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Looking beyond salaries

about 2 months ago by Phil Dye
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The days of moving to a new role purely for a salary increase are long gone. Today’s Generation Y and incoming Z workforce demand more than just a better bank balance, with company culture and the benefits element of a total remuneration package playing a significant role in attracting and retaining top talent. 

The top trends that have developed through 2018 mean that employers should be moving a range of initiatives up their agenda in 2019 to remain competitive. While salary and bonus expectations will of course need to be in line with the market, the Milliennial workforce puts great stock in training and development, work/life balance and flexibility, forcing organisations to adapt and evolve in order to remain an attractive option. These are the trends of candidate requirements that have been widely discussed in the press and that we have witnessed this year:

  • Training – a vital retention tool as well as appealing to jobseekers, it’s imperative that employers consider the career development prospects of all employees. Recent research has shown that candidates will leave for another firm if there isn’t a defined path ahead of them.
  • Wellness – there have rightly been thousands of column inches dedicated to mental wellbeing this year with employee wellness programmes coming to the fore, as the knock-on effect of stress and pressure on productivity has been frequently cited.
  • Flexible working – with an emphasis on achieving a positive work/life balance, flexibility is now key and the number one benefit candidates are looking for. Technological advances mean there are very few cases where flexibility can’t be offered.
  • Remote working – similar to the above, technology has enabled employees to seamlessly work from elsewhere as if they were in the office. Productivity is not impacted, work/life balance can be maintained, and wellbeing promoted when there is the option to work from another location should the employee prefer. It also ties in with the increasing vogue for flexible and shared office space that companies are opting for.
  • Company culture – ethical has become a buzzword for businesses to remember. Generation Z in particular believes diversity and an inclusive culture should be the norm, compelling employers to correct any shortcomings in this area.

For companies to be best placed to attract top quality candidates next year, some will need to make changes to become an attractive option or an employer of choice. To reflect the wishes of candidate trends, in 2019 we believe businesses should start promoting:

  • Strong, ethical brand values and an inclusive culture
  • A dedication to development with clear training and nurturing offerings
  • A promotion of positive work/life balance through a range of benefits that place wellbeing at the top of the list.

What do you want to see, as a candidate? Or what will you be changing next year, as an employer? We’d love to hear from you.