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[28.01.2022]

6 Ways to Retain or Attract Talent Without Increasing Their Wages

2022 will continue to see businesses competing to retain and attract talent.  However, after two years of Covid restrictions and upheavals, few small businesses are in the position to compete with rising salaries. The good news is that more than ever, employees are looking for a positive work/life balance. Options such as hybrid working, can now trump salary increases.  Flexible small businesses could be best placed to meet those needs.

What you can do to attract talent

More Vacation

One, two or maybe a few extra days of holiday can be worth more than their monetary value to your employees.

Hybrid Working

If your staff do not need to be in the office or on site every day, then they may welcome the opportunity to work one or more days from home. 

Flexible Working

The ability to start late or leave early is a valuable commodity for many employees who are parents, carers or students.

Benefits

Pension contributions, health insurance, cycle to work schemes and voucher schemes are all ways of offering your employees a rounded package that doesn’t have to cost the earth.

Shared activities can also be great for morale, as well as building stronger relationships within your team.

Continuous Professional Development (CPD)

CPD, more commonly known as training, is more and more attractive to both employees and businesses.  By offering your staff the opportunity to develop new skills, you not only improve morale and loyalty to your business, it can also help you to mould their skill sets to more perfectly match your business needs.   

You could set up an apprenticeship, remember even current employees can take advantage of an apprenticeship place.

If training is out of your budget, perhaps you could consider offering one on one coaching or mentoring to your team members.

Small Acts of Kindness

Sometimes it’s the little things that really count.  Send a note to say how much you appreciate the work they do, use your trivial benefits allowance to give them an occasional gift or take them out for lunch or a coffee once in a while.


Did you know?

You can legitimately spoil your staff from time to time. Small gifts and vouchers for up to £50 are considered trivial benefits by HMRC. They are not taxable on staff but there are certain conditions – for example, they must not be a reward for work or performance and must not be exchangeable for cash.


Monitoring Staff Working From Home

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