2018 was a very strong year for both employers and employers, but as the market develops and demand for top talent increases, employers are recognising that it's well and truly a jobseeker's market.
In fact, according to a sentiment survey in our Q3 2018 Employment Monitor, readings from employer's proved exactly this point.
If you want to attract the right talent for your workforce, you need to ensure that you are offering the benefits they want and a competitive salary package. Particularly for high demand talent.
According to a study from the Center of American Progress the cost of losing an employee can range anywhere from 16% of their salary for hourly, unsalaried employees, to 213% of the salary for a highly trained position.
To retain staff and save budget across the business, it's essential to consider what benefits your current and potential employees really want.
The Cpl 2019 Salary Guide reveals the employee benefits you need to attract the best talent for industries in Ireland such as Accountancy & Finance, Pharmaceuticals, Engineering, Construction, Retail, Technology and Language Jobs.
Here are the employee benefits you need in 2019 to attract the best talent.
Our 2019 Salary Guide shows a demand across almost all sectors in Ireland for flexible working options.
Organisations are introducing new benefits to coincide with the perception that work life balance is the most important factor for people considering new opportunities. Flexi-days are being introduced by larger organisations, as well as an increased number of wellness packages and work from home options.
According to research by the Chartered Institute of Personnel and Development in the UK, implementing flexible working practices can improve staff engagement and motivation. Allowing employees more flexibility can help them to both manage care responsibilities and have a positive impact on their health and well-being.
Flexible working can also help create an equal workplace for both genders, as both male and female parents can utilise the flexibility to contribute equally at home.
As a result, employee retention and morale will be significantly higher.
Clear career progression
Employees want to know what career progression will be available to them. Providing visibility on career progression gives employees the confidence to stay in the role for longer and eliminate the feeling of stagnating in a role, which can lead to employee churn.
Another common trend is the need for permanency. While contracting is becoming increasingly common in sectors like Engineering as candidates have the flexibility and opportunity to work on different projects, in sectors like HR and Construction, there is a concern regarding the risks involved with contracts as security and visibility of progression is highly desirable.
To attract candidates to shorter term roles we are finding that premium rates are essential.
Upskilling ensures employees'skillsets won't become obsolete and shows your peopleyou care about their careers and their futures. This will add more value to the business and retain your workforce for longer. On top of that, it will allow you to shape employees to suit the needs of the business.
Building these programmes into your onboarding process is a great way to introduce this, as well as continuous upskilling programmes to provide value as the industry changes.
In 2019, the competition for real talent is only going to increase, it's important that continuous learning programmes for all employees is built into your HR strategy.
With roles that are in high demand, lot of businesses have no choice but to hire employees that exactly don't meet the skillsets required, so upskilling those employees gives the opportunity to fill those skillsets in the company. This could potentially save your hiring budget.
Want to know more employment insights?
With the Irish GDP is expected to grow by 8.2 per cent in 2018, followed by 4.2 per cent growth this year, 2019 is expected to be another strong year for the Irish economy.
If you'd like to know more, the 2019 Cpl Salary Guide will give you employment insights across 16 industries, as well as salary figures for all sectors in Ireland & Northern Ireland.