Outdated approaches to technology and finances could be costing businesses in the war for talent
Right now the national narrative is one of a disgruntled workforce seeking opportunities whereby values and recognition are inherently embedded into the workplace culture.
Alongside this, digitalisation of processes has become paramount to a workforce that expects seamless, integrated solutions that encapsulate and enhance their workflows between teams, across countries and through time zones.
In the context of the recent 'War for Talent', the ‘Culture of Belonging’ is a huge factor to employees who are now evaluating how companies they work for support their work-life balance, reflect their values and their use of technology. And while a war is being waged over salaries, promises of flexible working and other benefits - employers must be looking beyond these areas, and identifying their shortfalls if they want to retain staff, and attract new talent.
Businesses should be constantly reviewing their internal processes - including support networks, use of technology and approaches to finance to avoid indirect impact to their retention and recruitment efforts.
Beyond remuneration - people want to feel valued and supported at work
While salary and benefits are considered the most important deciding factors for candidates seeking a new role, feeling valued and connected at work is also important.
When starting a new role, or when working in any role for that matter, recognition is a key factor impacting employee engagement and satisfaction. And, according to a recent study by Service Now, those that feel "heard and valued" were reported to have better morale and performance in their roles. In the study, 60% of respondents said they had a "strong desire" to provide feedback if it meant the company would improve. Despite this just 44% said they believed their employers cared about workers' points of view or acted on their suggestions.
For remote workers, many of whom may feel disconnected from the office, feeling heard and supported is also a vital factor in today’s working environment. Despite this, Service Now’s study found that just 43% of remote workers felt their employers were invested in supporting them, and improving their experience at work.
With value, support and recognition being an important factor amongst employees - regardless of where they work - employers will need to consider how they support staff and ensure their voices are heard. Collaboration tools like Notion or Slack are helping businesses here as a single location for employees to communicate and interact, whereas software like BreatheHR can ensure employees are getting the support they need for example.
Setting up people for success with technology
Feeling supported and valued at work goes hand-in-hand with how employers are using technology to support their staff, and could impact retention efforts if executed poorly.
With technology now impacting almost every aspect of our personal lives, people expect their use of technology outside of work to be reflected in their professional lives too. Particularly in the context of the pandemic, employees are now calling for better use of technology and ways to stay connected - with a recent study even finding that 13% chose to leave a job due to their employer not investing in collaboration technology.
It’s not just younger candidates demanding this either. Service Now’s report also highlighted that millennials (59%), Gen X (52%) and Baby Boomers (46%) are increasingly expecting a mobile-optimised workplace from their employer for their job.
As such, investing in technology and collaboration tools is not just an efficiency gainer, but a key factor for retaining staff.
Why outdated expense processes could be costing you talent
A commonly overlooked factor, but how you enable your employees to buy the things they need for their job and reimburse them is also a vital factor to consider in retention efforts.
Depending on the nature of their job, an employee's role will likely require them to purchase things to do their work successfully. This may include travel expenses, IT and marketing subscriptions or simply food and drink. But despite this being a core part of most people’s jobs, it’s surprising to find a lot of businesses still shouldering the financial burden on their employees.
Results from a survey Pleo conducted last year of 1,000 businesses across the UK found that 32% still expect employees to pay out of their own pocket for company purchases. Not only this, but it’s significantly impacting their jobs - with nearly a third (30%) of people surveyed reporting having experienced financial loss or stress due to poor expense processes. In extreme cases, it also led to them quitting their jobs.
In light of this, giving employees the financial freedom they need to effectively fulfil their roles will be vital in maintaining staff satisfaction. And while money and company benefits will always be top of the agenda when it comes to your talent pipeline, it’s vital to consider the entire employee experience amidst the growing war for talent.
