How do you retain top talent in a candidate short market?
Candidates in the property, architecture, construction and engineering industries currently have a fair amount of control over the job market. Clients are struggling to fill roles, and ultimately candidates will go wherever the best offer is. Because of the range of opportunities out there, candidates are no longer staying in jobs they aren’t satisfied with – so once you find top talent, it’s a good idea to have strategies in place that will increase employee satisfaction and wellbeing. Offering more money isn’t necessarily the answer to retaining staff as there are a range of other factors that also need to be taken into consideration. So, how do you encourage employees to stick around?
Recognition and rewards
Everyone wants to feel valued for the work they show up to do each day. Recognition and rewards can increase employee engagement, otherwise known as their involvement and enthusiasm in their work and workplace. According to a 2021 global report from Gallup, “business units with higher employee engagement achieve higher productivity, better safety, lower turnover, higher customer loyalty and higher profitability”. You could create a rewards system to incentivise staff, hold a morning tea or lunch to celebrate achievements, send an email to all staff highlighting a person’s efforts, or post about an employee's success online. It doesn’t need to be elaborate – often the most effective form of recognition can be as simple as going out of your way to tell someone that you appreciate the hard work they do.
Corporate Social Responsibility
Would you work for a company whose values and ethics differed greatly to yours? People want to work for companies that do good in the world, and identifying a charity or organisation to support can be a great way to build positive team spirit and loyalty. There are plenty of ways you could do it, such as organising a team volunteering day or holding a themed morning tea to raise funds. Consider supporting local organisations too – harnessing the power of community is a great way to uplift people.
Small perks and benefits
Not every company has the ability to offer extremely attractive salaries to attract and retain staff. Think about what other benefits you can offer that might be really valued. For example, daily fresh fruit or snacks in the break room, a nice coffee machine, time out areas with a dart board or table tennis, or the ability to finish early on a Friday. Don’t underestimate the little things that can improve employee satisfaction and wellbeing.
If there’s one thing the past year and a half has taught us, it’s that being adaptable to change is incredibly important. Flexibility has become one of the most sought-after qualities in a role, and flexible working arrangements can build trust and commitment within the workplace. Flexibility encompasses a broad range of working options, including compressed workweeks, part-time arrangements, job sharing, flexible arrival and departure times, remote work options, or even simply an understanding that it’s okay to attend school activities, necessary appointments, or family emergencies. Being open to flexibility shows employees that you genuinely care about their wellbeing and their life outside of work, which is a vital part of building loyalty.
The candidate short market poses challenges for clients, but it’s nothing that the one eighty recruitment experts haven’t seen before. We provide a consultative service – if you’re needing advice around retention strategies or have any other recruitment needs, please get in touch via email@example.com.