Today’s labour market is akin to that of the property market – employers are needing to put their best offer on the table to secure candidates who are receiving multiple offers for employment.
So, when vacancies are high and candidate numbers are low, how can your company secure top talent without mortgaging your business to the hilt?
Judy Davison, Asset Recruitment’s permanent and executive recruitment specialist, says historically, employers would have a salary bracket and tended to offer at the lower end of that bracket with the promise of a six-month review. “That’s no longer securing candidates,” Judy says. “Instead, we’re advising employers to place their best possible offer on the table, and to be prepared to offer some additional benefits”.
Offering the whole package
Part of that ‘best offer’ is the additional perks that can come with a role. “We’re seeing other benefits, such as health insurance and performance bonuses, more than ever before,” says Judy. “Flexibility is still very important for job seekers, especially being able to work from home. Paid parking in Hamilton’s CBD is another attraction, as is the private use of company cars for more senior positions. A good overall package will go a long way to secure top talent.”
However, Judy issues a word of warning for employers offering top dollar for new staff. “Don’t lose sight of your current staff,” she says. “If you’re securing a candidate by paying them the same as, or more than, an existing team member who has been with you through last year’s lockdowns, who potentially underwent a salary freeze, and who is exhibiting loyalty to your company, it can cause significant internal problems.”
Proactive approach to staff retention
Judy says what continues to be the best way for companies to navigate the current labour market is ensuring good staff retention. “Be proactive,” advises Judy. “Companies who forget to look at their existing staff risk losing them. Make sure your staff have regular reviews, are compensated for their performance, given opportunities to progress, learn new skills, and contribute more widely to your organisation. Taking a proactive approach to staff retention will lessen the risk of your talent moving on.”
Hiring for a good fit
But not all businesses are in a position to offer top dollar, with many still dealing with the impact of last year’s lockdowns. How can they recruit much-needed staff?
“Offering a collaborative work environment, a great team culture, supportive management, and recognising a job well done still goes a long way when it comes to attracting staff,” says Judy. “Although the labour market is tight, it remains important to be flexible but not compromise certain key factors – personality and attitude continue to be a critical aspect when we’re looking at matching the right candidate with the right role. There has got to be a good fit – for both the employer and the employee.”
Looking to fill a vacancy? Speak with Judy and the team at Asset Recruitment.
They position excellence across the Waikato in temporary, permanent, executive and industrial roles.