2018 will see a shift in Ireland’s economy due to rapid economic growth. With unemployment rates expected to drop to 5%, the balance of power within the market is shifting in favour of employees, giving them increased power to pick and choose who they want to work for. It will be essential for employers to attract and retain key talent, in order to ensure the success of their business.
No longer will a standard remuneration package be enough to attract the best candidates. Employers are now expected to offer much more. It is becoming more common for employees to emphasise their expectations regarding competitive salaries, followed by desires for company contributory pensions and other benefits. There is a higher demand for better work-life balance, with employees increasingly seeking flexible hours. Employees are also placing emphasis on development, progression, culture and extended annual leave.
Employees’ demands are not in line with statutory obligations that are above and beyond what legislation sets as minimum requirements for employers to follow. It is now up to employers to rethink and reshape their packages in order to ensure they are attracting the best candidates and retaining good employees.
Ireland’s accommodation crisis is impacting negatively on sourcing workers and investment in Ireland. Leading organisations, specifically in Dublin, have taken a proactive approach by offering interest-free loans to graduates. The purpose of the loan is to assist the graduates who have to pay hefty deposits in order to secure accommodation in the capital.
The money will then be deducted from their payslip gradually, ensuring the employee is not left in financial difficulty. The idea has been extremely innovative as it helps the employee while simultaneously helping the organisation.
Employers need to consider what their organisation can do in order to stand out from the crowd. They should consider monetary elements such as pay, pension schemes, profit sharing schemes and non-monetary elements such as employee assistance programmes, organisational culture and atmosphere, flexible working hours, in order to come up with the most attractive offering to employees.
Their offering should ideally include both the monetary and non-monetary elements in order to get an all-round package.
If you require any further information regarding additional benefits employers can offer, or any aspect of the recruitment process please contact the advice line on 01 886 0350.