Salaries on the rise: the fight for top talent

In line with the shrinking pool of skilled professionals, the starting salary inflation has increased at a fast pace for over two-and-a-half years, in a bid to attract and retain the best talent.

Major banks have already announced their plans to relocate and the EU’s chief Brexit negotiator warning that British banks will lose their passporting rights post-Brexit, ties in with Indeed’s prior October 2017 report that highlighted record levels of UK financial professionals looking for jobs in Dublin, 37% above the pre-referendum level.

There is no doubt that to secure top talent in the current market you need to be offering a competitive salary package, but to ensure your employees feel secure and committed to your organisation you really need to stand out from your competitors and offer much more than just a great rate of pay. 

In our article ‘Attracting top talent – are you ready to compete?', we highlight that in order to attract top talent you should ensure you are informative about your business, products and plans for the next few years. In a time of increased uncertainty, being transparent about the goals, challenges and future plans for the business develops trust with the wider community and in turn potential employees.

In addition to being transparent about your business, the messages you actively promote surrounding your organisation should be in line with your culture, vision and purpose. Aligning values with your employees builds commitment and loyalty so be proactive about your brand on social media platforms and ensure that the values of the business are promoted. A lot of potential employees will look to align their own values with that of their potential employers.

The demand for flexible working is on the rise and companies that don’t differentiate themselves with a rewarding and tailored benefits packages may miss out on top talent. The workforce is changing. Millennials are predicted to account for more than 50% of the market by 2020 and top graduates are still seeking careers in the UK despite the shrinking skilled workforce.

The packages you offer to attract and secure talent should be varied and personalised to the individual. Flexible hours, home working and dress down days are now much more prevalent, as are smaller incentives such as new tech, gym memberships, and even the ability to buy and sell holidays. Candidates want to feel valued and as such, are attracted to socially responsible employers who invest in their people. 

Commitment to the development and longer-term careers of your employees highlights the value your organisation places on the welfare of your team. By providing a well-structured and clear development and progression plan for your employees, you will not only attract more professionals to your business, but you will also be increasing the skills and capabilities of your organisation as a whole. 

When paired with a supportive culture where staff feel valued you will significantly improve loyalty within your business and lower turnover rates. The aim is to ensure your staff don’t want to leave – counter offers of higher pay should be a last resort in the market.

The way you approach your hiring process can say a lot to a potential candidate. Professionals can really gauge your level of commitment to the people within your organisation based on the way you handle their application, communicate with them in the lead up to a meeting, and the way you treat them in the interview. Job interviews are now, more than ever, a two-way meeting and top talent will not only be assessing the suitability of the role, but the organisation’s suitability in terms of fit and future opportunities which is something that SMEs tend to do well. 

They focus their interview conversations around whether or not a candidate is a good fit, which highlights their commitment to long-term career development. Their processes tend to be quick, open and clear with excellent feedback.

High-quality candidates can pick up multiple offers with ease, so act quickly when you find the right applicant. If you would like any more information or to discuss how we can help with your recruitment process get in touch with one of our specialist consultants today.