5 Ways to Help Your Team Future-Proof Their Finances

5 ways to help your team future-proof their finances

A recent article shared by the BBC stated: “A single person will need £31,300 a year for a moderate income in retirement.” This comes from a pensions industry body.

The ongoing cost-of-living crisis is a challenge that will endure for years to come, prompting individuals to reassess their pensions, savings, investment choices, and strategies. As we navigate this crisis and the recently unveiled recession, it’s essential to make informed decisions about our financial futures.

We firmly believe the workplace can hugely and inexpensively help employees future-proof their finances, according to professional pensions nearly half of UK employers plan to boost their financial wellbeing investment this year, are you one of them?!

Here are our top FIVE ways to help your team future-proof their finances:

Educate on Financial Literacy:

Financial literacy means understanding how to manage money wisely. It’s about knowing how to budget, save, invest, and handle debt effectively. When you’re financially literate, you can make smart decisions about your finances and plan for your future with confidence.

At work, you can offer workshops or resources that enhance your team’s financial literacy. Topics to cover include budgeting, saving, investing, and debt management to empower them with the knowledge needed to make informed financial decisions.

Did you know that as many as 24 million UK adults do not know how to manage their debt? Source. Debt and financial insecurity actively contribute to our stress levels and ultimately workplace productivity, therefore, when businesses take the time to work on financial literacy everyone benefits.

Encourage Retirement Planning

You may be surprised to hear just how many of your employees are in the dark when it comes to understanding workplace pensions, a recent study revealed up to 41% of UK employees do not understand their pension (source).

Do you discuss the pension scheme on offer at your workplace as part of the onboarding process? If not, perhaps now is the time to start.

Your employees need to understand the importance of contributing to their pension and the benefits of employer-matching contributions (where applicable).

Provide access to resources such as: pension calculators and financial advisors, or simply the Finance Director you employ, to help employees understand their pension options and set realistic retirement goals.

Where possible, regularly review pension contributions and retirement plans with employees, offering guidance on adjustments as needed to ensure they are on track for a comfortable retirement. Supporting employees in navigating the UK pension system empowers them to make informed decisions about their financial futures.

Promote Emergency Funds

Encourage the habit of saving for emergencies by highlighting its importance. Educate your team on the recommended amount to save and strategies to build an emergency fund gradually.

Nobody says it quite like HSBC, it is after all their expertise and not ours – https://www.hsbc.co.uk/financial-fitness/growing-your-money/build-emergency-fund/

Can you share this article with your employees, put it on your intranet or, add it to your discussion points in your next team meeting?

There’s no need to single anyone out; simply knowing how to start an emergency fund could be incredibly helpful to someone. It’s simply about making sure this valuable information reaches everyone who could benefit from it.

Offer Financial Wellness Programmes

According to HR Grapevine, almost a third of organisations offer a financial wellbeing programme, designed not just to help reduce debt but also to help employees get the most from their money and achieve their financial goals.

Having a financial wellness program in place can benefit businesses in various ways. It enhances employee morale and loyalty, reduces turnover costs, and boosts productivity by alleviating financial stress, did you know 1 in 5 employees say financial stress impacts their productivity (source).

However, employees with access to financial education and resources are better equipped to make informed decisions about their finances, leading to greater stability and security. Additionally, offering a financial wellness programme can be a valuable recruitment tool, helping businesses attract top talent. Overall, investing in financial wellness demonstrates a commitment to employee well-being and yields positive returns for both employees and the organisation.

Provide Flexible Benefits Options

Flexible benefits, also known as fringe benefits, are additional perks offered to employees alongside their standard remuneration package. These benefits allow employees to customise their packages based on their individual needs and preferences. By giving employees, the freedom to tailor their benefits, you embody a culture of individuality and increase employee satisfaction while addressing financial wellbeing.

One key advantage of flexible benefits is their role in cost management. They create a controlled environment where spending is allocated precisely to the benefits most valued by employees. This strategic approach ensures resources are optimally utilised while meeting the diverse needs of the workforce.

In summary, flexible benefits empower employees to personalise their package, aid in cost management, and support financial literacy, ultimately contributing to a more satisfied and financially secure workforce.

In conclusion, achieving financial resilience for your team starts with proactive measures that empower and support each member on their journey toward stability and success. By adopting the tips outlined in this article, you not only provide your team with the necessary tools and knowledge to tackle future financial challenges but also demonstrate your commitment to their wellbeing as an employer. This contributes to the creation of a positive work environment, reduces turnover, and enhances productivity and morale. In essence, prioritising your team’s financial health isn’t just a good idea—it’s a savvy business move that benefits everyone involved.

Latest News

Recruiting Well During the Summer

Recruiting Well During the Summer

Do you adapt your recruitment process to the seasons?

Summer is officially here! School is almost out for summer, and across the UK, millions are gearing up for staycations and vacations alike. While we might wonder if we’ve already had our share of sunshine in dear old Britain, don’t be deceived into thinking summer’s over—because it’s not! With it comes skeleton staff, more flexible hours, office BBQs, and stocked freezers of ice cream.

As much as we want you to enjoy and create lasting memories this summer, we also want to stress the importance of a fair recruitment process during the holiday season!

So, how do you maintain transparency and recruit fairly when half the office is on beach time? How can you make sure every applicant gets a fair shot at their desired role? Here’s your ultimate playbook for mastering fair recruitment this summer. After all, fairness isn’t just about ticking boxes—it’s about building trust and attracting a diverse mix of talent.

Clear Job Descriptions (not just for summer, by the way)

Start with job descriptions that are as clear as the sunshine on a summer’s day! Outline everything from responsibilities to the must-haves like you’re writing a recipe for the perfect hire. Did you know, 82% of job seekers say that clear job descriptions improve their perception of a company? (source) So, skip the jargon and buzzwords—be crystal clear about what you need and watch those top-notch applicants roll in like waves on the beach!

Transparent Recruitment Process

Assuming a candidate will wait for you to offer interviews is not the best recruitment strategy to adopt. We’d argue that you can’t get worse than a lack of transparency! So many still don’t quite understand how important it is; therefore, transparency could be your secret weapon during the summer recruitment frenzy. Spell out the steps, set realistic timelines, and show candidates you’re as straightforward as a perfect beach day forecast. It’s how you build trust, retain candidates, and ensure everyone’s on board for the sunniest hire of the season!

Flexible Scheduling

Recognise that during the summer holiday season, candidates’ schedules can be as unpredictable as the British weather. Offer flexibility in scheduling interviews to accommodate their commitments and ensure everyone has equal access to opportunities. After all, it could be the difference between sealing the deal and starting the search all over again!

Keeping new hires engaged over the summer holiday

It’s always important to keep a new hire engaged. The period between offering the job and the candidate’s start date can be fragile and uncertain for the candidate. During the summer, this period might be longer due to holidays and skeleton staff. It’s wise to ensure you don’t bring on a new team member when you’re unable to provide them with an excellent onboarding experience. Did you know? 69% of employees are more likely to stay with a company for three years if they experience great onboarding (source).

Our top tips for maintaining engagement!

Regular communication – a simple email, text or phone call makes a difference a) it ensures the candidate is happy b) you can spot the red flags quicker, should they arise
Send welcome messages from the team they’ll be working in or for smaller companies from the entire workforce, this helps the new recruit feel part of the team from the get-go!
Can you share the employee handbook, relevant online courses, lunch and learns or reading material that will help them get excited about the new role
Virtual meet-ups or project previews – this will depend on the role they’ll be doing and/or if your business organises virtual meet-ups. Equally, you might be able to switch this out for something your business does offer.
Customised onboarding plan which includes key dates for their diary e.g., upcoming team events they’ll be part of. The people they’ll meet or learn from on their first day and include links to their LinkedIn profiles. Again, this just increases familiarity and helps the new starter feel welcome and part of the team!

By following the above, you can ensure a fair and engaging recruitment process that stands up to the challenges of the summer season.

So, will you be adapting your recruitment process for the season?

Is there a simple answer to combatting employee disengagement in the UK?

Is there a simple answer to combatting employee disengagement in the UK?

Are you disengaged at work? Or can you identify the people who are? Not only is it a pressing issue in the UK but disengaged employees are having a profound economic implication on the UK economy; in 2023 low employee engagement cost £257 billion, this figure is close to the whole budget allocated to running the entire NHS in 2022. Shocking right?! This astronomical amount underscores a critical challenge for businesses and the economy at large.

What is Employee Disengagement?

Employee Disengagement can look like many things, from decreased productivity and innovation to high turnover rates and increased absenteeism. A workforce that feels disconnected from its organisations missions and goals may feel disengaged. A combination of poor workplace culture, ineffective leadership, lack of career development opportunities and sub-standard communication channels are contributing factors to employee disengagement. The £257 billion annual loss represents a substantial drain on the economy, highlighting the urgent need for proactive measures to address this issue.

How to Combat Employee Disengagement…

Check-in on your work environment

Does your business promote open communication? Is there a good level of trust between management and employees? How well are employees supported? Employees who feel valued and respected are two fundamental components of a positive work environment. Achieving this is possible through a simple feedback loop (discussed below) and serves as a great starting point for businesses that need to address engagement levels or want to ensure their workforce remains engaged.

What budget have you assigned to leadership development?

Effective leaders drive employee engagement. When was the last time you sent your leaders on a course or offered them an opportunity for professional growth? Good leaders motivate and inspire teams; while some of these skills are innate, others can be developed. The ability to set clear expectations, provide constructive feedback, and recognise and reward achievements may come less naturally but can be significantly enhanced through learning and development opportunities. Investing in your leaders’ development ensures they have the tools to push on with a motivated and engaged workforce.

Career maps are key!

If an employee can see an opportunity to grow and advance within an organisation, they’re likely to feel engaged and motivated too! Do you have a buddy or mentor system? This is often an appointed individual, following a similar career path, who can support and motivate employees at work. Do you sit down with your employees and focus on their aspirations? What training do you offer and how ready are you to send your employees on a training course should they ask? Is there an individual learning and development budget? If not, is this something you can look at? Investing in the career development of employees demonstrates a commitment to them which in turn increases retention and improves engagement.

Enhance Employee Wellbeing

We know investing in employee wellbeing can feel like a significant cost, particularly to smaller businesses. However, there is an abundance of evidence suggesting that investing in employee wellbeing, particularly where mental health is concerned, can yield a positive return on investment. Where budgets are too tight to invest, all businesses should be actively encouraging breaks and promoting the importance of a good work-life balance. How does your business address issues related to stress and burnout? What do you offer when it comes to wellness? How are you promoting and demonstrating a good work-life balance?

Let’s circle back around…

Feedback loops are pivotal. Without a feedback loop strategy in place, how can an employer identify areas of improvement? Implement anonymous surveys, conduct focus groups, and encourage open dialogue to better understand what is influencing engagement levels within the business. From there, employers can adapt and strategise accordingly.

Reward and Recognition

We cannot stress this enough: when employees are acknowledged and rewarded for their contributions, it reinforces a culture of appreciation, motivates individuals and encourages employees to continue aiming for high performance. Rewards and recognition are simple and free (or very inexpensive if you decide to assign some budget to them). Simple verbal praise, commendations from colleagues and career advancement opportunities (including pay increases!) are a few simple, yet effective ways employers can show employees that they are both seen and valued.

In a nutshell, focusing solely on your bottom line could be costing you thousands. By building an engagement strategy that promotes and prioritises well-being, businesses can mitigate the substantial economic costs associated with low engagement levels. Even if you’re thinking, “our employees might be disengaged, but I can’t see them leaving,” remember that even if they stay, it is still in your best interest to deploy an engagement strategy. When employees are engaged, your business reaps the benefits too. If you are confident in your existing engagement strategy, consider auditing it and asking the employees who directly benefit from it. It’s as straightforward as 1+1=2. After all, no one wakes up in the morning aspiring to feel disengaged or unfulfilled. Investing in employee engagement is not just a business strategy—it’s a commitment to the wellbeing and happiness of your workforce. Can you afford not to make that investment?

5 Things You Can Do to Prevent Employees Experiencing Burnout

5 Things You Can Do to Prevent Employees Experiencing Burnout

Did you know more than 8 out of 10 employees are at risk of burnout this year, according to the 2024 Global Talent Trends report published by Mercer?

Defining Burnout

The World Health Organization (WHO) recognise burnout as a state of physical and emotional exhaustion. It can occur when you experience long-term stress, for example, working a stressful job.

Perhaps this isn’t you, so why should you care about how to prevent it? We all know stats speak for themselves and in a research report carried out by Mental Health UK it was revealed 91% of adults in the UK reported they experienced high or extreme levels of pressure or stress at some point in the past 12 months. So, if you’re in the lucky 9% the likelihood of you working with, living with or simply knowing someone who will experience burnout this year is significantly high.

What does this mean for business?

We’ll try and keep this short and to the point – believe us there is a lot to say on the matter but let’s begin here: the evidence of stress and pressure among adults in the UK underscores a critical issue that businesses cannot afford to ignore. We know it’s tempting to dismiss burnout as an individual problem; however, the impact extends far beyond the individual to affect entire organisations. To that end, we also live and breathe in a people-first world (like it or not!) and when employees are under constant pressure and stress, their productivity, creativity and overall performance suffer. This, in turn, can lead to decreased efficiency, increased absenteeism, and higher turnover rates within companies.

What can businesses do?

In today’s fast-paced and competitive business environment, organisations must recognise that the well-being of their employees is not just a “nice to have” but a strategic imperative. Companies that prioritise employee wellbeing and actively work to prevent burnout are more likely to attract and retain top talent, have a positive work culture, and ultimately achieve long-term success. By investing in programmes and initiatives aimed at reducing stress and promoting work-life balance, businesses can create an environment where employees can thrive, leading to improved performance, innovation, and overall organisational resilience.

5 things you can do to prevent employees from experiencing burnout.

Promote Frequent Rest Breaks – encouraging regular breaks isn’t about kindness – it’s about mental rejuvenation. Studies confirm that short breaks boost productivity and creativity. Businesses prioritising this culture support well-being and drive innovation. Sustainable success means working smarter, not harder.
Encourage Work-life Balance – hardly brand-new information but for those who think they have it, do you? A good work-life balance is crucial to preventing burnout, it recognises individuals’ holistic needs. Balancing work and personal life encourages well-being and resilience. Time outside work renews energy and supports meaningful connections. Prioritising work-life balance boosts job satisfaction, reduces turnover, and enhances productivity. If you answer emails outside of work hours, doom scroll through LinkedIn (need we remind you this is first and foremost a professional network?), have an unused holiday allowance at the end of the year, find yourself either considering or genuinely prioritising something work-related over your family or friends then your work-life balance is not harmonising my friend.
Promote Mental Wellness– Mental health is more than just a personal matter—it significantly impacts our workplaces and economy. In the UK, ill mental health costs a staggering £117.9 billion annually, with over £100 billion of that amount falling on England alone (source). Gone are the days of leaving our personal lives at home; our thoughts and feelings follow us into work, influencing our productivity and success.

That’s why Mental Health Awareness is crucial in the workplace. Normalising conversations around mental health is the first step. Encourage openness and provide resources like counselling services and mental health hotlines. Flexible work arrangements can ease stress, while a supportive culture of empathy and understanding is crucial to well-being. Workshops on stress management and mindfulness empower employees to prioritise their mental health. By investing in mental wellness, we create environments where employees feel valued, supported, and able to thrive.

Empower Employees – This one is achievable for all businesses – and the benefits are two-fold while it is key to preventing burnout it also comes free or at minimal cost to a business.
When employees feel empowered, they have a sense of ownership over their work and are more motivated to succeed. Two simple, yet effective ways to empower your employees: show them trust and give them your time.
Recognise & Reward Effort (give credit where credit is due) – acknowledging people for a job well done and celebrating both small and large wins alike. This includes praising individuals for tasks or responsibilities that are essential to their role. By offering recognition, we affirm the value of their contributions, making employees feel seen, appreciated, and motivated to continue their efforts. Therefore, reducing the chance of burnout, decreased productivity and so on.

While implementing all of them may not be feasible, simply being aware of burnout, its causes, and how employers can prevent it is a crucial first step toward creating a healthier work environment which ultimately reduces the risk of burnout at work.

And, for those stat lovers among us here’s a little stat set for you to soak up (over your lunchbreak 😉)

87% of employees who take daily lunch breaks show increased job satisfaction (source).
55% of employees want to work for a company that actively supports their mental health – this percentage has doubled in the last 10 years (source).
People between the ages of 24 to 44 are twice as likely to prioritise work-life balance over salary (source).
96% of employees believe showing empathy is an important way to advance employee retention (source).
Only 22% of managers strongly agree that their companies provide them with the tools and understanding of how to recognise colleagues effectively. (source).
82% of employees are happier when recognised at work (source).

If you’re still asking why is understanding, recognising, and doing more to prevent burnout important? Simply, when recruitment budgets are tightening or being wiped out entirely, and filling jobs isn’t as easy as it was five years ago looking after your teams has never been more important.

Had enough of hearing from us but still intrigued by the topic? Nobody says it better than Mental Health UK.

Spring into Identifying the Skills Gap in Your Business!

Spring into Identifying the Skills Gap in Your Business!

Almost three-quarters (72%) of organisations say that a skills shortage has led to an increased workload for other staff, and 78% say they are experiencing reduced output and profitability as a result (source).

Two things we know so far about 2024:

Job vacancies are falling
Skills-first hiring is not embedded into the recruitment strategy of enough businesses.

Are you struggling to keep up with the ever-evolving labour market? Uncertain where to focus your recruitment efforts, or which role to hire for first?

First things first: tip or at least balance the focus on skills-first hiring. The traditional method of valuing education over skills is not doing you any favours; in 2024 skills reign supreme and those businesses who already know this have access to a wider pool of candidates, appear more attractive on paper, and are likely to see a reduction in their miss-hire rate (source: Forbes).

The Rise of the Skills Economy

In recent years, the global economy has witnessed a seismic shift towards what is often referred to as the “skills economy.” This shift is driven by rapid technological advancements, evolving job roles, and the demand for specialised expertise across industries. As a result, employers are placing greater emphasis on candidates’ practical skills and capabilities rather than their formal education.

So, our questions to you:

When was the last time you carried out a skills-gap audit?
Are your employees falling behind?
Is your business struggling to make a profit?
Have you considered how quickly the world evolves, and is your business evolving with it?

If you answered never or yes to any of these questions read on…

Conduct a Skills Assessment

This is simple, attainable, and measurable. What are the current skills of your employees? Has technology allowed for their role to adapt, grow or change for the better? And, are you making room for this advancement in their position? If most of your employees are failing to meet the requirements of their role, as outlined by your organisation’s strategic objectives, we suggest you point fewer fingers of blame and look within, now is the time to conduct surveys, interview employees, carry out market research and understand the gap between the skills they need and the skills they currently possess.

Drop in with Employees!

The world seems to be spinning a little faster these days, right?! Truth is, we’re all busy! But, if you’re a team leader, manager or similar, we encourage you to set intentional time aside to focus on employees within your team or business. Do you encourage open communication? Do you actively listen? Note the difference between listening and active listening. Through open communication managers can better understand the career aspirations of their team this may include their skill development needs, and areas where they feel they could benefit from additional training or support. Employee feedback can and will provide valuable insights into skills gaps, especially if more than one person has a similar thought or feeling.

What is the Competition Doing?

We often emphasise the importance of staying in your lane, but sometimes we forget to notice when the speed limit changes from 40 to 60 mph. Nobody likes admitting they’re on the back foot or not doing as well as their competitors, but it is worthwhile, now, and again, to compare your organisation’s skill requirements and capabilities to those of competitors and industry benchmarks. Identify areas where your organisation may be lagging e.g., are you up to date with the latest tech for your industry? Is there a significant disparity in skills?

Access Industry Trends and Future Needs

Stay informed about industry trends, technological advancements, and changes in the business environment that may impact the skills required for success in your organisation. Anticipate future skill needs and proactively address potential gaps through strategic planning. Again, just a like a social media manager must incorporate engagement into their planning time, you too will need to set time aside to focus on industry trends and the needs of your team.

Monitor Recruitment and Hiring Challenges

It’s a hard pill to swallow but people don’t leave bad companies, and whilst they don’t necessarily leave bad managers either they may leave for a better opportunity. We encourage you to pay attention to recruitment and hiring challenges, such as difficulty finding candidates with specific skills or high turnover rates in certain roles. If you’re fortunate enough to have a talent acquisition team, can they do a quarterly audit on this? If not, it is something we encourage you to pay attention to and review regularly. Ultimately, some of the hiring challenges may indicate underlying skill gaps within the organisation that need to be addressed. Do you carry out exit interviews? Do you truly understand why employees leave, where they go next and what lead them there?

How to bridge the skills gap?

Now, we’re not the type to present you with a problem without looking for the solution too! So, if you’ve read this and thought – yes, there is probably a skills gap issue in my business and/ or you’ve carried out an audit and know one exists, we can help with that too…

Develop Training Programmes: all training offered should address identified skills gaps, training can include a mix of internal and external training resources.

Roughly 86% of employees say that job training is important to them – and nearly three out of every four (74%) are willing to learn things outside of work hours to improve their job performance (source).

Take advantage of free webinars, workshops etc: anything to help your team upskill! We advise regularly logging onto Eventbrite and widening your network on LinkedIn to stay on top of the businesses who regularly hold training sessions.
Introduce mentorship and coaching: pair employees with mentor or coaches who can provide guidance, support, and feedback as they work to develop new skills.

Organisations with strong coaching culture had a 47% higher revenue per employee than those without (source).

Feedback and recognition: regularly assess the effectiveness of initiatives aimed at bridging the skills gap and adjust as needed based on feedback from stakeholders and changing market demands. In addition, regularly gathering feedback and recognising employees builds someone’s sense of value and purpose; it also reinforces positive habits and encourages more of the performance an employer wants to see.
Investment in technology: the IT and technology skills-gap is getting wider, and businesses must start leveraging technology to mitigate a lack of skilled resources.

In 2023 Forbes research found that 93% of UK businesses acknowledge an IT skills gap (source).

To summarise, in today’s dynamic business world, recognising and addressing skills gaps is crucial for staying competitive. Assess your workforce’s skills, stay updated on industry trends, and invest in training to bridge any gaps. Businesses who are open to and invest in a culture of learning and growth, can thrive in this changing world if you look toward developing a business fit and ready for 2024 and beyond!

Is your business already working on bridging the skills gap? Which of these methods have you deployed or what are you doing that is different? Let us know [email protected]!

For more Kameo updates, insights and news click here.

Navigating the Landscape of Expected Pay Awards for 2024: Strategies for Transparent Communication with Staff

Navigating the Landscape of Expected Pay Awards for 2024: Strategies for Transparent Communication with Staff

In 2024, companies are taking different paths with employee pay. Some plan big raises, others are freezing pay. With 24% aiming for 4–4.99% increases, 19% going for 2–2.99%, and 17% planning above 6%, they all have one thing in common: clear communication is vital for staff.

Understanding the makeup of these anticipated pay awards is crucial for both employers and employees alike. For businesses, it signifies a delicate balancing act between managing financial resources, retaining talent, and remaining competitive in the market. On the other hand, for employees, it directly impacts their financial well-being, morale, and perception of their value within the business.

For businesses planning substantial pay increases, it’s an opportunity to demonstrate their commitment to employee satisfaction and retention. Such businesses can leverage these planned increments as a tool for attracting top talent and rewarding high performance. However, effective communication is key to ensuring that these efforts are perceived positively by the workforce. Transparency regarding the rationale behind the pay increases, such as company performance, market trends, or employee contributions, fosters trust and reinforces a sense of fairness among employees.

However, for businesses contemplating pay freezes or a modest pay rise, the challenge lies in managing employee expectations whilst maintaining morale and engagement. In such cases, honest and empathetic communication is crucial. Employers should prepare to openly address the reasons behind these decisions, whether they stem from economic uncertainties, budget constraints, or strategic considerations. Additionally, offering alternative forms of recognition, such as non-monetary incentives, will help with employee morale. According to People Management (PM), 50% of UK workers would rather have “great relationships” at work than a 10% pay increase (source). While salary is undoubtedly crucial, employees consistently show that they also value feeling appreciated, fostering positive relationships, and ultimately experiencing job satisfaction.

Regardless of the chosen approach, effective communication with staff is essential to navigating the complexities of expected pay rises for 2024. Here are some strategies to facilitate transparent communication and foster employee understanding and engagement:

Provide Context: Clearly articulate the factors influencing the business decision regarding pay rises, such as market conditions, financial performance, and strategic objectives. This helps employees comprehend the rationale behind the chosen approach.
Seek Feedback: Encourage open dialogue with employees to understand their concerns, expectations, and suggestions regarding pay. Actively listening to their perspectives promotes a sense of inclusivity and demonstrates respect for their input.
Offer Clarity and Transparency: Be transparent about the criteria used for determining pay increases or freezes, ensuring consistency and fairness in the process. Clear communication helps alleviate uncertainty and minimises misconceptions among employees.
Empathise and Support: Acknowledge the potential impact of pay decisions on employees and express empathy towards their concerns. Offer support mechanisms, such as access to resources for financial planning or opportunities for career development, to assist employees during periods of uncertainty.
Emphasise Future Opportunities: Communicate the business’s commitment to employee growth and development, highlighting future opportunities for advancement, skill enhancement, and reward. Aim to adopt a culture of continuous learning and progression as this reinforces employee engagement and retention.

In conclusion, navigating the landscape of expected pay for 2024 requires a strategic blend of financial prudence, employee engagement, and transparent communication. By proactively addressing employee concerns, offering clarity and empathy, and emphasising opportunities for growth, businesses can effectively communicate their decisions regarding pay and embrace a culture of trust, fairness, and collaboration within the workforce.

For related content, see here.

Why Businesses Thrive with Recruitment Agencies by Their Side

Strength in Partnership: Why Businesses Thrive with Recruitment Agencies by Their Side

A talent acquisition team without a trusty recruitment partner could be like coffee without caffeine ☕

Who benefits? You, the teams you recruit for, the new people you hire and of course, us!

Five reasons you can elevate success with us…

Reason one: access to a larger talent pool:

It’s no secret that recruitment agencies have access to a vast network and an ever-evolving database of candidates, passive and active.

As much as 70% of the workforce is made up of passive candidates who aren’t actively seeking work. If you are only relying on active job seekers, you’re cutting your talent pool down to just 30% (source).

You see, you need us, and we need you.

Reason two: specialist expertise:

Recruitment agencies often specialise in specific industries or job roles. Their recruiters have a deep understanding of the market, industry trends, and the skills required for various positions. This specialised knowledge can be beneficial when hiring for niche or technical roles.

A poor hiring decision could be detrimental to your finances, the estimated cost of a bad hire is approximately 3 times more than the salary paid (source).

Reason three: time and cost savings:

How much time is your current talent acquisition team spending on sifting through endless CVS, before they even begin conducting interviews? That’s the magic of partnering with a recruitment agency; they’re essentially the superhero sidekick your team never knew they needed. They will prevent you from spending your precious time and resources so you can focus on moving the business forward in other ways e.g., mastering that onboarding experience of ensuring the first day in the new job is incredible!

Specialist agencies will often have access to a treasure trove of talent your internal team might not even know exists. They’ve got the tools, the know-how, and the secret suave to identify, woo, and win over your ideal candidate.

Did we mention cost savings? Sure, there’s a fee involved, but think of it as an investment in efficiency. By slashing your time-to-hire and minimising turnover, a specialist recruitment partner can save you plenty of pennies in the long run.

Reason Four: hard to fill roles:

We’ve all seen them and most of us dread them, but not your trusted specialist agency! No, they thrive off a hard to fill role. Nothing says success better than finding you your perfect candidate for that “hard to fill” role.

Truthfully, you could do it yourself but roles like this need an amended game plan and an extra bit of finesse!

Our top strategies for filling your “hard to fill” roles include:

Targeted search, we deploy specialised tactics to track down the perfect fit.
Creative sourcing, we think outside the box every day – we LOVE it!
Personalised approach because we know one size doesn’t fit all when it comes to hard-to-fill roles. We craft tailored messages and elevate your brand to woo candidates and show them why your opportunity is the one they’ve been waiting for.
Tapping into that passive market, remember the one you don’t have access to?!
Persistence and patience, because Rome wasn’t built in a day, and neither is a dream team. Specialist agencies use their market knowledge to paint you a realistic picture of how long it might take to find the perfect match. Sometimes recruitment is about weathering the storm.

Reason Five: Market Insights:

Recruitment agencies aren’t just matchmakers; they’re like talent scouts armed with insider info! They’re salary benchmarking experts, they can spill the tea on competitors’ hiring tactics, and even forecast talent trends like psychic recruiters. With their market insights, you’ll make strategic moves that leave the competition scratching their heads and scrambling to keep up. Think of them as your secret weapon in the war for talent!

To summarise, who doesn’t like maximising their time and seeing their fill rate soar? Partnering with a specialist recruitment agency can do just that! For optimal results choose wisely, and select an agency that aligns with your values and goals. We’re big fans of communication here, and it’s crucial to a successful and thriving recruitment partnership (in our opinion!) Why waste another minute drowning in CVs for hard-to-fill roles when you could be conquering the other complexities of the talent world? Partner up with an expert recruitment agency and watch your team soar to new heights – while they handle the rest!