With latest ONS data showing that average pay growth increased to 8.8%, employers are being urged to focus on long-term talent attraction instead of a quick fix.
Guidant Global is warning employers that vacancies filled by attraction bonuses are unlikely to source candidates that offer a business lasting value.
Simon Blockley, CEO of Guidant Global, explained, “The acute talent shortages that businesses across the UK are facing presently have been well documented in recent months and it has been widely reported that hiring managers are increasingly turning to so-called ‘golden hellos’ to entice applicants. However, for businesses seeking talent, this is not a sustainable resolution for the long term.
Blockley added, “Aside from the additional costs incurred at the point of hire, stunts like this are very unlikely to attract candidates who are the right fit for your business. At the most basic level, individuals attracted by a one-off cash incentive will likely leave for another employer offering a similar perk as soon as they are contractually able to. More importantly, though, jobseekers sourced in this way are unlikely to have objectively considered if the company they are joining meets their needs as an employee, shares their values, or if it is a place where they can grow and thrive professionally.
“In order to secure scarce skills, decision makers would be wise to direct time and resources into building a robust long-term talent attraction strategy rather than trying to buy their way out of their predicament. Instead of simply throwing money at the problem, businesses must work to build their reputation as an employer of choice.
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