Employers Urged to Focus on Pay to Attract & Retain Talent
Newly published research has revealed that only a third of employees are committed to their current roles and consider their salary as the primary motivation to leave.
The survey showed that almost half of employees (46%) were anxious about their financial future with only 42% stating that they feel their current pay is fair. In addition, another survey confirmed an upturn in the job market, with 60% of employers in the UK stating that they have increased their hiring activity within the last year – however half of employers stated that employee turnover is rising causing it to become more difficult to retain high-potential employees and top performers.
It was found that less than half of employees think that their company does a good job when it comes to attracting and retaining the right employees. Furthermore, 45% stated that their organisation hires highly qualified employees, while only 34% stated that their employer is good at retaining their talented employees.
From this, it is apparent that employers need to become more aware of how their employees function characteristically if they are to succeed in bringing in the best people and being able to hold onto them. Pay is definitely very important for employees when they are making decisions regarding their career and whether to stay or leave.
With talent mobility increasing, employers need to ensure that they listen very closely to the voice of their employees and make sure to pay attention to the big data on attraction and retention. Offering competitive rewards remains an enduring and critical challenge for employers when attracting and retaining employees.
Shrewd employers are recognising the cost of not securing talented candidates and of high staff turnover in terms of frequently investing in recruitment. However, many employers are guilty of underestimating the impact to their bottom line from reduced productivity among employees, resulting from high levels of disengagement. In order to improve their financial performance with the talent they have today, and improve the broader financial prospects for the UK business sector, employers need to ensure to take note of how to sustainably engage their employees.