Compensation and recognition programmes, to raise talent retention

 

More than half (58 per cent) of UK employers are increasing compensation, while 45 per cent have implemented employee recognition programmes to boost talent retention, a survey has revealed. 
Stand on the survey of 2,000 hiring managers and jobseekers by HireVue, 41% of employers have set budgets aside for L&D allowances. 

Edward Obi, director at HR Hub Plus and Inspiring Workplace Solutions, said investing in L&D initiatives can help organisations “retain current employees, attract new talent, enhance skills and improve performance. By providing opportunities for professional development and career growth, companies can create a culture of continuous learning that benefits both employees and the organisation.”

A combination of recognition and pay rises are both important for the improvement of the employee motivation and engagement. Learning and Development (L&D) includes all activities that help enhance the knowledge, skills and abilities of people in organisations. It allows employees to become competent and achieve ever increasing results, in turn leading to a greater return for the company. It is also viewed as a necessary investment for organisations, as it increases the satisfaction, engagement and ultimately productivity of employees.

Employee motivation is a key element in getting the best performance from staff. It is important for organisations to have strategies in place, from internal communication to reward and recognition systems. By encouraging engagement, employers can increase performance, morale and productivity, while also potentially reducing staff turnover.

 

The same survey showed that the 40% of HR professionals found lack of qualified applicants that was the “biggest barrier” to finding top talent. 

These included:

•    Internal candidates (44 per cent)
•    Diverse employees (45 per cent)
•    Mature-aged workers (41 per cent) 
•    Interns and undergrad workers (32 per cent) 
•    Neurodiverse candidates (61 per cent) 

Neuro-inclusivity coaching specialist Victoria Tretis said: “Think about recruitment in terms of culture add rather than culture fit, to create workplaces with diversity of thought. The best teams are like a jigsaw puzzle – not a puzzle that needs to be solved, but of complementary thinking and talents”. She suggested to create job descriptions with inclusive language, in plain English, something understandable to anyone. 

But the survey also found that technology was playing a bigger role in recruitment, as 40% of employers are adding technology to their interview process introducing virtual interviewing and standardised assessments followed by automation (46 per cent), chatbots or text (40 per cent), AI (38 per cent) and game-based assessments (32 per cent).

 

There are several advantages to introducing technology into the recruitment process:

1.    Increased Efficiency: Automating the recruitment process can help to reduce the amount of time required to complete the recruitment process, while also increasing the quality of the decisions made.

2.    Improved Accuracy and Effectiveness: Automated recruitment processes can help to ensure accuracy and effectiveness, as decisions are based on data rather than subjective judgments.

3.    Access to a Larger Pool of Candidates: Automated recruitment processes can help to increase access to a larger pool of qualified candidates.

4.    Increased Transparency and Fairness: Automated recruitment processes can help to ensure that all applicants are treated equally and that decisions are based on objectively measured criteria.

 

 

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