9:14 am, February 24, 2022
In the next three to six months, one in four workers are actively planning to change their job1, so placing high priority on how to retain employees and attract the best talent is pivotal for businesses this year.
Vacancies in the motor trade have increased by 200 per cent in the past 12 months. As of December 2021, there were more than 18,000 jobs available2.
It’s an employee’s market at present – with so many vacancies they can afford to consider their options and select the job with the best overall package.
Fifty per cent of staff say they would give up more salary for benefits3, demonstrating that businesses need to offer more than just an attractive pay cheque.
Source: Office for National Statistics report VACS02
To attract the best candidates, it’s vital to list your full benefits package as part of the job description (and on your website too).
Seventy-eight per cent of employees said benefits were extremely important when making a decision to accept a new job4 and 68 per cent of employees think companies that care will attract the best talent5.
How can your group create a strategy for success?
Automotive employees are renowned for moving from dealership to dealership, so benefits and rewards are an all-time high priority and used as a retention strategy.
Demonstrating your aspirations to be the employer of choice could be the difference between you retaining or losing your staff.
Car Benefit Solutions (CBS) has created a free guide to help you get ahead of your competitors, which lists three ways to deliver a rock-solid employee retention strategy:
1. Provide benefits to your employees to make them feel valued, rewarded and motivated
Losing your staff can cost the business heavily both financially and in resources.
2. Retain your staff without increasing business costs
Flexible and dynamic benefits can offer a cost-effective equivalent to a pay rise.
3. Recruit new talent with an attractive remuneration package
Candidates are no longer attracted to a job role for the salary alone.
Boost your employee benefits package
Many elements will make up your overall HR strategy. These might include personal development, physical/mental wellbeing or diversity and inclusion.
However, a car benefit is of high value to many employees.
While with the current stock shortages, offering a car as an employee benefit is difficult at present, you can use your time now to review and plan your benefits ready for when stock is available to your business.
Give your business the best chance for success in 2022 by retaining your most valued staff and recruiting the industry’s top talent.
When using a CBS car scheme, you are in full control, from the level of benefit for each individual, right through to the vehicles available.
Planning your car benefit scheme doesn’t have to cost the business heavily in either cost or resources.
To learn more about how to become the employer of choice, download our free guide today or contact us to discuss how a CBS car scheme could improve your current car benefit.
References:
1 Attracting and Retaining Talent 2021 by global leading recruitment agency, Randstad UK
2 Office for National Statistics report VACS02
3 Research from MetLife’s Re:Me report The Importance of Individualism in a Changing World
4 2021 Workplace Wellness Survey by Employee Benefit Research Institute (EBRI)
5 Research from MetLife’s Re:Me report The Importance of Individualism in a Changing World
Business photo via Freepik and created by yanalya
