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A little outside-the-box thinking may be necessary to get through periods of talent shortages. Recognising what candidates are after and what motivates them to join an organisation is key.
Offering higher wages is what probably springs to mind for many. However, in the current economy, where the cost of living and inflation are putting pressure on many, it may not be feasible to dramatically increase pay.
This is where benefits can assist and help organisations stand out from their counterparts. One major offering that can help drive retention and attraction is paid parental leave. As a business, if you’re looking to entice young adults, this can prove to be a worthwhile venture.
“Certain age groups think of certain things. So, if you’re looking at the age group that is now looking at family planning, paternity policies are a big question. When you look at your top-tier law firms, they’re giving 26 weeks, which is incredible,” commented nrol director Jesse Shah.
“Obviously, boutiques can’t afford that, but they’re trying to come to the table, and your mid-levels are trying to come to the table, but it’s hard for them to sustain that because obviously they’re smaller, and the cash flow is less and everyone matters more and every seat matters more. But I’m seeing a lot of boutiques now put in 12 to 13 weeks, which they never ever did before.”
Catering specific offerings for different age groups can help to attract the talent you need. According to Shah, younger workers are increasingly prioritising flexible working arrangements. By having a work-from-home policy, you can help bring fresh skills through the door.
“Traditional law firms that would have never even contemplated it are offering that flexibility now to attract the younger talent. Everyone’s trying to do the team days out and things in the office for wellbeing, like yoga, et cetera,” he said.
For candidates, weighing up the offerings of both small businesses and larger ones can help to land a role that is well suited to their needs. There are positives and negatives to both.
Shah continued: “The beauty is there’s a pro and con, right? Yes, you get the greater parental leave in a bigger firm, but that comes with a lot of added pressure and you’re just a number, you’re just one of many people. Whereas you go to a boutique. Yeah, you might not get the glorious parental leave of 26 weeks, but you get the family feel. You’re a valued member of that team. You get the support.”
A universal offering that is both beneficial for candidates and employers alike is mentoring. Through mentorship, businesses can boost the skills of both mentor and mentee while increasing engagement and communication among peers.
“A lot of junior lawyers that I speak to are happy to sacrifice that big salary for better mentorship and support because that’s a valuable asset in their career. They know the big money will come the more they grow. And then for the senior lawyers, it’s about the appreciation, the pathway to partnership and getting that established footing for the rest of their career,” Shah explained.
“Salary does play a big part in everything that we do in life because of our cost of living. But other things like support, mentorship, partnership, the kind of quality of work, the autonomy [are important too.]”
Similar to mentorship, learning and development opportunities can be a powerful tool for engaging candidates.
“It’s like what Richard Branson says: you invest in someone, they’re less likely to leave. People get threatened that the more time and investment they spend in someone that they’re going to move on. But if you actually think about it, if you really invest in someone and train them well and give them that support, they’re more likely they’re going to stick around because they’re going to respect and value what you’ve given them,” Shah said.
“Being a senior in my profession now, part of the love that I have is training people, training junior recruiters through the ranks, because what’s the point of me having all this experience if I can’t give it to someone else? And that’s how I look at it. It’s me giving back and training, and those people will stick around with me because they’ve seen the value that I’ve added.”
The transcript of this podcast episode was slightly edited for publishing purposes. To listen to the full conversation with Jesse Shah, click below:
RELATED TERMS
Benefits include any additional incentives that encourage working a little bit more to obtain outcomes, foster a feeling of teamwork, or increase satisfaction at work. Small incentives may have a big impact on motivation. The advantages build on financial rewards to promote your business as a desirable employer.
Mentoring pairs up less experienced workers with more seasoned ones to provide coaching, training, and development. This can be done informally or formally, with meetings and quantified results.
Parental leave is a benefit offered to employees that allows for job-protected time off from work to care for a kid once the child is born or adopted.
Training is the process of enhancing a worker's knowledge and abilities to do a certain profession. It aims to enhance trainees' work behaviour and performance on the job.
Jack Campbell
Jack is the editor at HR Leader.
