How the cost-of-living crisis could be impacting your recruitment
The cost-of-living crisis is having a huge impact on recruitment across Britain. It has become increasingly difficult to attract and retain the best talent in the job market, as salaries are not keeping up with the rising cost of living.
This means that salaries are not enough to cover basic living costs, and applicants are being forced to look elsewhere for better pay. This is having a knock-on effect in the recruitment process, with employers struggling to fill roles and having to offer higher salaries to attract the right people.
It is also becoming more difficult to retain staff, as they are looking for better pay elsewhere. This means that employers are having to increase salaries and offer additional benefits to encourage employees to stay, creating a costly cycle which is having a significant impact on recruitment.
To combat this, employers need to ensure they are offering salaries that are competitive in the current market and keep up with rising costs of living.
Here are 3 tips to help you become an attractive offering to potential employees outside of increasing salary:
- Establish a positive company culture. Your employees should feel supported, respected and valued. Encourage open communication and collaboration within the workplace.
- If you are going to offer additional benefits, ensure they are valued by your staff – do they want gym memberships or dental care or investment in additional training and development? It’s only a benefit if it’s something they value.
- Show appreciation for your employees. Recognise and reward hard work and dedication to create a positive workspace.
If you are struggling to compete in a tough market and need any advice on how to secure the best talent for your business, then speak to Max Levenger or Lynsey Arnold at Henley Executive on 0333 567 4888. We can not only advise on effective recruitment strategies but also help you understand and map the marketplace, including advice about salary expectations and a realistic view of talent within the current market.