Attracting and retaining talent
As remote and hybrid working gives employers access to a larger talent pool, employees also have more flexibility about where they work, and who they work for. Employers will also be competing across a broader area to attract talent as geographical barriers are reduced. To attract and retain top talent, employers will have to pay attention to their employee value proposition (EVP) and other key people strategies including Reward, Benefits and Incentives.
Employee value proposition
The Employee Value Proposition should be reviewed and in particular whether it is still a good fit with the new ways of working, is consistent across the employee life-cycle and has clear alignment with any wellbeing strategies. Employers who are investing in wellbeing achieve better outcomes for employees and higher levels of retention – however more recently there has been an additional focus on measuring the return on that investment to ensure resources are efficiently targeted.
Levels and the nature of Reward should be reviewed across that broader geographical spread as previous ‘market rates’ may have changed as a result of geographical barriers to recruiting and working having reduced. Benefits packages should also be reviewed as some may have become less attractive to employees with the change in work structures (e.g. car and travel loans). However, instead of investing in new packages, repurposing existing schemes in line with your wellbeing pillars might be enough to set you apart from the competition. An effective benefits package should not just improve immediate welfare levels, it can be used to guide behavioural change – actively encouraging team members to operate as stakeholders in the company. Adding equity incentives to the package can be a cost effective way of aligning employees to shareholders for the longer term and promising a share in future growth to reflect any sacrifices made during the pandemic.Implementing digitally managed platforms can also really help people stay connected despite working remotely.
Training and development
Training and development are highly valued by employees as well as, good guidance and support from management. A positive, inclusive culture, with a diverse workforce that represents the society that they live in also helps employees feel welcome, appreciated, and empowered. Again digital platforms and tools can be used to deliver inclusive training. The pandemic resulted in better communication with employees from leadership and employers should seek to continue to take advantage of the benefits of this as we move to new working structures.
Finally, you should always check that the messaging in your EVP, reward and benefits and wellbeing strategy is consistent and aligned to your current brand values and your culture. A failure to align with the culture will result in less impact and any changes will need to become part of how the business operates.
Almost all organisations in the UK were impacted by lockdown and the transition to long term remote or hybrid working models is a question for all sectors and industries. So, it's likely that all employers will need to think about these issues at some point.
To discuss any questions you have about remote or hybrid working models get in touch with your regional employer solutions team.