Money can't buy you love, anymore.
Embarking on a lucrative career path bound by golden handcuffs can lead you to a life that is hard to enjoy for some individuals, and the past two years have demonstrated this. If the candidate good at what they do, they know their market value, and you should be content with paying them this. However, having worked with thousands of technology candidates over the past year, we have found that financial abundance does not equate to complete happiness and fulfilment in a role. It's true; money can't buy you love.
Traditional incentives, such as raises and bonuses, are still viable; they're just now table stakes. Given today's climate, organisations must reroute their paradigm by focusing on a holistic employee experience that emphasises growth, engagement, and employee well-being. It's a candidate driven market, and as an employer, you need to appreciate this.
Corporate culture can be a huge selling point to potential candidates, and it's a crucial part of your Employee Value Proposition. It can help you attract talent and persuade candidates to choose you over another employer. Aside from attraction, a positive, visible, and embedded culture embraced at all levels in the organisation can also improve retention. You need to make sure your leaders are following through with the message.
Flexibility:
Flexibility is top of candidates' wish list, and we have found they're simply not prepared to compromise. During the pandemic, many had achieved a work/life balance that is no longer possible when commuting every day and confined to an office desk 40+hours a week. Flexibility is so highly prized that candidates are turning down high paying jobs that require them to be in the office five+ days a week.
Shared Values and Vision:
Diversity and a shared vision in values are moving up on the priority list; in a Glassdoor survey this year, around one in three U.S. employees said they wouldn't apply to a company where there's a lack of diversity. Having a working environment filled with employees of different backgrounds, skills, experiences, and knowledge means that there will be an increase in innovative, creative ideas and engagement. Company culture goes hand in hand with this. A business that takes its culture seriously has a higher employment and retention rate. This includes: Innovation/work life balance / leadership support and infrastructure/recognition / communication.
Learning and Development / Career Progression
The rapid rise of uncertainty in the market since the pandemic has undeniably left professionals struggling to understand their employment security and how to make sense of their careers in the future. Career development and progression are high up on the pull factor list, giving this desired level of security that individuals are now craving.
A people strategy that combines this approach with tailored career development practices will better position you to win the hearts, minds, and discretionary effort of future talent and their skills and capabilities.
To find out more about the market, get in touch with our consultants