Attracting and retaining talent during the ‘Great Resignation’

The ‘Great Resignation’ has heavily impacted attraction and retention rates, posing a particular problem for the media industry where specialist roles and specific skillsets are in high demand. Now more than ever, businesses need to demonstrate that they are investing in their people, old and new, to make them stand out as employers of choice in such a competitive market. If you know you’re not in a position to offer the highest salaries or bonuses, it’s time to identify what else your employees really value. Here are our top five tips to focus on.

1. Career progression opportunities

Research shows that a significant number of employees left their last employer due to a lack of prospects for development and joined their new employer for a stronger career path with more opportunities. Being a competitive and fast-moving industry, media employees are constantly looking to develop and climb the career ladder. Therefore, clear and well communicated career planning should be a priority. If you currently have a flat structure that lacks the chance for career progression, create new job opportunities by implementing tiered roles, which allow for small promotions and progression through levels of seniority.

2. Training and development

Offering training opportunities for your employees that will support their development and allow them to learn while on the job is one of the simplest ways to demonstrate you are invested in your workforce. This is a key benefit that can be simply implemented.

The leaders and senior management within your company are likely to be seen being responsible for development, driving morale and engagement. Therefore, also investing in them will in turn help to attract and retain your top people. Ensuring your leadership and management teams are well equipped with the right training, knowledge and skills to effectively lead your workforce can play a huge part in employees reaching their maximum potential and remaining engaged within the workplace.

3. Culture and values

While it will differ across any company, ensuring your workplace culture is positive, employee-friendly and integrates employee-focused initiatives can be key in attracting and retaining talent. Setting, communicating and promoting meaningful company values that accurately reflect your business can also play a large part towards employees feeling more engaged through their contribution towards the company mission.

4. Salary and benefits benchmarking

With the current talent shortage, with specialist roles in such high demand, employees are aware of what they may be entitled to for similar level roles with competitors. Therefore, an important step is ensuring your salary and benefits packages are competitive and in line with – if not above – the market average. If you can’t offer the most competitive salary, focus on how else you can enhance your overall package; what benefits can you implement that are carefully tailored to your workforce’s actual needs and wants? This will help you to stand out against recruiting competitors and help you attract the best of the best, while also helping towards retaining your current top talent.

5. Recognition

Acknowledging and recognising employees’ achievements and milestones goes a long way towards motivating your workforce and maximising engagement and productivity levels. Rewarding employees through recognition incentives is a simple and nonfinancial benefit to make your employees feel valued and appreciated.

Our specialist HR Consultancy team provide invaluable support when it comes to attracting and retaining the best talent for your business. As an HR Consultant, Jess Wallace works with several media businesses to design and implement bespoke projects to ensure businesses get the most from their people, from raising levels of performance and productivity, driving employee engagement and motivation, through to helping shape management training and reward structures.