Attracting and retaining employees with tech rewards schemes
At a time where some employees’ skills are highly sought-after, technology reward schemes could be the key to keeping staff and attracting new talent.
The UK is currently on the verge of a skills shortage, which means that in some industries it’s an employee’s market rather than an employer’s. Those who possess in-demand expertise are able to choose from a wide range of businesses when looking for a new job and will be able to weigh up the benefits of firms against each other.
A report from jobs website Adzuna reveals that in 32 out of 50 major cities in the UK, there are more advertised job vacancies than there are people seeking employment, with there being 77 jobseekers for every 100 available roles – a stark contrast to the 139 jobseekers for every 100 vacancies last year.
Commenting on the skills shortage, Kevin Green, chief executive of the Recruitment and Employment Confederation, said:
“It’s imperative that the new government gets to grips with skills shortages because a jobs crisis is looming. Recruiters are doing a great job at getting more and more people into work, but four in ten of those recruiters say that the availability of candidates is getting worse each month.”
“Shortages are a serious threat to long-term sustainability for organisations within both the private and the public sector.”
This means that organisations must find ways of standing out from the crowd when it comes to attracting new talent, while also keeping current staff members happy so they won’t jump ship and find alternative employment.
There are many different incentives and employee reward schemes that a business can use to retain and attract employees, all of which have varying degrees of success when meeting this objective.
Any initiative chosen must align with the firm’s goals at a strategic level and it has to be an attractive proposition to potential staff members and existing ones, otherwise it could turn out to be a waste of time and money – both of which many businesses can’t afford to lose. The selected scheme must also be affordable for the worker and the business, as well as being easy to manage.
Many of the most successful types of employee reward schemes involve technology, as staff are able to access the latest computers, tablets and other devices – something they may not be able to afford without the help of their employer, as the cost for an individual can be significant.
Why are these type of incentives so popular among existing staff and how could they help an organisation attract new talent?
While many technology reward schemes are based on a salary sacrifice framework – where the employee pays out of their wages every month for a set period of time – the price they would pay overall is significantly lower than it would be if they had purchased the device themselves on the high street. In addition, the cost is less of a financial burden as it is spread over a specified period of time and is taken from their pay packets.
Some companies that provide the technology for these initiatives allow employees to choose from a vast assortment of gadgets and devices, such as tablets, games consoles, cameras and smart TVs, rather than just technology that is meant specifically for the workplace, like laptops and computers. Staff are more likely to be interested in something that is purely for enjoyment, rather than something that is linked to carrying out their duties at work.
Technology reward schemes are particularly successful because they can be perceived by employees as recognition for the hard work undertaken by staff, as well as being seen as the employer providing extra support to its staff.
For potential new employees, initiatives such as these could be the thing that sways the decision to apply for and accept a role within an organisation, particularly if all the jobs an individual is able to choose between have similar salaries, holiday entitlements and pensions.