their workforce.
Clearly, rewards and benefits play a significant part in someone’s decision making and sometimes there are simply offers that are too good to refuse but by engaging and understanding your key employees and the wider workforce, you can protect your organisation. This is where we come in in all our red swim suited Baywatch glory.
We can help companies to understand what the benefits that they offer actually mean to their employees. I come across many firms whose benefits are there simply because “they always have been” or because “that’s what ABC Ltd offer so we have to”. They are spending money on policies that aren’t valued, generate no goodwill and are therefore of no benefit to the employer.
We help companies to review what they have to make sure that it is fit for purpose and truly reflects what you are trying to achieve as a business, not just now but in the future as well. If you haven’t recently reviewed what you currently offer, then I can assure that there are newer products on the market that have superseded what you have.
If an organisation gets their rewards programme fit for purpose and engage their work force in the right way. Then it’s possible that you could just carry on calmly bobbing about sitting on the sun-drenched deck.
Unless you do run a shipping fleet in which case the sharks and squid things are pretty much unavoidable and sorry although I can fix your benefits programme and employee engagement, there’s not much I can do about those.
If you would like to discuss employee benefits in more detail or you would like to speak with a member of our team, please contact 01772 821021 to be put in contact with a member of our Financial Planning team.