Have you noticed a shift in the market over the couple of years? In today’s employment market, the growing skills shortage, along with significant changes to candidate search behaviours, has impact for all hirers. (Seek).
It is a candidate’s market. Skills shortage is the new normal. Renewed demand for labour, an ageing population and rapid technological changes all contribute to an equation where the number of workers required exceeds the number of workers available. This shortfall puts additional competitive pressure on businesses, who operate across multiple impacted industries (Seek). Business owners and Managers are constantly dealing with two big staffing issues: attracting top talent and retaining it. We all want a capable, proactive staff who are motivated to come to work and put in 110% but how to find them, and more importantly how do we keep them.
Research from career site Glassdoor suggests that more money can make employees more satisfied with their jobs — but not as much as other factors in the workplace.
When it comes to employee satisfaction, the research found that the following factors played a more important role (in order):
- Culture and values
- Career opportunities
- Senior leadership
- Work-life balance
- Compensation and benefits
- Business outlook
This information probably doesn’t come as much of a shock to you. It’s no secret that factors like a company’s culture, work-life balance policies and growth opportunities are important to staff and new hires. In order to attract the best candidates organisations need to be proactive and create opportunities for their staff to excel and reward them accordingly.
Here are 3 creative ways we’ve seen company’s keep staff motivated and build a brand that attracts candidates.
#1 – Unlimited Paid Time Off (PTO)
Unlimited PTO is gaining steam in many organisations, like ZenPayroll, Netflix and Lendio. Although it may seem counterintuitive, unlimited paid time off can actually boost productivity (Lendio). The idea is you’re free to take as much time off as you choose, as long as you get the job done. It’s a focus on producing great results, rather than just putting in the hours (The Muse).
#2 – Healthy Body Healthy Mind
According to the Harvard Business Review, employee wellness programs should be seen as a strategic move and not just a benefit. Healthy employees cost you less, and they work harder. Not only that, they’re happier, and they’re more likely to form bonds with co-workers. (Forbes)
Another alternative which seems to get great involvement is offering activities like dance or yoga on-site. Yoga classes get people more relaxed and productive, and can help alleviate the pain and stress of a corporate lifestyle. (Yoga in Melbourne).
#3 – Idea incentives
A great way to encourage discussion and give all staff an opportunity to contribute to the organisations success is to offer incentive for idea’s that can help improve the business.
Idea’s can range from process efficiencies to client initiatives. No idea is to big or small. A committee can be created to oversee the idea’s and help select the one’s that will be implemented. Transparency and staff collaboration is critical in making this type of initiative work. The rewards to the organisation can be exceptional.
What are some of the creative way’s your organisation keeps staff motivated?