BUSINESS ADVISORY

Creating an attractive workplace

Vedran Miloš

 

Companies have always faced challenges in attracting and retaining top talent. While these cases are nothing new, the external impact of the past few years—a pandemic-driven economic slowdown accompanied by numerous layoffs, continued supply chain disruptions, and a possible recession combined with the worst inflation period in a generation—have worsened business conditions and put these challenges front and center. attention.

Creating attractive work environments, supporting a positive work-life balance, and maintaining valued benefits, while continuing to strengthen our reputation for business safety, were goals well before 2020. Recent events created by the economic crisis and the need for hybrid work have led to an inevitable change in workplace conditions.

 

Losing staff and requiring a hybrid way of working

As the worst-case scenario - layoffs - continues, institutions are now experiencing unprecedented turnover rates that could either quickly secure a wealth of new talent, or cause them to lose enough staff.

Benefits packages are no longer considered "unique and different" compared to those of for-profit companies employing employees with similar skills. This crisis has led to perceptions that leaders of higher education institutions do not reflect the institution's values ​​and mission as strongly as they did in the past, and employees mostly want expanded opportunities for hybrid work. The changing expectations of younger employees are putting pressure on companies to rethink what they consider valuable in their business.

 

Benefits and balance between private and business life

One of the previous values ​​in every business was job security. But now employees expect that their employer will offer them considerable workplace flexibility, offer an even more favorable balance between work and private life, and at the same time strong benefits. With starting salaries, retention bonuses and enhanced benefits quickly escalating during the current "battle for talent," job seekers now expect parity with the private sector.

For most, the salary allows them to live the lifestyle they choose. Most institutions believe that salary increases are neither easy to implement nor effective in the long term to address their staffing needs - more money for staff and faculty simply may not be in the budget and sustainable for most institutions.

 

The desire for personalized benefits is getting stronger

Employees most often cite personal debt and then health issues as the two main life stressors, and accordingly, like private companies, public institutions should recognize and resolve these stressors among their employees. Also, mental health is one of the stressors in an employee's life.

How can institutions continue to support work-life balance and offer unique and differentiated total rewards? Here are some strategies that all companies should consider:

  • Value proposition for "next generation" employees

It is time to respond more creatively and aggressively to the expectations of new employees. Whether it's the additional financial concerns of new hires burdened with significant student loans, demands for work flexibility, or simply a desire for more personalized benefits, a differentiated value proposition can clearly differentiate your organization from other employers and drive retention efforts.

 

  • Refreshed listening strategy

It is important for the staff to be heard and to receive feedback. It is essential to be committed and make every effort to truly hear your colleagues and understand their needs. Leveraging analytics to truly understand the views of staff and faculty, and using that information to make data-driven decisions, will give institutions what they need to attract and retain key talent.

  • Innovative "boomerang" strategy

Those who have recently left a former employer suggest that there may be some dissatisfaction with new employers. Either thinking about returning to your former institution, as well as trying to maintain good student relations with former staff, could result in a stronger and faster return of desired employees.

For any problem or more information, contact our experts at Grant Thornton!

 

Dana source: Grant Thornton Global