One simple thing that may help attract the best new employees whilst also engaging current staff.
Kevin Baggs
Winner of the East of Europe off the cuff English public speaking contest 2023. Current champion.
On most weeks these days I hear the same thing from various candidates. "How much holiday do they give at ABC Ltd? I am already getting 25 days (or 23 days etc.) and I don't want to move if the holidays are not at least the same. I'm not desperate to change jobs. It has to be the right career move for me. The money isn't as important as the role."
Candidates will move for equivalent money, sometimes for less money, but the work to life balance can be more important these days. Holidays, or ability to take annual leave, is one of the most important aspects of the new role. If the annual leave is less than they are getting now, then the candidate does not even want to go for interview. If they find out that it is less after the interview or at job offer, they often reject the offer. Strangely, I am finding that companies will move on salary but not on holidays.
We are now at a Mexican stand off, albeit with only two involved. The company won't budge on holidays but will offer a higher salary. The applicant does not worry about salary offer and holidays is the key.
The solution has been out in the corporate World for a while now. Many corporates offer a holiday purchase scheme whereby employees sacrifice pay for extra holidays. So you offer this to all existing employees without raising their pay accordingly. They may or may not purchase. If they do you save some salary payment and they take a little extra leave. They are more committed to staying with you at this point as they may not get this elsewhere. Suddenly your employees are more engaged.
And what about attracting the top talent? Well you just have to pay them enough above what they are asking so that they can purchase the holidays that they want. Should they decide not to purchase you still only pay them the amount you would have raised the offer to in the first place. The offer that they would have rejected without the higher holiday. Flexibility is the key to attracting top talent and growing your company. Whatever new schemes you do decide to implement, including this one, always get a Human Resources expert to ensure you are complying with all employment law.
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