Hiring back on the agenda
PriceWaterhouseCoopers’ recent Private Business Barometer survey has revealed that after years of cautious employment hiring strategies during the GFC, companies are once again looking to hire talent – of the 1,110 respondents, 57 percent stated they are looking to hire in the next six months.
For employers, this means the “war for talent” is set to reignite.
In fact, according to the survey, 82 percent of organisations are already strategising in order to position themselves as employers of choice.
Remuneration remains an important incentive for prospective talent; however it’s not all about the money. Many companies are thinking beyond traditional monetary incentives and offering alternative benefits in order to attract and retain key talent.
Working from home is becoming an increasingly attractive benefit to many employees and 19 percent of companies surveyed plan to offer flexible working, while a further 20 percent plan to offer unpaid or lifestyle leave.
What does this mean for businesses?
52 percent of private businesses report the major constraint facing recruitment is lack of qualified candidates…..the fight to find and keep the best candidate is certainly back!!
Larger companies often have more financial resources to hire talent; however, this doesn’t mean that smaller organisations should miss out on hiring the best employees on the market.
Smaller organisations can offer other benefits such as employees having greater opportunities for involvement in decision-making, strategising and organisational growth than in large companies.
Smaller organisations are often more flexible and understanding and therefore able to offer greater work–life balance on mutually beneficial terms.
Think beyond money to the lifestyle benefits that are gaining importance each and every year.
So while the “war for talent” has begun, think carefully about what your organisation has to offer prospective staff.
Remember these are the people that can make or break your business.