You’ll be hard pushed to find a business or individual who hasn’t experienced at least some negative effects of the Covid-19 pandemic in some way. Uncertainty about when the economy and our way of life will get back to normal weighs heavily on everyone. While the recent news about vaccines is encouraging, we are still many months away from returning to the normality of our pre pandemic lives. Businesses and individuals have largely adapted well to remote and home working and many have even been able to successfully recruit new personnel without ever meeting in person. But research by GRiD found that the majority of employers are missing a trick when it comes to the recruitment process :
Salary and benefits equally important
In not promoting the benefits package, and focusing solely on salary during the recruitment process, employers are missing a potential opportunity to attract the best talent. GRiD’s research found that benefits were as important to 32% of employees as salary and a similar proportion of employers considered benefits as important as salary in helping to recruit and retain employees.
Presenting them early in the recruitment process gives them maximum impact. Treating benefits as an afterthought or as secondary to salary could not only affect the candidate’s perception of their value but could result in employers inadvertently breaking the law. Since 6 April 2020 it has been a requirement for employers to inform new employees about their employment terms, including benefits, on day one.
Focus on health and wellbeing
Living through this pandemic has taught us to value our health and wellbeing more highly than ever before, making all of us acutely aware of the potential impact a serious illness or worse would have on our families and finances. Benefits packages that support mental, physical and financial wellbeing are arguably becoming more and more important for attracting and retaining staff.
Employers need to demonstrate at an early stage in the recruitment process that they are not merely meeting their duty of care when it comes to providing support for employee health and wellbeing but that it is at the heart of the organisation’s culture. Failing to do so puts the ability to recruit the best people at risk.
If help is needed with a recruitment process, ensuring the exciting nature and associated benefits of the role are communicated clearly in order to attract the best talent, you could turn to a specialist executive search firm. LEBC has partnered with Novo Executive Search who were founded in 2003, headquartered in Bristol and have grown to 6 offices around the UK with an additional presence in London, Birmingham, Manchester, Glasgow and Oxford. As a business, they specialise in Executive, Non-Executive and senior managerial level headhunting with specialised teams which operate across most sectors. Novo work across the private and public sector with organisations of all sizes to help them make long lasting business critical appointments. To find out more about how Novo could help, please click the link below for a no obligation confidential conversation with one of their Directors.
Please remember, no news or research item is a recommendation or advice to buy. LEBC Group Ltd is not responsible for accuracy and may not share the author’s views. The contents of this blog are for information purposes only and do not constitute individual advice. All information is based on our current understanding of taxation legislation and regulations. The Financial Conduct Authority does not regulate estate planning, tax advice, wills or trusts.
1 Employee benefits continue to be an afterthought during recruitment process (GRiD research), Group Risk Development (GRiD) Press Release, 5 January 2021