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Employee Support
Become an Employer of Choice in 2024
Contents
Candidates are increasingly selective with their career development, creating substantial change in the recruitment world. Beyond a competitive salary, candidates expect more from potential employers – leading to a focus on becoming an Employer of Choice (EOC)
EOC refers to an organisation’s ability to attract and retain the best candidates with a desirable company culture, leadership style, and strong employee engagement. With candidate expectations shifting, employers should look to develop their employee experience to secure and retain top talent.
Why is being an EOC becoming more important?
Candidates now have a set of criteria that they expect employers to meet before they consider applying to a job. To attract and retain top talent in a tightening labour market, employers need to meet these criteria with proactive solutions that make a real difference to staff health and happiness - hence the importance of positioning yourself as an employer of choice.
While these emerging employee needs have developed over time, they have gained traction due to the COVID-19 pandemic. COVID changed the working world dramatically, triggering a shift in focus towards a more balanced and rewarding lifestyle where our wellbeing is valued as much as our career. This has meant that, when searching for new job opportunities, candidates are now looking beyond the salary to consider factors like job security, financial wellbeing, and mental health assistance. As such, employers now need to prove what they can offer to ensure employees are satisfied in their roles and supported in their wellness.
The integration of Gen Z into the workforce has had a similar impact. Research has found that Gen Z value salary less than every other generation and consider ethical behaviour, flexibility, wellbeing, and competitive workplace perks far more important. Millennials share a similar view, and both groups are considered catalysts for change in building a future-proof workforce. By 2030, Gen Z are set to make up 30% of the workforce and Millennials 39.4% - which means employers will have to adapt to the change in expectations if they want to recruit great candidates.
Another factor to consider is the development of the ‘sandwich generation’. This generation of people are having to deal with the emotional and financial stress of caring for their children, their parents, or both at once. This strain heavily impacts their work life, as evidenced in a 2021 survey which found that 73% had to leave work early or unexpectedly and 68% did not take on additional responsibilities or projects at work. As life expectancy rises, this is likely to become more common and employers will need to find a way to facilitate this change in family dynamic and the impact it has on employee wellbeing.
With this in mind, it’s important to highlight that the sandwich generation are not the only group with unique needs. When employing a diverse workforce, leaders need to be flexible and considerate in their approach in order to meet the needs of their employees during every stage of life.
What is the benefit of being an EOC?
The main benefit of being an EOC is to create a strong workforce by attracting and retaining the best talent. But how does this benefit the employer?
Enhanced productivity - Well supported and satisfied staff are likely to work much more effectively and efficiently. This can have a direct impact on revenue generation as productivity creates better end results.
Easier recruitment & elevated employee retention – Top performers are 30% more likely to apply to EOC’s. Top performing employees are 14% more likely to stay at an EOC company. This will create significant recruitment savings, as the cost of replacing an employee can average from £14,000 to £22,000. Consistency in the workforce may also contribute to the productivity of the team due to reduced disruptions caused by employee turnover.
Stronger brand equity - A satisfied workforce is likely to speak highly of their employer. Similarly, customers who receive good service from this workforce are likely to speak highly of the company - creating a positive impression of the organisation which can help to attract new clients and strong candidates.
What can employers do to establish themselves as an EOC?
Build a strong company culture based on motivation, fair compensation, recognition, accountability, and rewards
- Integrate these traits into your company culture by encouraging positive motivation and recognition across your organisation. Find out what employees feel is fair compensation by inspiring open and honest conversations and use these conversations to inspire action.
Expand your brand
- Ensure that the positive performance of the organisation is acknowledged internally and externally. Use positive reviews from clients and employees to ensure the public view is an accurate reflection of the organisation.
Create a positive employee experience
- Feeling heard and respected are the foundations of a positive employee experience. Ensure there are adequate measures in place to allow for this, such as regular 1-2-1’s with managers and senior leaders.
Demonstrate skilled leadership
- Train your management teams to provide superior leadership, as this is likely to help attract aspirational individuals who want to learn from these industry experts.
Offer career development opportunities
- Highlight the progression opportunities that your company has to offer in the future during recruitment processes. Use 1-2-1’s to review how employees feel about their career development and what you can do to improve this.
Offer meaningful benefits beyond a competitive salary
- Salary is a given in any role, but putting careful consideration into what benefits you offer your people is vital if you want to stand out from the crowd. With the modern workforce being as diverse as it is, it’s important to consider an all-encompassing range in order to ensure each employee or candidate has something that suits their life stage and lifestyle.
How Vivup can help you become an EOC?
Vivup highfive is an app-based solution that enables employees to send and receive peer-to-peer acknowledgements based on achievements, milestones, or a simple job well done. This helps to create a culture of continuous recognition in which employees are aware of their value and their contributions within a wider organisation.
Your Care Platform can assist in integrating wellbeing into the core of your company culture. With a range of different resources and solutions, Your Care can meet your people’s unique needs to ensure their wellbeing is prioritised in a proactive way. This includes 24/7 access to a telephone helpline and Online GP service 7 days a week* to support your staff’s mental and physical wellness.
Lifestyle Savings helps your people’s money go further with access to a wide range of discounts from the nation’s leading retailers. With the cost of living remaining high for many, this benefit can be seen as both a positive reward and a way of supporting employee financial wellbeing.
Salary Sacrifice benefits such as Home and Electronics help relieve financial stress by enabling employees to spread the cost of essential or unexpected purchases via manageable monthly payments taken straight from their salaries.
Our Family Care benefit is a great way to support the diverse care needs of your workforce. With access to a wide network of care providers, support helplines, and a care budget to contribute towards those unexpected costs, staff can be physically and emotionally present at work safe in the knowledge that their loved ones are in good hands.
About Vivup
As a leading employee benefits provider, we deliver an all-encompassing employee engagement platform that connects workforces, improves employee wellbeing, and boosts loyalty across organisations.
We’re on a mission to help UK employers win the best talent, and we aim to achieve this by delivering comprehensive health and wellbeing packages to over 2000 public and private sector organisations across the UK. We currently support more than 2.5 million employees to manage their mental, physical, and financial wellbeing both in and out of the workplace.
Get in Touch Today
To learn more about how Vivup can help you deliver meaningful employee benefits that really make a difference, be sure to get in touch today. Give our friendly team a call on 01252 784540, or email info@vivup.co.uk to request a platform demo.
*Online GP is available between 8am-10pm 7 days a week, excluding bank holidays
Sources
Understanding Generation Z in the Workplace | Deloitte US
Gen Z In The Workplace: How Should Companies Adapt? – Imagine | Johns Hopkins University (jhu.edu)