The UK’s Employee Loyalty Index suggests that the vast majority of workers consider themselves to be loyal to their employer. And perhaps they are. Maybe these loyal workers would never think to actively start searching for a new career opportunity.
But what if a new opportunity came searching for them?
That’s exactly what’s happening in the post pandemic recruitment world. Head hunting is on the rise, and more and more businesses are approaching passive candidates with offers they can’t refuse. So… just how loyal are your employees?
Why is Head Hunting Becoming the Norm?
COVID-19 has had a huge impact on the economy. Right now, we’re in a period of recovery, which is creating a highly competitive landscape. To re-emerge stronger than before, businesses are keen to bring in the very best talent. And they’re beginning to realise that, with the rise in remote working, they no longer have to limit their search only to the local area. They can approach top talent, wherever it is.
The Chartered Institute of Personnel and Development (CIPD) notes that, since the pandemic, 41% of businesses have widened their search zones, while 44% have started reaching out to passive candidates; those that aren’t actively looking for a new job. If employers don’t take action now, this could become a major problem.
The Risk for Businesses
Think about when you go shopping. Do you need a half price bar of chocolate? No. But when you’re at the till, and it’s being offered directly to you, it makes you think, doesn’t it? It opens your eyes to things you didn’t know you were interested in.
That’s exactly what’s happening with employees today.
Employees may be loyal. They may feel satisfied. Other opportunities may never cross their mind. Until they’re right in front of them. All of a sudden, those loyal, satisfied employees are questioning what’s best for them. Is their value more recognised by the business that’s made the effort to approach them? Could they benefit – either financially or professionally – from what’s been put on the table?
In the current landscape, it’s clear that it’s not enough for businesses to simply build an environment where people feel happy, valued, and satisfied. Employees are realising that they can find that anywhere. Instead, businesses must be playing an active role in the enhancement and optimisation of the employee experience, and reminding workers why they love what they do, and why they love where they do it.
That means having strong retention and attraction strategies in place.
Retaining & Re-engaging Top Talent
At Bond Williams, we’ve shared some of our top tips for talent retention and re-engaging workers in our recent blog post on improving your employee retention strategy. At its core, however, re-engaging is about promoting what’s unique about your organisation, and your work environment. Consider what attracts new candidates to your company and use this as the foundation when building your strategy to remind your top talent just how valued they are within the workplace. Talk to your people to see how their needs have changed. Are they still the same? We suspect not. Flexible hours, hybrid working etc are all reasons that could make some stay if their heads are being turned. In general, reassess your benefits packages, are they still fit for purpose? It could be the difference between someone staying or going.
