According to its latest whitepaper ‘Recruitment, retention, and culture: assessing the pandemic’s impact’, Cendex found that 81% of HR professionals believe the war for talent has become more competitive over the last 12 months – this is likely to be a result of businesses looking to bounce back post-pandemic, upping their recruitment thus giving employees the pick of the market.
Although the pandemic has brought more attention to flexible working and working from home policies – with almost one in three (30%) organisations saying their employees place benefit and reward packages ahead of salary – pay remains the number one priority amongst employees.
Within sectors where the competition for talent has been traditionally tight this sentiment is especially felt with over half (56%) of employees in the IT & Telecoms industry citing pay as the most important factor for candidates. This figure rises to 60% in sales and marketing and 67% in the legal industry. Surprisingly 57% of those in the charity sector said the same.
However, the challenge doesn’t just lie in attracting the right candidates, businesses also have to contend with retaining their top talent too with over half of employers (59%) expecting an uptick in resignations as staff are lured elsewhere, whilst almost a third (32%) are expecting to see more resignations in 4-6 months. 30% of those surveyed also noted that employees are demanding more money because the war for talent is in their favour.
Despite its importance for both candidates and employees alike, over four in ten (42%) organisations do not benchmark their salaries.
As lockdowns lift and businesses turn towards recovery it is vital that organisations remain competitive, but within budget when it comes to pay reward. In order to do this, HR and reward professionals need to arm themselves with the right renumeration and reward data to properly benchmark their roles and make informed reward strategy decisions. With Cendex, they can do just that.
Cendex provides high quality data, intuitive workflow tools and expert insights to help employers benchmark roles and rewards packages, all in a single, trusted platform 24/7. With this tool, HR and reward professionals can recruit, retain and motivate their talent with total confidence.
Scott Walker, Managing Director at Cendex said, “With recovery top of the agenda, it’s vital to have the right talent on board with a team that is motivated to work hard and help achieve your goals. But as competition for the recruitment and retention of staff grows, so too does the need for employers to use benchmarking tools such as Cendex. After everything the last year has bought us, pay is clearly still the highest regarded factor by employees and employers must be able use reliable data sets to evaluate their rewards packages.
“Cendex provides employers with the analytics and data they need to not only benchmark salaries, but also build out efficient reward strategies that will boost motivation without breaking budgets.
“For every organisation, it’s people are the key to its success and with the right data and measurement tools, business leaders can be confident that they are staying competitive in the marketplace, keeping ahead of the competition by attracting and retaining the right people for the job and rewarding everyone fairly as we take this next step forward.”