If you’ve been asking yourself the question, ‘What can I do in a competitive hiring market to retain and attract HR & Talent Acquisition talent?’ Then we’ve got the answers. After surveying over 1,000 respondents across six different sectors, our 2023/24 Talent Guide is the toolbox you need.
Your HR & Talent Acquisition professionals play a vital role in the seamless operation of your business. By being the gatekeepers of your finely tuned organisational engine, they must be able to strike up difficult conversations, resolve conflicts and cultivate positive workplace atmospheres. However, their critical role can also make them susceptible to burnout, anxiety, fatigue, and lack of motivation, therefore having incentives in place from their organisation will help to promote higher retention rates.
HR & Talent Acquisition professionals possess valuable insights into creating an inclusive and thriving work environment, given their close interaction with employees. 56% of women stated that the employer support they received, met, or exceeded their expectations compared to only 27% of men. Thus, prioritizing equity and equality within this field has become increasingly crucial. Offering robust well-being support, competitive salary packages, and fostering a positive workplace culture can enhance motivation and success for your current and prospective employees.
Within the next 12 months, 40% of talent anticipate changing jobs, with 22% actively seeking new opportunities. These findings should be taken into consideration when devising employee reward strategies. Especially since an enormous 81% of respondents said that they would engage a recruiter when considering their next career move.
When it comes to motivating employees, our survey respondents have identified the three most common preferences for how they like to be rewarded for their work. A significant 59% prefer salary increases, 48% value bonuses or financial incentives, and 46% seek promotion opportunities. Similarly, when scouting for HR & Talent Acquisition professionals for new positions, it's crucial to take note of the top three factors that attract them: 50% prioritize competitive salaries, 40% highly value flexible work arrangements, and 32% are keen on opportunities for career advancement.
Additionally, employees consider team building, continuous learning and development, and regular communication and visibility from executives and management as the primary drivers for cultivating a healthy workplace culture.
In light of these findings, it becomes increasingly evident that organisations must prioritise these aspects to foster a motivated and content workforce. The need to retain existing talent and attract new talent is more pressing than ever. High employee retention rates are crucial for maintaining organizational stability, knowledge continuity, and a positive workplace culture. Simultaneously, attracting new talent is essential for growth and innovation.
By aligning their strategies with these employee expectations, companies can create a workplace environment that not only retains their current workforce but also positions them as attractive organisations for new talent. This approach ultimately contributes to long-term success and competitiveness in a dynamic job market.
