The so-called great resignation has been talked about for months now. Firms are struggling to hold onto employees and hiring is even harder as many are after the same talent. While this is obviously pushing up salaries, the largest paycheque does not always secure the candidate anymore.
It is hard to overstate the impact of the pandemic on working practices and expectations. Two years ago, we all found ourselves working in a way we would have struggled to imagine even a few months prior.
There are parts of those practices, I am sure, most of us are glad to be rid of. But, certain aspects, like increased flexibility, are now things employees really value.
Even if employees will spend the vast majority of their working time in the office, the likelihood is they do not want to be told they have to be in the office.
A larger salary that comes with a mandatory five days a week in the office may well not win out over a smaller salary with flexibility.
Part of embracing true flexible working is realising that employees are people with lives and interests outside of their work.
Being able to bring your ‘whole self’ to work is another thing employees are placing significant value on. This encompasses a myriad of aspects.
Diversity and Inclusion (D&I) is one of these. Individuals are far more likely to work in places where they feel comfortable.
This means workplaces where ethnic minorities, members of the LGBT+ community and women feel comfortable and supported are more likely to attract talent from these communities.
Firms do seem to be taking more meaningful steps to be inclusive. For example, in recent weeks I have seen a number of examples of firms making adjustments to support employees observing Ramadan and some have provided Iftar meals too.
Another aspect of bringing your whole self to work is wellbeing and mental health. Employees – and indeed employers – are much quicker to spot the signs of burn out and stress now. Most people do not want to work in a way that could lead to burn out either.
Firms that create a culture where it is ok to take breaks and wellbeing is genuinely a priority will likely find it easier to attract employees – and retain them.
As the cost of living crisis gathers pace and the effects of inflation begin to be felt more strongly, employees may place more importance on salaries again.
However, this is not always a clear-cut decision. Increased flexibility can help reduce travel, lunch and childcare costs. Therefore, a higher salary may not leave employees much better off if there is little to no flexibility offered.
None of this is to say salaries are no longer important. Of course, employees want to be paid fairly for the work they are doing and will move jobs to access higher wages. But, this is not the only factor considered when weighing up job offers.
To attract the best talent, firms must have an attractive offering across the board, not just in regards to compensation.
