Page 25 - BOSS Today Issue 57

DOWN TO BUSINESS BOSS Today #57

1) Competition for people and skills – looking at how they can help staff to cope n Do not be tempted to look at
talent attraction and retention with rising inflation: some are offering competitors and try to mirror their
The challenge in attracting candidates cost of living payments and others are wellbeing policy. Instead, tailor your
ranges from decisions about employer looking at general pay rises which, as well policies and practices to the unique
brand to what packages can be offered to as easing current pressures, can help to needs and characteristics of your
entice talent. Added to that is the difficulty support retention. organisation and people.
in maintaining competitive salaries and As well as financial concerns,
retaining staff. organisations need to take account of HR can support employees by training
As a result, organisations are now employees’ mental health – not only in your line managers and senior leaders to
required to leverage positive internal a pastoral sense but also as a business ensure they are equipped to provide the
behaviours; organisations who are practicality. Of course, anxious and right support to staff. Having sensitive
authentic, with HR professionals who stressed employees are not as productive: conversations and embedding actions
understand the merits of a positive recent figures suggest that 36% of that offer support and flexibility can be
culture, will be more likely to win this war millennials find their performance is highly beneficial to an employee’s health
for talent and skills. impacted by money worries (CMI, 2022), and performance.
Nicola Inge, Employment & Skills so there is certainly a business case for Cultivating a robust organisational
Director at Business in the Community, offering support. culture and developing a framework
said: “Vacancies remain at a record that ensures employees are heard
high and the number of unemployed n Create a culture in which talking about will make them feel understood,
people remains low at 1.2 million people challenges and finances is enabled. valued, and recognised. Additionally,
(ONS, 2022). This is a real challenge as n Offer resources to help employees to communications strategies between
businesses struggle to fill vacancies, but it access practical financial advice. managers and employees that establish
is also an opportunity to reach a diverse, trust in challenging times will increase
untapped talent pool. However, to reach 3) Wellbeing – and its impact on the likelihood of staff seeking help when
those who face disadvantage in the labour performance, productivity and staff needed.
market, businesses need to change the retention
way they recruit.” Wellbeing is one of the most important 4) Hybrid working – and how to ensure
Tips for attracting and retaining staff issues that organisations must tackle. it works effectively for both employers
include: Many challenges have stemmed from the and employees
pandemic and been further exacerbated The pandemic saw a seismic shift in
n Focus on organisational culture and the by the cost of living crisis. While evidence how organisations view and implement
benefits of being a ‘good place to work’. suggests that financial wellbeing hybrid working, given that only around
n Highlight the total rewards package. support can also increase productivity 5% of the workforce worked from
n Go beyond the salary to other perks (CIPD, 2022), wellbeing is not just home pre-Covid-19 (CIPD, 2022). This
like flexible working, volunteering about financial support. Josh Jackman, has led to significant shifts in working
opportunities or childcare vouchers. Operations Director, ART Health Solutions, practices which managers must help their
n Bring attention to training opportunities. commented: “Quality of life and wellbeing organisation to adapt to, since hybrid
There needs to be a paradigm shift have become the top priorities for office working often requires different skill sets.
towards visible career development workers, even above salary, which is For hybrid working to be truly effective,
and progression routes. The benefits in now in third place. To attract and retain organisations will benefit from ensuring
staff retention far outweigh the cost of top talent, businesses must be seen as that they have established associated
training, or indeed higher salaries. somewhere that supports employee health policies and practices.
and wellbeing.”
2) Cost of living – and how employers For further information on this, or any
can support their workforce n Nurture high levels of employee additional HR support, please contact
Many employees will be experiencing engagement while fostering a workforce BOSShrhelpdesk@bossfederation.co.uk
finances which are tighter than where people are committed to
ever. Younger workers are especially achieving organisational success.
experiencing the first major recession or n Remember that your business may be
challenging economic time in their working very different to others, and that one
lives. Many organisations are currently size does not fit all.

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