Top Talent Don’t Care About Free Lunches
The unemployment rate in the United Kingdom has dropped to its lowest since 1975, and employment is at its highest in the last four years, yet workers and their employers don’t appear to be better off.
Global reports find:
- Almost half (48%) of UK employers predicted not being able to hire suitable candidates to fill permanent jobs in 2017
- Approximately 60% of employers are having difficulty attracting high-potential and top-performing workers
- 72% of businesses cite problems attracting critical-skill employees
- An alarming number of businesses focus retention efforts on the wrong employees
- 83% of employers say retaining employees is their top benefits objective
- One out of three (32%) employees in the UK expect to leave their job in next two years
- Salary issues are the number one motivation when considering leaving
Businesses Struggle to Identify, Attract and Retain Top Performing Employees
In a Global Talent Management and Rewards Survey, almost a third (30%) of UK employers said hiring had increased compared to the previous year, indicating a favourable future for workers. But, an almost equal amount (29%) declared that employee turnover is growing – unhappy workers are jumping ship – and they are struggling to retain their high-potential employees and top performers.
Research shows that one of the main reasons companies are not able to retain top employees is because they don’t know how to identify them, but what are some of the other reasons that employees are unhappy right now?
Businesses Are Prioritising Perks Employees Don’t Care For
To identify the top talent in an organisation, look to the top 5% of employees – these are most likely the company’s most capable, most motivated, and most likely to climb to positions of responsibility and leadership.
Laura Sejen, global leader of Rewards at Towers Watson shared:
“…there appears to be a mismatch between what employers are offering and what employees are looking for. Employees, including top talent, are more focused on competitive base pay and job security. Employers, on the other hand, are emphasizing other items, such as challenging work, and their mission, vision, and values.”
Pay and Other Benefits Employees Really Care About
ICIMS found that, “92% of full-time employees believe that companies that offer non-traditional benefits are more likely to recruit top-tier talent”. But, top employees won’t work for unfair pay, and they also won’t be easily swayed with mundane rewards, like free coffee in the mornings, office-served lunches, minibars, or nap pods.
With nearly three in five (57%) people reporting that benefits and perks are among their top considerations before accepting a job, here are the benefits that top employees really care about:
- Fair or generous pay
- Healthcare insurance (e.g. medical, dental, vision)
- Substantial paid leave (including sick leave)
- Performance bonuses
- Paid sick leave
- Retirement plan or pension
- Fair maternity and paternity leave and pay
- Work-life balance
While extra benefits make work and personal life more comfortable and manageable, according to MetLife, 39% are living payday to payday while 34% are distracted at work due to financial worries. It’s clear that rewarding employees with non-monetary rewards is important, but a decent income is still the most crucial to employees.
What Does This Mean for Employees Today?
The dilemma employers face when trying to locate top talent is an advantage for workers in any field who aren’t feeling valued, or who are looking for a job that challenges them more. For skilled workers in the UK, this is a great opportunity to get back into the job market, be identified and retained as top talent, and be valued – while receiving fair income and benefits that really make a difference.
Are you a high potential employee?
Talented employees possess the knowledge and skills needed to fast-track their careers, and most companies have their own methods for identifying high-potential candidates.
High potential employees:
- demonstrate technical abilities
- have the potential to make a big impact
- set a standard of excellence in their role
- model leadership
Get in Touch with CV Squad
Because top talent isn’t always obvious to companies, you’ll need to set yourself apart from the other CVs competing for high-potential employment – so get in touch with CV Squad!
Our award-winning services include a hands-on team ready to offer professional CV writing, whether you need your first CV or a specialist CV, as well as LinkedIn profile writing, career coaching, and even pairing you with the ideal employer and company culture that suits you, personally.
For more information about what employees and employers want in the workplace, browse the CV Squad blog.