The Key to Weathering the Storm? Retaining and Attracting Talent in the Current Economic Climate

It will come to no surprise to anyone reading this that the current economic climate is turbulent and uncertain. Just turn on the news channels or glance at the paper and we’re faced with often unsettling information about rising costs, interest rates and the energy crisis, which makes planning for the future increasingly difficult. I recently wrote an article and related thought piece on recruitment in times of economic uncertainty, and one reoccurring theme was how finding the right talent for your business could really make a difference when it comes to enduring this time of instability, and even perhaps thriving!

In my role as Executive Search Board Director at The Candidate Recruitment Agency, I am often asked by clients how they can attract the best talent in the industry to their business, and ensure they want to stay with them for the long-term. Therefore, I reached out to my network once more to asks their thoughts on how best to retain and attract staff going into the year ahead. Being some of the most connected and experienced figures in the Marketing, Digital, and Tech industries, they have a real wealth of insights in how to ensure staff feel appreciated, as well as the initiatives and policies to put in place to attract the top talent in the sector.

You can read the full article here, however I have also briefly summarised the key messages in the article below, grouping their thoughts into three main topics; flexibility, benefits, and security.

Flexibility

This was an important and reoccurring topic discussed by nearly all of the contributors. Flexible working hours, 4-day weeks, remote and hybrid arrangements, even increased holiday allowances and wellbeing days off – all of these initiatives have become increasingly commonplace since the return to the office post-covid, and many of my network believe they are here to stay. Flexibility was noted as a key factor in ensuring staff remain in the business, as well as attracting new employees.

However, it was also noted that companies can’t let these flexible working initiatives end up as promises of grandeur instead of actual practical schemes. Employees may be attracted by flexible working arrangements, however if the benefits never materialise for them, they could seek to move elsewhere.

Even with flexibility, employers and employees at all levels need to take some responsibility for connected working, ensuring that everyone in the team feels just that - part of the team, regardless of whether they are in for the ‘mandatory 2 days a week’ (or for 5 if that’s how they prefer to work).

On another note, flexibility needs to be just that – flexible, but not at the expense of the business. Some people may prefer to ‘flex’ their flexibility muscles in different ways, and if an employer truly wants to be flexible, if the employee is meeting the needs of the business and their team – they should be able to work in ways that suit both their own needs and that of the business. This does not mean compromises shouldn’t be reached or the team ends up pulling in a different direction, but instead all of the team working in a way that suits them best to produce efficiency and productivity within a supportive environment.

Benefits

An age-old understanding when it comes to employee retention and attraction: ensure your staff are suitably paid for the work they do. However, it seems that businesses are now aiming to differentiate themselves in this area by providing not only competitive wages, but also a plethora of benefits to their employees. Due to factors such as covid, the increased cost of living, the energy crisis etc, there has been increased emphasis on mental health and wellbeing – and rightly so. Many businesses are now offering things like Headspace subscriptions, wellbeing days off, medical cover, enhanced sick day provisions etc. in order to attract and retain the best talent.?

Security

Finally, it goes without saying that the more security you can provide to your employees, the more confident they will feel joining and remaining at your business. This, of course, is easier said than done, but by planning ahead and thinking long term when it comes to your recruitment strategy (and being proactive rather than reactive), the overall consensus was that this is the way to weather the storm, and ultimately provide the security that your employees need.

As previously mentioned, in my role as Executive Search Director, the presence of these factors within a target company for candidates is becoming ever more important. By collating competitor benefits and working styles, we can develop roles into being not only attractive but market leading in their sector. The post-covid impact on employment trends continues to evolve and with the added complexity of an economic downturn, having the foresight to offer senior candidates and their teams what they want and need, will only secure talent for the long term.

If you would like any advice when it comes to attracting the best talent in the industry, please feel free to get in touch with me today.