One of the biggest challenges for organisations is attracting great people.
How attractive your job offer is to a potential employee has a large impact on your ability to attract and appoint them, as well as their ongoing motivation and work performance.
A high-quality employee, in most cases, isn’t an employee who has a “Just show me the money” attitude. To a certain extent all candidates will take the money into consideration but they are also looking for other important factors to meet their specific needs. For many this is values-alignment, job fulfillment and flexible work arrangements. When attracting people to work for your organisation give strong consideration to your entire employee value proposition (EVP); not just the money. What’s your company’s X-factor? Millennials, Baby Boomers and working parents are also looking for the X-factor.
There are three key factors to creating an enticing job offer:
- Setting a sensible salary range
Research market rates, understand the current market competitiveness for similar positions, and know what your company can and/ or should offer.
The options to tailor an offering to an employee in the traditional remuneration model are most often done through a mix of:
- Vehicles, mobiles, computers,
- Professional membership fees and subscriptions,
- Health funds memberships,
- Bonus incentive schemes, profit share, sales commissions, and
- Self-education expenses.
- Personalise the package
However, how you personalise the package will determine how smart an offer you can make. You need the agility to personalise the remuneration offering to their company’s values and business goals, and where possible to individual employee’s needs and values.
- Know the benefits of your organisation – your employee value proposition (EVP), so you can incorporate in the X-factor; and
- Know your candidate – what their ‘employment values’ are and what value they will bring to your organisation.
What each individual values in their employment scenario is unique e.g.
- Flexible workplace arrangements
- Training and professional development opportunities
- Career progression opportunities
- Company reputation and purpose
- Organisational culture and values
- Location and convenience
- Remuneration, including salary, benefits and incentive/bonus pay
- Make a smart offer
- Take into consideration the full picture; the role, package, benefits of your organisation, how your company values align with the candidate’s values and negotiate carefully.
Where there is an alignment of the EVP and the candidate’s needs and values is the greatest potential for the prospective employee to be most excited about your job offer, and subsequently, an engaged and highly motivated contributor within your business.
For further information on how to attract and retain high performing employees contact Harrison Human Resources.