As employers compete for talent, salary growth is positive, averaging a rise of 1.8%, and higher for niche, in-demand skills.
Counter-offers
For those professionals already considering leaving their jobs, counter-offers of increased pay are often too little and too late to convince them not to leave.
But salary is not the only driver causing people to walk.
A total of 40% of professionals rate their work-life balance as ‘average to poor’.
Best talent
Employers who struggle to find the best talent must ensure that their entire package on offer is competitive, Hays Recruitment says.
As the competition for talent heats up amid widespread skills shortages, the recruitment agency has some advice for employers.
It recommends more transparency around pay and taking practical steps, such as clear promotion and pay structures.
Pay reviews
It also urges regular pay reviews, and setting and publishing pay levels to improve transparency.
“Developing career plans within your team can also keep staff engaged within your organisation, and can also make your organisation more appealing to job-seekers,” the report says.
Flexible working
Flexible working is also important to professionals, and should be a key focus, both in job adverts and in communications with the current workforce.
“Having the right technical skills will always be important, but soft skills, such as people management and leadership, are often much harder to learn and, therefore, should be coveted when you find them in a prospective candidate,” it says.
Future leaders
Employers can also look to their existing workforce to identify and train the future leaders of their organisation.
Employers can also broaden their search to find talent outside their usual pool of candidates, and then put in place development programmes to help them learn relevant skills.
Employers should offer internships, graduate schemes and apprenticeships to make sure they engage with people who wish to enter the workforce.
Ensuring that the recruitment strategy actively targets the next generation is essential, the agency says.