Over the last couple of years the demand for talent across most industries has lead to inflated salaries, with companies having admitted their main strategy for attracting and retaining employees was to offer better pay and benefits. But is this a short-sighted fix?
A poll of 1,055 HR professionals conducted in April this year by the CIPD and Omni as part of the Resourcing and Talent Planning Report, found that 56% of companies were increasing pay to retain talent and 36% offering better compensation and perks to address recruitment difficulties.
But as the old saying goes... "money can't buy you happiness".
A more recent study by Workbuzz found that 45% of UK employees and business leaders rank a “great” culture as the most important factor when looking for a new job.
The research highlighted that whilst the overbearing cost of living crisis makes competitive salaries important, supportive working cultures, flexible working solutions and clear career progression are also significant factors in ensuring candidates join and stay with a business.
When asking the PIE office what makes a "great" work culture our answers were as you can imagine, mostly food and beverage related...
"Going to the pub"
"Watching the World Cup with a full beer fridge"
However there were some more personal answers, that reminded me that a positive work culture isn't always the obvious...
"Placement confetti canons"
"Music and singing in the office"
"My birthday card signed by all of my colleagues"
Upon reflection I think with today's candidate driven market salaries are always going to have an influence on recruitment and attrition, however maybe now it is more of a cherry on the cake scenario. Moreover companies need to think outside the box when creating a "great" work culture. It can be encouraged by the usual social events, flexible hours and financial reward but perhaps it's more simple then that. Personally I think we are seeking more meaningful employment.
What do you think makes a "great" culture in the workplace?
Creating an inclusive work environment, being recognised by your peers and celebrating success seems to be the answer here at PIE!
The study by Workbuzz found that almost half (45 per cent) of UK employees and business leaders rank a “great” culture as the most important factor when looking for a new job.Read the original article here
♥️ Once in a role, a company's culture and values far outrank compensation and benefits when it comes to keeping employees satisfied.— GlassdoorUK (@GlassdoorUK) November 24, 2022
🔎Read more from @jillcotton80 in @PeopleMgt https://t.co/rh0IjHjzlJ
My latest in Forbes:— Joe McKendrick (@joemckendrick) November 23, 2022
“Culture is not a location, nor is it free food or foosball tables. Culture is a narrative and a purpose. It’s the decisions people make when you are not in the room."
-Christa Quarles, CEO, Corel@forbes https://t.co/aLUevv3tTb