In the current UK jobs market, your skilled workers are more precious than ever. Organisations are using attractive benefits packages and competitive salaries as wooing tactics to attract the interest of passive job seekers.
The costs, time, and manpower required to replace these workers are significant, not to mention the losses to your productivity and bottom line in the process!
Here are some tips to help you secure your MVPs, and make sure you keep their skills at your table.
Re-recruit your MVPs
Re-recruiting strategies are being used more and more to help businesses retain their best workers. These check-ins are a chance to reconnect with your MVP. Use these conversations to make sure your organisation and their jobs are still meeting their needs. You might like to discuss what your organisation is doing around key issues such as diversity and inclusion, sustainability, or the environment for example.
Highlight your business’s strengths and why it’s still a great place to be. Think about your culture, any financial packages on offer, and its leading reputation within the industry.
Listen to your employee’s concerns and points of view and be prepared to act on their feedback.
Offer career advancement and progression.
Work with your HR team to ensure that when a job is designed, you create a progressive route through your organisation. This ensures that you will continue to meet the career requirements of your MVPs and they won’t have to leave you to progress. Promote internally and offer opportunities to workers who have demonstrated they can succeed at the next level.
Other strategies like job rotation can also give workers exposure to new skills and experiences that can help them reach their career goals.
Read more: How to support your employee’s career ambitions.
Give context to the work.
Many MVPs leave a job because they don’t believe their work makes a difference or contributes to the organisation. Offering them the chance to see how their work impacts the bottom line will encourage them to stay and motivate their ambition.
Review salary regularly.
While money isn’t everything to your MVPs, it certainly does impact their ‘stay or leave’ decision-making. Our series of blogs looking at the Recruitment Landscape highlights that starting salaries are on the up. There is now a financial incentive to start a new job elsewhere.
Make sure you review your compensation package regularly and benchmark your salary against those of your regional competitors.
If you don’t have deep pockets right now, that’s understandable. Instead, you may like to look at alternative ways to compensate your workers. Spot bonuses or extra time off are ways you can award your MVP with little long-running financial costs.
Flexible working arrangements.
More than 56% of employees want flexible working arrangements. “Flexible Working” is an umbrella term to describe those working arrangements that fall outside the traditional 9-5 office-based structure. So, whether this is a hybrid arrangement, a compressed working week, or flexitime, you should have a look to see what you can accommodate.
These arrangements offer staff the autonomy and work-life integration they want. They are integral to employee wellbeing. Flexible working will also help you meet your hiring and retention goals and grow your industry reputation as a top-grade employer.
The jobs market and your MVPs.
In a market experiencing record numbers of job vacancies and steady candidate shortages, your current team is an asset you can’t afford to lose.
By regularly checking in and engaging with your employees, you’ll remain an attractive option in the face of bumper salaries and remuneration packages.
Candidates are also wary about switching companies. The uncertain economic climate is preventing employees from exploring their options elsewhere. Despite this, as an employer, you can’t afford to be complacent. These tips should help make sure your MVPs remain on your payroll.
Are you interested in the UK jobs market? If you’re looking to build your team, it’s important to be aware of the broader recruitment trends. Our series of blogs will help. Our latest post “The Recruitment Landscape. February 2023” is packed full of all the up-to-date vacancy, salary, placement, and sector information you’ll need.
We release this information each month, so why not head back and see how things have changed over the past 12 months? Find these editions by heading to the Industry News pages of our blog.