To retain top talent, tailor pay packets to employees’ needs

To retain top talent, tailor pay packets to employees’ needs

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Catherine Maskell, head of global marketing at Reed says that in the current job market, companies that secure the top talent are those prepared to tailor pay packets to the needs of employees and not simply offer a larger wage.

Research for the Salary Guides 2017 shows that while salary is still a major factor – 46 per cent of women would move for a better salary compared to 55 per cent of men – women are placing great value on other aspects of the working life with 36 per cent saying they would move for a better working environment, compared to 30 per cent of men.

Maskell comments: “For the majority of women the most important aspect of their working life is not salary. Work-life balance is a priority, with 75 per cent believing it is important compared to 61 per cent of men. Getting along with colleagues is also very important for more than half of women surveyed (56

“Getting along with colleagues is also very important for more than half of women surveyed (56 per cent) placing this as an essential factor in their careers, a significantly larger portion than men (37 per cent). 

“It is evident that work relationships and a good work-life balance are valued equally to a competitive salary, and employers should take note of this. It’s really positive that 50 per cent of the women we surveyed reported a pay rise in 2016.

“It is encouraging to see that women have a certain level of expectation of the workplace – not just valuing salary, but also a good work-life balance and a positive working environment. The differing expectations of a diverse workforce are positive for all UK workers, as businesses will be forced to take greater note of the whole working environment. 

The report shows that women are also more likely to be confident in themselves at work (61 per cent) than men (53 per cent) and optimistic (44 per cent of women vs 43 per cent of men). It’s this confidence as well as using tools like the 

Maskell says: “It’s this confidence as well as using tools like the REED salary calculator that will help shape what employees ask from employers.

“For companies looking to recruit in 2017, it is important to offer packages that satisfy the needs of potential hires. To attract and retain the best talent, you must prove that you are willing to invest in your employees with a range of enticing benefits.” 

Representatives from some of the most male-dominated industries will discuss strategies for retaining their female stars at the First Women Summit on 28 February.

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