by Team TMR | Dec 2, 2021 | BLOG
There is a surge of evidence that the pandemic has shifted our collective attitudes, values and way of life. One of the biggest emerging shifts globally relates to what we individually deem valuable in our lives. Many employees feel like they have spent years on a hamster wheel, so are now exploring where their work fits within their lives as a whole.
In recruitment, we’ve seen the biggest shift in candidate priorities in decades. A mysterious priority variable has launched into the employment world, making the life of recruiters across the globe difficult. So, let's explore what this mystery variable is and what it means for recruiting in the future.
More money = Better candidates
Simple Math, right? The higher your budget, the better candidates you can get. Money was the no. 1 driving factor for candidates to consider a new job offer. In fact, people uprooting their entire lives from one city to move to another was pretty standard if the compensation justified it.
Unfortunately, things are not so simple anymore.
More money + X = Better candidates
What is this variable X?
Well, in the simplest of terms, X = Perks = Work-Life Balance.
More and more people are giving a higher compensation package the boot, in exchange for a better work-life balance. Employers need to look within their business to see what changes can realistically be made, given it’s not all about an increase in salary.
We are seeing a significant expectation gap between what employers believe is attractive, to what workers actually want. Many employers haven’t shifted to take into account variable X, while successful organisations are embracing this new challenge. The top organisations are accommodating to the requirements of candidates by offering them:
Flexible hours and location (more people would like to move away from cities)
Employee value – measuring staff on the value they deliver rather than volume (what impact they have)
Diversity – think upskilling/reskilling. Inclusive teamwork
Wellbeing – not just mental/emotional but physical, financial, social (especially with more remote work than ever
Globally, nails are being bitten in anticipation of, dare I say it... ‘The Great Resignation’ that has so heavily affected the United States where nearly 35 million workers quit their jobs. The current expectation is that once the festive season is over, more employees will start looking to make a change in Australia.
PWC recently surveyed 1,800 Australian workers, from the frontline to the back office, and found that 38% are planning to leave their job over the next 12 months, but 48% of business leaders have no plans to redesign their value proposition beyond salary.
We talk to candidates every hour of every day and they are wanting to know about what the variable X looks like within companies who are hiring. Given attracting and retaining talent isn’t all about salary any more - is your business prepared?
We’re working with our clients to build what variable X looks like in their businesses to ensure it aligns with top candidate priorities, ensuring they can attract talent and keep their key personnel in place. If your business needs assistance in preparing for the future, get in touch with us today.