Attracting and retaining the right talent in today's hyper-competitive and the globalised market isn't easy. With Ireland's unemployment rate now dipping as low as 5.3% in January of 2019, organisations need to ensure that employee benefits and compensation packages are purposefully designed to make them more attractive than competitors.
This isn't just about higher salaries. It is about identifying the right elements of the proposition that will make you as an employer a more attractive option whilst optimising the financial investment.
This could mean:
Providing leadership led wellness programs
Flexible working policies
More annual leave days than your closest competitors
Getting your proposition wrong can result in a recruitment headache, attrition and increasing costs. From numerous boardroom meetings to exhaustively searching competitor offerings, establishing the optimum employee proposition is lengthy, time-consuming and costly. But it doesn't have to be.
With a world rapidly moving towards data-driven decision making, HR teams are quickly jumping on the bandwagon and future-proofing their modus operandi.
So how can you use data to develop the right proposition?
Dating back to the 1960's and 1970's, complex statistical methods have widely been used across various industries to establish how buyers make trade-offs among competing products and suppliers.
Through intelligently designed exploratory techniques, market researchers can understand what key decisions are made by consumers and why. Subsequent product development and pricing decisions are then based on the results of this research.
What if we could use this technique in HR?
Imagine if we could dive into the minds of all the talented potential employees out there and figure out what they are really looking for in a job. Imagine if you could also figure out what your current employees' value in term of benefits and compensation which would help shape future offerings.
What if we could figure out, using data and statistics, the exact aspects of a benefits and compensation package that makes a job offer enticing - one that would help solve recruitment woes, combat attrition and optimize the investment in this area?
Combining the use of incredibly effective data analysis tools and vast industry expertise, we are on a path to making this possible - and at a reasonable cost.
Attract the best talent for your business
Making data-driven decisions is the future - why not apply the benefits of this approach to attract the very best of the world's talent?
Dr Rachael Dillon is the Talent Analyst Lead for the Future of Work Institute, a Cpl company.
Please email [email protected] to understand more about how you can use data insights to make better HR decisions.