Attract and engage top talent creatively
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With record-low unemployment putting top talent in the driver’s seat, Reward Gateway’s Kylie Terrell explains how companies can boost their employee value proposition and stand out from the crowd
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THE LAST TWO YEARS have been a roller-coaster ride for employees and employers alike. While many workplaces felt uncomfortable letting go of workers in the early days of lockdowns, others were forced to reduce their staff to keep their businesses afloat.
Fast-forward two, even three years, and the tables have somewhat turned. Record-low unemployment rates have put employees in a strong position, giving top talent their pick of the jobs on offer. At the same time, the impact of inflation and interest rates on employees' disposable income can make companies willing to provide tempting sweeteners more likely to make loyalty waver.
Reward Gateway helps companies engage, motivate and retain people – every day, all over the world. Partnering with over 2,500 companies in 23 countries, Reward Gateway empowers more than five million employees to connect, recognise and support each other to make the world a better place to work. Its unified employee engagement hub provides the best of recognition, reward, wellbeing, surveys, benefits and discounts that support talent acquisition, retention and values-driven growth. Clients include American Express, Unilever, Samsung, IBM, McDonald's and more. Learn more at www.rewardgateway.com.
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“Find ways to package, promote and maximise existing benefits. We partner with organisations to centralise and highlight the benefits they offer and provide highly customisable technology that ensures they’re accessible anywhere, anytime”
Kylie Terrell,
Reward Gateway
As an employee engagement company with 16 years supporting the HR sector, Reward Gateway has seen this workplace transformation up close. It recently conducted a survey* of 3,809 employees and senior HR decision-makers across Australia, the UK and the US, exploring the expectations and intentions of HR leaders and their employees during this unique time.
Many HR leaders surveyed said they were currently hiring (80%), while many employees were currently looking for a new job or would be this year (42%) and would consider different opportunities than before the pandemic, given the chance to work remotely (56%).
Regular, ongoing employee turnover undermines teamwork, creating a culture of instability and a need to frequently retrain workers, while compromising intellectual property, says Kylie Terrell, director of consultancy – Australia and New Zealand at Reward Gateway.
It’s also expensive. Terrell says the total cost of losing an employee is currently estimated at as much as 33% of an employee’s annual salary depending on the role and industry.
What employees want
Terrell says fair pay remains a basic requirement of employees, as does access to the flexible working conditions that were proved possible when much of the workforce had to work from home through the worst of the pandemic. While this new world of flexible (or ‘hybrid’) working has opened doors for employers to recruit beyond their immediate geography, it likewise means employees can look further afield for the right opportunity, and the new geo-agnostic world is creating more competition than ever before for top talent. Terrell says being able to offer flexible working conditions has therefore moved from the realm of ‘nice to have’ to essential.
In terms of fair pay, competitive remuneration offers are ever more likely to test loyalty, with a recent report from the Australian Bureau of Statistics stating that just over one in four Australians expect their household expenses to increase over the next 12 months.
Enhancing the visibility of values aligned to behaviour and performance-related achievements that support the organisation’s strategy remains of great importance when it comes to developing loyal talent. Highlighting critical talent contributions can help employees feel more valued and respected.
Organisations of all shapes and sizes are adopting a ‘digital first’ approach to ensure they are recognising and connecting to their people by using technology in clever ways.
“Face-to-face communications are becoming less frequent, and there is an increased focus on collaboration tools. Employee communication tactics, alongside other HR initiatives such as recognition or benefits, need to live where employees are already doing their day-to-day work”
Kylie Terrell, Reward Gateway
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What employees want
A culture in which they can speak openly
Fair pay
A manager who cares about their employees
Flexible working options
Employee recognition and reward
58%
52%
48%
41%
41%
For most companies, significant salary increases are not feasible. Instead, look to more creative ways to enhance employees' income – including employee benefit or discount programs that make use of the purchasing power of a central provider to offer employees discounts at hundreds of retailers, helping household budgets go further. Terrell notes that employees and their families have the potential to save from $500 to $3,500 per annum on household expenses – from the basics like groceries and fuel, to technology, large household purchases, online retail shopping and supplies for the kids.
“The challenges are loud and clear, but our experience and research show that there are creative and cost-effective ways for organisations to help their people combat the rising cost of living,” she says.
“Increasing salaries across the board is an option for some, but our solutions provide businesses with an extra advantage that allows employees to save money every single week … on what they spend at the supermarket, on petrol, on entertainment and more.”
Rewards and recognition are increasingly important
The majority (94%) of Australian HR leaders surveyed plan to boost investment in rewards and recognition, which is timely given that nearly 47% of employees agreed this was the area they wanted their employer to increase investment in the most.
Almost three quarters (74%) of Australian employees surveyed said they would stay at their current company longer if they received more rewards and recognition.
Terrell says all employees want to feel valued for their contribution and have progress in their roles reinforced. With alignment to an organisation's mission, purpose and values being more important than ever before, building a sense of community connection will result in employee loyalty.
"The employee–manager relationship continues to be critical to engagement, with employees seeking more timely, specific and meaningful feedback from their leaders. Company culture continues to drive a healthy, successful workforce, and financial, physical and mental wellbeing support remain integral.”
Obtaining new skills needed for the new world of work
Replacing jobs lost during the pandemic
Factors driving new hiring in Australia
70%
Filling new positions due to company growth
56%
72%
A digital approach to building connections
Cultivating connection in a hybrid workplace is a big part of creating positive employer brand associations internally and externally. Some simple ways to do this include having a weekly internal blog; a live digital feed to shine the spotlight on values-aligned behaviours and achievements; or integrated social tools to inspire real-time engagement and connection via likes, comments, tags and social sharing.
The benefit of cultivating connection digitally via one centralised platform is that all employees can participate in building the company culture, no matter where, when or how they work. This can support the engineering of connections that build camaraderie and ultimately more productive teams.
“We see Reward Gateway's central engagement platform as a ‘digital campfire’ – a welcoming hub for employees to come together, and a place that promotes a company's culture,” says Terrell.
Thoughtfully designed hubs can also help avoid ‘email fatigue’ (with the average office worker receiving more than 120 emails daily) and provide a means to reach employees with important information, no matter where or how they work. Digital tools, like an internal communications platform, can help cut through the noise and deliver tailored content and the most relevant information to employees – via desktop or phone.
Tech can also be used to support employee wellbeing. “Giving employees access to on-demand videos and articles helps facilitate support within all pillars of employee wellbeing, from financial to mental and physical. Employees can then pick and choose what to engage with, and can access helpful wellbeing support at any time,” Terrell says.
“And, with today’s challenges, it’s a great time for companies to boost their employee value proposition and stand out from the crowd.”
Get in touch to schedule a free demo and discuss how Reward Gateway can help you transform your employee experience to attract and retain top talent through an innovative employee benefits and reward/recognition program.
*Survey results from Reward Gateway’s latest report