Top Takeaways from Hunt & Co.’s Money, Money, Money Breakfast Event
Every day, our Hunt & Co. Recruitment Consultants get the opportunity to work with incredible businesses across Brisbane, Australia and the world to talk about talent: Where to find it, how to attract it and most importantly, how to keep it.
In August 2022, Hunt & Co. gathered a panel of industry experts to join us for breakfast at River City Labs and discuss some of the burning questions we hear in market when it comes to money. Our top-notch panel included Josh Callaghan (CEO of Little Hinges Australia), Simone Vergis (Talent & Capability Manager at Josephmark), Erin Bell (Talent Acquisition Partner at Canva) and Hunt & Co.’s CEO, Holly Hunt.
Some of the big themes we encountered throughout the morning were transparency, trust, value exchange and work-life integration!
We asked questions including:
- What has surprised you in the past 12 months with the talent market?
- How do you keep high-performing people in your team engaged and feeling valued?
- Do you think you can still win talent with non-monetary incentives if your salaries are not at the market rate?
- How do you navigate counter-offers?
- Do you see employees wanting to be paid in new ways like through crypto / NFTs / ESOPs rather than a more standard salary package?
- How do you know when to pay the extra money for a candidate and when to walk away?
- And much more…
We have jotted down some of our top takeaways to give you a glimpse into the current market!
Takeaway 1 | Main Character Energy
It’s no surprise that the past 12 months have been a rollercoaster for most companies when it comes to their hiring roadmaps. More than ever, we have seen candidates step into what we are calling their ‘main character energy’ and tell employees what they truly want.
A few of the panel experts spoke to the theme of ‘treating your team like individuals’. When it comes to working arrangements and benefits, there is no such thing as one-size-fits-all anymore. Being able to create bespoke arrangements for each individual means you’ll benefit in the long run as team members will feel truly valued and loyal to the company!
A general theme from our panel is that it’s time to switch the organisational mindset from ‘selling a role’ to ‘selling a life change’.
Takeaway 2 | Retaining High-Performance Talent
An extension of ‘main character energy’ is the desire for personalised development plans. According to the 2022 LinkedIn Global Talent Trends Report, employees rate professional development as the number-one way to improve company culture.
A great example of this in action is the skills-based approach to growth at Canva, something both employees and managers work on. Their process is used to identify skill gaps between where they are and where they want to be – and then demonstrate a pathway to bridge those gaps. This clarity and organisational commitment help drive talent retention and also adds to company transparency on what it means to grow within the business.
Not sure where to start? Our panel of experts agree that creating an environment of trust and transparency is key, as is consistent communication with team members. Regular performance reviews play an important role in achieving this and keeping team members engaged during the ongoing process of professional development.
And finally, let’s talk about the retention elephant in the room – counter offers! If your employees are already out interviewing in the market, research shows they are highly likely to leave within 3-6 months. Consider this when you look at making a counteroffer to an employee with one foot out the door. You may find your energy is better spent nurturing talent who want to stay while ensuring exiting staff have the best experience, leaving on a positive note.
Takeaway 3 | Take Money off the Table
Remember the days when every job ad included a long list of perks including ping-pong tables and kombucha on tap? Well, our panel are here to tell you that even though that might spark joy for your team on a daily basis, that isn’t what is going to ultimately attract them to your company.
Our panel believes it is important to ‘take money off the table’ by ensuring that their remuneration meets market rate. If someone has a salary expectation of X, do your research. Talk to industry friends (or your Hunt & Co. Recruitment Consultants) to see if what they are asking aligns with current market expectations. One of our industry experts on the panel raised a great point; “If you get to the point where you are looking at salary as the final decider, then they probably aren’t the right fit anyway for your business!”
Staying up-to-date with salary reviews and participating in what we call ‘stay interviews’ will help keep your company competitive in the retention game. Utilise multiple data points and be transparent with your employees about where your data comes from and throughout your review processes. If you are looking for a great place to start when it comes to understanding salaries in the Brisbane market, download our Digital Salary Guide!
And if you are curious to know what our panel of experts thought about alternative remuneration to make up employees’ ideal base expectation (think NFTs, cryptocurrency and ESOPs) – it was unanimous that cash is still king! Ultimately, when people are talking about salary, it seems most candidates are focused on stable, controlled money. The one exception is ESOPs which are slowly on the rise. ESOPs provide a great opportunity for businesses to bring value-aligned employees on the company growth journey. Interested to know more about ESOPs? Click here to read this speedy article.
Takeaway 4 | Talent Communities
Speaking of nurturing talent, when it comes to innovative recruitment strategies that will help you stay ahead in the recruitment game, growing your own talent community is one of the top rankings. And it’s easy to understand why as it helps you to build a warm pipeline of engaged talent that are already aware of your organisation. Talent communities are also more likely to attract more qualified, quality candidates which can save you money and time in the long run. These communities take time to build but are a powerful tool for creating top-of-mind awareness for when a candidate is ready for a job change. It is the perfect example of proactive, rather than reactive recruitment.
Examples of talent communities include meet-up events or university programs that bring together like-minded, often passive job seekers that are wanting to network and make valuable connections. Combined with great employer branding, talent communities are a valuable strategy to stand out in a crowded landscape and draw in talent.
If you’re interested in chatting further about your recruitment needs, employer branding or career direction please reach out to the Hunt & Co. team! We hope to see you at our next event.