One of the biggest challenges companies face in recruiting senior talent in the UK today is the growing skills gap. The demand for specialised skills and expertise often surpasses the available supply of qualified candidates, making it difficult for companies to find and attract the right talent to fill their job openings.
Furthermore, the competition for highly skilled professionals can be intense, especially in sectors such as technology, engineering, and healthcare. Couple this with our location, where we are faced with a more limited pool of talent available, organisations must employ innovative ways to stand out and attract top talent as well as ensuring that their people retention strategy is firmly in place.
To overcome these challenges, companies may need to focus on investing in training and development programs to upskill existing employees, building partnerships with educational institutions, and adopting new and creative benefits for existing and new employees.
Where do we stand now?
Employer benchmarking can be a valuable tool for businesses to find talent by providing insights into the competitive landscape and helping them understand their position relative to other employers in attracting and retaining talent. Here are a few ways employer benchmarking can assist businesses:
Competitive Analysis: By benchmarking against other companies in the same industry or geographical area, businesses can gain a better understanding of the compensation and benefits packages offered by their competitors. This allows them to assess whether their own offerings are competitive or need improvement to attract top talent.
Talent Attraction and Retention Strategies: Employer benchmarking provides insights into the practices and strategies employed by successful companies in attracting and retaining talent. By identifying effective practices, businesses can refine their recruitment strategies, enhance their employer branding, and create more compelling value propositions for prospective employees.
Role Specific Salary and Compensation Insights: Benchmarking helps businesses assess the market rate for specific job roles, enabling them to determine appropriate salary ranges and compensation structures. This knowledge helps in designing competitive and attractive compensation packages that align with industry standards and attract qualified candidates.
Benefits and Perks Evaluation: Through benchmarking, businesses can evaluate the benefits and perks offered by other employers. This allows them to identify emerging trends, assess the popularity of certain benefits, and ensure their offerings are competitive and aligned with employee expectations. Post Brexit, there has been a complete mindset change in respect to flexible and hybrid working for example.
Employee Engagement and Satisfaction: Benchmarking can provide insights into employee satisfaction levels and engagement within other organisations. By understanding what drives employee satisfaction and engagement, businesses can implement strategies and initiatives to create a positive work environment and improve overall employee well-being.
Where do we need to be?
By leveraging employer benchmarking, businesses can make data-driven decisions, identify areas for improvement, and develop effective talent acquisition and retention strategies that align with the current market landscape.
Do you need help with your benchmarking? With over 30yrs experience of recruiting locally, One to One Recruitment is best positioned to support you in ensuring your people strategy is up to date. To talk to a member of our team today, please call 01904 769142.