Recent changes to UK visa rules mean that for some businesses overseas graduates are now too expensive to hire – and as such, firms are having to go beyond offering high salaries to attract new talent. Moreover, with employers being handed a cocktail of Brexit, changing personal priorities, increased global competition and the cost of living crisis, some businesses are also having to find alternative strategies to make themselves more appealing to prospective employees.
If this is the case for your company, here are some effective strategies to consider:
Embrace Flexible Working
One of the most sought-after benefits among jobseekers is flexible working arrangements. Staying competitive and offering options such as remote work, flexible hours, and compressed work weeks can significantly enhance your appeal. Not only does this improve work-life balance, but it also develops trust between employer and employee.
Offer Equity, Shares, and Financial Freedom
Providing employees with a stake in the company through equity or share options can be a powerful motivator. This not only incentivises employees, but it also fosters a sense of ownership and loyalty. As they watch their shares grow with the company’s success, employees are more likely to remain committed and engaged.
Introduce Car and Bike Schemes
Transport can be a significant expense for many employees, especially with the financial strain many are feeling. Implementing car and bike schemes can help alleviate this burden. In other words, offering company cars, bike-to-work schemes, or subsidies for public transportation can make your company more attractive.
Prioritise Social Events and Team Building
Creating a positive and inclusive company culture is essential. Regular social events and team-building activities can strengthen relationships among employees and foster a sense of community. From casual after-work drinks to organised team retreats, these activities can boost morale and improve collaboration.
Enhance Financial Security
Financial security is a critical concern for many employees, but there is a growing trend in many sectors to roll out alternative and digital payroll solutions that not only ensure reliable payments, but also provide advanced support. This can include software and apps for staff with features like on-demand pay, financial education, and budgeting tools – many of which can greatly enhance employees’ financial stability and peace of mind.
Promote Professional Development
Opportunities for growth and development are highly valued by prospective employees. Providing access to training programs, workshops, and career advancement opportunities can make your business more attractive. By investing in your employees’ professional development, you show that you value their growth and are committed to their long-term success.
Final Thoughts
Attracting top talent requires more than just competitive salaries. By embracing flexible working arrangements, offering equity, providing transport benefits, fostering a positive company culture, ensuring financial security, and promoting professional development, you can make your business significantly more appealing to prospective employees without just relying on a hefty wage packet.