Show me the money!!!
So, with holiday season in full swing and lots of people still enjoying themselves, I just want to say "hurry up and let's get back to normal!" (yes this is because mine is now over).
Having been on holiday this summer with my teenager, I can honestly say that my experience was one of being little more than a bottomless pit of cash personified.
And I guess it can feel like that from a business perspective when trying to attract talent. Many clients seems to think that if you pay enough, you'll attract the right talent.... and to an extent, a more attractive pay packet will work to entice some people away from their current vendor.....but is it the right kind of candidate? And what happens when another vendor comes along offering more?
Of all the countries I work with, Germany appears to be the least motivated by an increase in pay. The most common thing I hear from German candidates is "money is not the most important part." U.S candidates in my experience lead the way when it comes to being motivated by higher pay, particularly in San Francisco and New York where vendor competition is huge.
But interestingly, German candidates on average have the best tenure, with US candidates falling right to the back of the queue.
So clearly money shouldn't be the key driver when it comes to attracting talent to your software company.
Software Company leaders must focus on what really drives retention and engagement.
57% of Software Vendor candidates report benefits and perks being among their top considerations before accepting a job, and nearly 80% say they would prefer new perks over a pay rise.
But, it's culture and values, career opportunities, and senior leadership that ensure that employees stay for the duration - not extravagant incentives.
Which is good news for small companies and start-ups struggling to pay the bills and attract excellent candidates. Keeping talent is much easier if your culture is compelling and your business offers staff the opportunity to advance their career. After all, an indoor climbing wall and snow cone maker may be fun, but it doesn't promise employees a lucrative financial future ;-).
Work/life balance and culture have a huge impact on people's happiness and more and more people are less inclined to give that up for a bigger pay packet. I say this to so many clients...."if they haven't needed to be in the office every day in their last role, they aren't going to want to do it now."
Something to think about.
Enjoy your holidays if you're still on them and if you're back and need some help attracting talent, don't hesitate to get in touch.
Until next time,