What can employers do to attract and retain staff?

Despite economic uncertainty amid the cost of living crisis, the job market remains competitive in the UK.

While many employers pay bonuses to their workforce to help with retention and to reward good work today’s employees are looking for a little more – and not necessarily financial.

Two-fifths of workers would be willing to forgo a pay rise citing the need for a better work/life balance. Top sought-after benefits include flexible working hours, additional holiday leave and medical insurance.

Of course, pay packages are important too particularly as households continue to contend with high inflation. According to recent research by Totaljobs, which analysed trends across 30 industries, over one in three employees  (37%) are looking to change jobs, with pay front of mind.

Perks to combat the high cost of living can also help to create attractive offerings, such as salary sacrifice schemes, season ticket loans, subsidised or free food and free financial education.

So, when it comes to bonuses, employers should remember that a big-ticket offering isn't the only way to be competitive.

Employers should review and benchmark salaries and benefits and compare themselves in the market.

Identifying workforce needs and tailoring packages accordingly can help employers to ensure that they attract and retain the best talent.