Attracting top talent through reward schemes
Summary: Tech reward schemes can help both the public and private sectors attract the best candidates for available vacancies.
A business is able to flourish and grow because of the strength of its workforce, which means employing the industry’s top talent can make all the difference. Attracting such candidates isn’t always easy, especially when an organisation has been forced to tighten its purse strings.
While a healthy salary is obviously a big draw for candidates, the other perks a business can offer can make the overall package more appealing when compared to what a competitor has put on the table.
These extras don’t have to be extravagant or cost an organisation a small fortune, as they can be as simple as providing free fruit to employees at work or supporting salary-sacrifice schemes like ‘bike-to-work’ and tech rewards programmes. Whatever a business decides to offer, it will send a clear message to candidates that the firm has a vested interest in its employees’ happiness and wellbeing.
Perks like these are just as effective in the public sector as they are in its private counterpart.
Public sector In this year’s Budget, unveiled on July 8th, it was announced that those working in the public sector will face another four-year pay freeze. This, when combined with the other measures announced, will save the government £17 billion, according to chancellor George Osborne.
Public sector pay rises will now be capped at one per cent a year until 2019, which has been met with criticism from unions representing workers in the industry. However, there are still job vacancies to fill, so it’s vital that department leaders think outside the box when thinking of ways to entice the highest calibre of candidates.
Commenting on the success of a discounted shopping scheme offered to staff, Colin Miller, reward manager for Kent County Council, told Personnel Today: “If they engage with those rewards that work particularly for them, they are likely to feel more engaged with their employer and go that extra mile in terms of service delivery.
“If money is tight, it makes it all the more important to make sure people are getting as much benefit as possible from whatever’s in the employment package.”
Tech reward schemes prove to be incredibly popular with employees, as it gives them the opportunity to purchase the gadgets they want – including laptops, tablets, smartphones and cameras – at discounted prices through their employer. This opens the potential of enabling “Bring your own Device” schemes where employees can use their own preferred device instead of the old corporate laptop. It also provides an opportunity for employees to get the latest technology at home at a discounted rate with repayment from salary over 24 months.
There is currently a well-publicised skills shortage in the private sector, where many vacancies are going unfilled because there aren’t enough qualified candidates applying for positions – meaning that that applicants have the upper hand.
A study undertaken by the Confederation of British Industry and Pearson revealed that two in three businesses predict that they will need more employees with a higher level of skill in the next few years, but 55 per cent worry that they may not be able to recruit these individuals.
Companies in the private sector are able to offer bigger salaries than their public counterparts, which means they need to think of how they can make their business stand out from the crowd to potential employees. To do this, an organisation must consider what candidates, as well as existing workers, would want in addition to holidays and their wages.
Tech benefit schemes also tick both of these boxes, as it is an attractive bonus for potential employees, while also something that rewards the hard work done by the current workforce. They are given the freedom to purchase gadgets that can be used in their professional and personal lives, adding value to both.
Benefits to the employer
The biggest advantage to the business or organisation is the cost savings, as the money spent supporting these types of programmes is vastly cheaper than paying staff a bigger salary – something that isn’t always an option. Secondly, tech reward schemes are incredibly attractive to candidates, as we are living in a world that is becoming more digital with each passing day. Being able to buy discounted tablets, laptops, smartphones and other devices helps employees keep up with a changing environment, without breaking the bank.