How to be an employer of choice without raising salaries.
If you want to know to become an employer of choice in Australia but cannot offer financial perks to potential clients like other businesses can, you may feel at a loss. In such a competitive market, attracting the right talent and keeping your team members is more important now than ever.
But how can you do this without increasing salaries? We explore everything from the current climate to attracting and retaining talent, as well as how businesses can become employers of choice without breaking the bank.
Why is the market so competitive?
The market in Australia is housing more open positions than professionals looking to fill them. While this is true for industries nationwide, engineering and mining are certainly some of the most affected.
This is great for the average person, as a good economy and low unemployment rate in Australia typically equate to a better quality of life. But hiring the right people for them can make things much harder for businesses, as just finding enough candidates can be a challenge.
It is hard for many companies across Australia to hire and keep talented workers in fields such as engineering. This is because professionals have more job options than usual, as companies offer great benefits to bring them on board.
What is an employer of choice?
An employer of choice is an organisation that can attract and retain top talent to achieve its business objectives. Striving to become one is always a good aspiration, no matter what the market is looking like, as it means you’re the company that those working in this field really want to join.
However, with low unemployment and people like engineers in such high demand, becoming an employer of choice is almost necessary.
To achieve this, an organisation must put in place a long-term approach that addresses various aspects of the business beyond financial perks. Having a strong HR department and creating processes that prioritise employee well-being can aid in this process
Though salaries and other financial perks aren’t everything, they are used by businesses all the time to shortcut their way into becoming an employer of choice. However, with the rising cost of living impacting everyone, including employers, what can you offer that isn’t based on salary?
What benefits can you offer that isn’t based on salary?
Offering perks and benefits to potential, new and current employees without involving changes to their salary can be much easier than you think. Though money is a driving force for many, it’s not everything, and there are a number of things you can offer that don’t cost anything.
Flexible work.
Flexible work has boomed in the last few years, and many applicants won’t even consider certain employment opportunities without this benefit being offered. Flexible working looks different to everyone, so it’s a matter of speaking with team members and potential hires to see what they are looking for.
Whether that’s working from home or just being able to move hours around childcare, each person’s desired flexible working situation looks different.
Company culture.
A happy company culture is an incredible perk in any workplace. The conversations surrounding negative company culture have been growing in the last decade as people put working in the right environment before other things like high salaries.
To improve company culture, you have to have an open dialogue with your current team and see what they think could be improved. Then, anything you can implement should be, and you will quickly see the atmosphere and working relationships improve. Here are some quick and easy ways to improve company culture that don’t involve salary increases:
Prioritise employee recognition
Reward good work small gifts
Arrange more group working opportunities
Organise social events
Focus on good communication
Identify and resolve any issues of burnout and fatigue
Offering more benefits and incentives through KPI’s, as well as more regular reviews
Career pathways.
This varies depending on the industry but with fields such as engineering and mining, new hires will certainly be looking at the future and seeing if they are able to work their way up within your business.
You don’t have to offer a promotion every year or so, but you have to show that there is a clear progression through the business available for those that may want it. Other career pathway options include paying for professional certification courses to help them achieve their personal career goals.
Find the right candidates for your business with Recruitmark.
Recruitmark understands how difficult it can be to become an employer of choice in the Australian market.
However, with our expertise in several industries and our hiring procedure that puts your needs at centre stage, we can truly support you with all your recruitment needs.
Contact a member of the team today and get started.