The focus has shifted from the "Great Resignation" to the "Great Retention" in 2024 as companies prioritise strategies to retain employees in a competitive job market. Offering benefits that enhance work-life balance, such as menopause support, volunteer time off, a home office budget, and enhanced parental leave are popular.
Companies are also focusing on unlimited paid time off, exceeding minimum pension contributions, and providing private health insurance to attract top talent. Employees value mental health support, professional development opportunities, and a conducive environment for career growth.
In addition to these benefits, flexible working arrangements have become a focus point for employees and with details coming in the autumn on a law to create a new package of workers' rights which is expected to begin its journey through Parliament, so more flexible working opportunities including a 4-day working week could become standard for staff to be offered.
Employees would still have to work their full hours to receive their full pay but could compress their contracted hours into a shorter working week. Currently, employees have the right to request flexible working, but employers are only required to deal with requests in a "reasonable manner", however, when Labour came to power earlier this year, they promised to make it the default from day one for all workers, except where it was not feasible.
Amid the ongoing talent shortage in the UK market, companies must differentiate themselves as employers of choice. Prioritizing employee well-being and development will be crucial in attracting and retaining top talent. Implementing flexible working arrangements as part of the talent strategy can set companies apart in the evolving job market landscape.
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