Because retaining talent is as beneficial as recruiting it in the first place – The Industry looks at how your business can keep the lion’s share.
Despite the UK unemployment rate falling to an all time low this week, official figures show that filling private sector vacancies is becoming increasingly difficult. With many salaries fixed and promotions scarce, retaining top talent is becoming ever harder in a market that is increasingly competitive. With the employment sector in a catch twenty-two, we look at a recent survey conducted in the US to find out how we can move forward.
American recruitment firm, 24Seven and trade publication, Women’s Wear Daily have recently published the results of their annual study into the fashion and retail job market. Whilst the recession might have curtailed opportunities for applicants, the study revealed that employers are having an equally tough time holding on to their talent. Job satisfaction fell from 60% to 51% this year, with 90% of employees preparing themselves to change jobs in the next twelve months. ‘The fashion and retail job market is experiencing a period of disconnect, and talent is restless,’ explains 24Seven founder and CEO, Celeste Gudas. ‘As employees are becoming more and more willing to leave for a better offer, companies must create the most appealing employment brand to engage and retain game changing talent.’
On the plus side, salaries have risen by a small yet significant 3.9%. This takes this average fashion salary to a median of $70,000 (or £45,000). But if money isn’t something you can offer, Celeste advises that businesses sustain retention rates through other means: ‘developing an attractive company culture and competitive compensation package will give companies the edge in today’s unsettled market.’