In this briefing, our four experts discuss actionable Talent Attraction Strategies for ambitious companies in the modern UK market place. Despite the recent recession, competition for the top talent who can deliver results has intensified. Volatility also increases the risks of getting talent attraction strategies wrong. Each video explores a different talent attraction strategy that succesful companies use to build high performing teams.
Four Actionable Talent Attraction Strategies
- Think big picture: According to Peter Maher, National head of Financial Services at Smith & Williamson people are now more aware of everything rather than just their salary? The bigger picture is critical and so you must look at total reward rather than just salary these days. There are also compulsory aspects coming up very shortly (and for the bigger employees they’ve already started), like auto enrolment meaning employees must be enrolled in a pension plan whether they like it or not. And employers and employees must contribute to that plan whether they like it or like it not.
- Create a range of Flexible benefits: Ian Luck of Smith & Williamson argues that in order to compete within the marketplace you need to be offering a wide range of benefits. Clever talent attraction strategies include flexible benefit arrangements that enable the employees to choose what’s most appropriate for them rather than being dictated to by the company. So by offering the broadest possible range of benefits, employees will want to come and work for you.
- Use Share Schemes as a differentiator: Inez Anderson, a Partner in Employment Tax & Services at Smith & Williamson believes it is an ideal time to be looking at using shares as reward. Many companies have seen their share price go down. As the market turns around hopefully the businesses is going to grow again and the share price will increase. So employees will get more advantage if the rewards are made when the share price is lower. In some of the high tech and fast moving business sectors employees want share schemes. It’s almost an accepted part of their reward package so there is an opportunity to use this approach more widely.
- Let employees make mistakes to build a culture of innovation: According to award winning UK Entrepreneur Colin Stevens of BetterBathrooms.com. you’ve got to test the boundaries with your employees to build a strong team. Colin encourages employees to bring ideas to his table and if it doesn’t work they’re not fearful. Stevens has built a culture which allows people to have ideas and make mistakes. It the result is negative then Stevens simply cuts it fast. So as long as you can reverse engineer that whole process. At BetterBathrooms.com all the team, the management team, even some of the people on the floor level, come up with ideas and without their ideas and without their input the business would not be so successful.
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