London has one of the most competitive job markets in the world. The city is home to over a million businesses, from small, newly-founded startups to global megatitans – and all of them are battling it out for the best talent.
You’d be forgiven for assuming that the biggest companies can offer the most money, and therefore, suck up all of the best candidates; but it isn’t that simple. That’s because a lot of small and medium-sized enterprises are more financially flexible than the bigger fish and can often match even the most ludicrous offers.
So, if money’s no longer the great differentiator, then what can set one business apart from the rest of the pack nowadays? Well, it turns out that a lot of candidates out there care about things other than money, like benefits, positive working cultures, and investing in professional development, just to name a few.
Let’s explore these more and talk about the practical steps a business can take to put together not just a competitive offer, but a superior one.
How Businesses Can Attract New Talent
Invest in Professional Development
This one applies more to junior-mid level positions, which also just happens to be the main battleground in London’s job market at the moment (particularly the ‘mid’ part). Lots of professionals on the market are searching high and low for an opportunity that gives them the chance to develop their skillset further and become more lucrative compared to others.
Professional development can come in many different forms. Paid-for formal qualifications are what probably come to mind as these represent the most sought-after form of career development, but there are plenty of other options for employers.
Structured learning opportunities, like mentorship programs, and frequent group development sessions that revolve around different topics are often cited as particularly beneficial. These demonstrate that an employer isn’t just paying lip service to the idea of development but is actually committed.
Create a Strong Workplace Culture
This is the one that everyone struggles with. Bigger companies don’t want to feel too corporate, while startups don’t want to feel like a rinky-dink tinpot business. But the key is to forge a workplace culture around what you want to be, rather than what you don’t want to be. That means taking tangible steps towards building a positive, inclusive culture that employees don’t dread returning to every Sunday night.
Leadership style sets the tone for culture. Setting specific, measurable, achievable, relevant, and time-bound (SMART) goals is a good place to start. In terms of leadership style, a coaching style that prioritises employee development, combined with a democratic feel that makes employees’ opinions feel valued, traditionally has the best results.
Finally, trust goes a long way. No one likes a micromanager, so fostering a culture of trust will also help you create an employer brand that the best candidates want to be a part of.
Offer Meaningful Benefits & Bonuses Beyond Salary
Having a strong suite of company benefits is a must, firstly because it strongly improves the overall offer without dramatically increasing payroll costs, but secondly because they demonstrate how a company values its employees. The ultimate benefit combo is to offer things that help with both practical needs and employee wellbeing.
Free fruit and an annual party won’t attract anyone anymore (not that they ever did). Instead, it’s probably better to focus on health incentives, like paying for gym memberships, improved annual leave allowance with flexibility, hybrid working, and parental leave options.
Coming up with a competitive offer isn’t as straightforward in the capital as it is in other areas of the country, where businesses can offer a good salary and a car allowance, then give themselves a pat on the back – good luck finding parking in central London, for starters.
Though it’s great to be based in London, employers need to get a bit more creative. Offering a competitive salary is the bare minimum; if they want to come out on top by the time the recruitment war dust settles, they need to find concrete ways to evidence a few things: a commitment to professional development, how they foster a positive culture and a suite of benefits that smashes their competitors’ offerings.
So, there you have it; offer an opportunity that goes beyond a simple pay cheque.