It costs £500 extra a week to employ a recruitment agency worker.
The true cost is the bad hire: Recruitment Grapevine reported that 40% of hires are bad. The financial impact of these bad hires can be huge.
In order to save money on recruitment professionals, local authorities in York decided to give £2,500 to their new and existing social workers. Bad hires are a headache for the public and private sector, and talented individuals are so hard to find. Recruitment agencies need to implement ways to attract and retain talent in order to ensure that they won’t be part of the staggering 40% of wrong hires. At the same time, can a one-off bonus ensure that a talented social worker will remain at the job that offered this golden handcuff?
Once again, it’s all about engagement.
Looking for highly motivated and talented prospects shouldn’t depend on luck. Moreover, talent cannot fully unfold without motivation.
Employers and recruiters both have to create the best possible environment for temporary workers. With a golden hello, you treat a permanent member of staff as a temporary worker, where it should be the other way around.
Furthermore, the Guardian reported that councils are turning to expensive agency staff to fill vacancies, resulting in a bidding war for the services of scarce staff. In order to attract and retain talent, local authorities seem to divert money away from the services they are trying to protect.
72% of staff said they would be motivated to work harder for companies that offered value through a comprehensive staff appreciation program.
40% of business leaders identified engagement as the primary industry focal point for 2019, while 37% highlighted recruitment and retention factors.
Recruiters can attract and retain talent by investing in employee engagement. It’s neither a golden hello nor a golden handcuff, rather a golden deal from start to finish. A Glassdoor survey shows that today’s workforce prefers office benefits to pay rise. When weighing up the pros and cons of a job offer, a benefits package can be a deal-breaker. For example, 46% of candidates stated they considered employee benefits before accepting a new role. Equally, they can influence existing staff, demonstrated by 59% of employees who said a personalised benefits package would incentivise them to stay with their company.
There is a wide range of solutions employers can take into consideration, paving the way for an ideal company culture with a satisfied workforce. Feeling unappreciated is actually the main reason why people quit their jobs; rewarding them is the antidote to talent-drain. Sharing the purpose behind what they do is also crucial to make your employees feel valued and realise their contribution is significant and indispensable. Investing in the personal and professional growth of your team, along with meaningful benefits, is a one-way ticket to a more productive, happier workplace that will attract and retain the best workers.
The services we offer have been designed to turn any workplace into a wonderful workplace. Our solutions include top quality complimentary benefits that respond to the employee needs of tomorrow. One-third of millennials, which is today’s dominant group in the employee pool, have turned down job offers because they were simply not satisfied with the benefits.
Centralus guarantees that you can attract and retain the best out there, with no extra cost – but with extra benefits that are complimentary. Benefits that increase loyalty, boost innovation, put an end to employee turnover and get rid of the Monday blues. We’ve designed the ideal workplace; an environment where your employees will want to show up to every day because customers will never love your business until your employees love it first.
Ultimately, when it comes to business success, it all winds down to the words of Tennyson: “love is the only gold”.