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Diana AndersonDirector 17 Jan 2022
  • Salary inflation, salary

How do you achieve retention in this inflated market?

Last week we saw seen headline after headline about employees moving jobs in order to get a pay rise on average of at least 15%. Salary inflation is on the rise and there is no escaping it, so how do you achieve retention in this inflated market where there are so many opportunities out there for employees to get a substantial pay rise?

We've put together a few of our top tips on how to retain the top talent that you already have in your organisation, at the same time as hunting for new employees.

1. Salary transparency

Salary is at the top of everyone’s mind right now. Previously a taboo, salary has now become a topic that is much more openly spoken amongst peers. If friends are talking to each other about how they got a 15% pay rise, but your employees haven’t seen an increase in their pay for a long time, it will encourage them to have the confidence to move on. Being transparent about salaries and giving clear guidelines about how employees can increase their own salaries over time, should help prevent them from looking elsewhere.

2. Culture

We’ve touched upon the importance of company culture in previous articles. Coming into 2022 with hybrid working still very much in place and potentially having multiple employees working from home isolating at the same time, you need to keep the culture strong. Regular team check-ins, virtual and physical team bonding activities and consistent feedback surveys are just a few of the ways to keep the culture alive. Putting company culture at the forefront of your business each day will help retain new and existing employees.

3. Use a trusted agency to help with the recruitment process

You might be a small company with limited HR facilities or a big company making multiple hires, either way outsourcing part, or all, of your hiring process to a recruitment consultant can reduce your time to hire considerably. By spending less time managing a recruitment project you can spend more time focussing on your existing employees and making sure they are happy at work. A good recruitment consultant will be used to meeting candidates daily and will be a pro at identifying talent and getting to the heart of a candidate and what makes them tick. They’ll be able to take your brief and think outside the box, introducing you to a huge array of candidates from their pool of people actively looking for jobs.

4. Show passion

When you are conducting interviews with new potential candidates you will be beaming with passion and selling them the job, it’s just as important to show this passion each day when you come into work or interact with your employees. Yes, your employees are working so they can pay their bills, but you also want them to be working because they are aligned with your business goals and mission. By demonstrating to them your personal mission and goals you’re likely to have a lower turnover rate.

5. Opportunities to progress within the organisation

When candidates are looking to change jobs it’s mainly due to not being paid enough, no room for progression within their company or a lack of company culture. If you can provide enough opportunities and evidence that your existing employees can progress within your company and have a sense of being valued you’ll help keep them motivated.

If you’re looking to hire a new EA, PA or assistant and would like the help of a recruitment consultant then you can get in touch with any of our consultants, even if it’s just for some initial advice, here.