DON’T RISK A TALENT EXODUS

Talent management is critical for all businesses. Every company needs to attract and retain skilled people. Losing them will mean losing intellectual capital, a lack of future leaders to drive the business, a loss of competitive advantage and lower productivity.

But with unemployment at record low levels, it’s a candidate’s market out there. What can businesses do to attract and retain talent?

If you’re the world-famous engineering company Dyson, which has a major base at Malmesbury, it’s not difficult to inspire your target workforce.

“Pioneers wanted” says the headline on the careers page of its website, which shows the company’s beautiful campus, and some of the people working for Dyson, and carries stories from empowered employees.

“Dyson is different,” says another headline “Our culture is unique. It’s not for everyone, but if you thrive on challenge and are excited by change then it could be for you.”

Who doesn’t want a challenge, or to be one of the chosen few?

According to LinkedIn, the industries with the highest turnover rates are technology (software), retail and consumer products, media and entertainment, and professional services.

With technology talent in high demand, employers in the sector are offering more competitive salaries and benefits.

But how can smaller companies compete to attract and retain talent against globally successful businesses and their multimillion-pound budgets?

Cirencester-based mobile games developer Neonplay knows it’s fighting against larger competitors in bigger towns, so founder Oli Christie decided early on to offer a unique range of benefits to incoming employees.

Headline-grabbing perks include giving new employees £100 to spend on something for the office. It can be anything, from a Lego set to Playdoh, which helps employees feel at home quicker. Posh loo rolls and two free driving lessons are also offered, along with the company standing drinks for staff on a Friday. It’s all good public relations.

Neonplay staff also benefit from the company now being part of publishing company Hachette UK. The point is that every company must operate within their means and job perks are an increasingly important factor in people’s career choices.

What drives employee satisfaction in the UK

 The culture and values of an organisation (22 per cent)

 The quality of senior leadership (21 per cent)

 Access to career opportunities within the organisation (18 per cent)

 A business’s outlook (14 per cent)

 Compensation and benefits (13 per cent)

 Work-life balance (13 per cent)

Source: Glassdoor Economic Research