The cost of living is ever increasing across the UK; here in Cambridge where the aspire cambridge head office is based we have seen that the average house price is around £450,000 yet the average salary in Cambridge is around £30,000. These numbers alone are making it increasingly more difficult for talent to afford to live in this area where they will often work.
The Importance of Retaining Local Talent
The media is telling us that we have a deepening skills crisis on our hands and with employment at its highest rate in some years (31.95 million people in work), it is becoming harder and harder to recruit new skilled talent into a business. As reported by the REC, vacancies have been outweighing available talent for some time, and this gap has only been increasing over the last four years.
By partnering with a recruitment specialist in Cambridge, like the team here at aspire cambridge you will have the best chance of attracting new talent to your business as we have a network of candidates available and use the latest tricks of the trade and technology to help get the perfect candidates for our clients.
However, businesses also need to look at how they retain their existing talent and how they can retain new talent to their business.
How to Retain Local Talent
Our area is rapidly growing in areas of technology and scientific businesses and this is great to see, research shows that the economy in Cambridge makes it one of the fastest growing cities in the UK and while growth is good, it has resulted in a higher cost of living for those wanting to live in the area.
There is a clear trend in Cambridge as we can see more and more candidates moving out of Cambridge to areas that are more affordable to live and this often leads to finding work outside of Cambridge too as the commute is too long or time-consuming.
This makes it even more important for businesses to retain their local talent, especially when skilled workers are in short supply. As we all know, talent breeds success and productivity – who wouldn’t want that in their business?
It is important that a business focuses on retaining talent from the beginning of an employee’s career with them. A business can do this by investing in skills and training or by looking at promotion strategies for those that want to grow within a business.
Take the time to look at the package your business is offering to employees and then consider the packages your competition are offering to ensure that existing employees receive a competitive package that makes them want to stay, and it is a package that is attractive to new employees too.
While pay and promotion will be an important factor to many employees, you need to look at other factors that may be of interest to the employee, such as gym membership, flexible hours and similar. Don’t be afraid of asking your employees what motivates them to get out of bed each day. Happy and motivated employees will not only make your business a success, but they will stick with you too ensuring that you can retain this good talent within your business.