In 2023, talent acquisition and retention have become more critical than ever before. With the increasing competition for top talent and the changing expectations of employees, organisations must be proactive in their recruitment and retention strategies to attract and retain top talent.
What are the challenges in acquiring and retaining talent in 2023?
One of the most significant changes in talent acquisition and retention in 2023 is the adoption of hybrid and remote working models in response to the Covid-19 pandemic. This means that organisations are now competing on a global level for top talent and many have had to change their ways of working, in order to attract and retain the best candidates.
The pandemic has also resulted in increased stress and burnout among employees, with a recent study by the McKinsey Health Institute reporting that one in four employees surveyed admitted to experiencing burnout symptoms.
Therefore, in addition to remote work, the pandemic has influenced employees to have different expectations and demands than they had previously. Many now regard having a good work-life balance and working for a company that values employee health and well-being as a high priority. This means that organisations are having to try and adapt and meet employee requests if they want to be in the running to attract and retain top talent.
How can organisations ensure they acquire and retain the best talent in the marketplace in 2023?
Acquiring and retaining talent in 2023 requires organisations to be aware of the changing needs and expectations of their team members and potential candidates. At SteelEye, we work hard to foster an environment and culture that our team thrive in and are proud of. A testament to our positive work environment was when SteelEye was recognised as having the Best Company Culture in Harrington Starr’s Top 1% Workplace Awards 2022.
At SteelEye, we believe the following enables us to attract and retain talent:
Positive work environment and culture
Creating a positive work environment that provides a sense of community for team members is hugely important at SteelEye. We have an “open door policy” where people are encouraged to approach any of their colleagues if they need help or advice - without fear of being judged. We try to create a safe space where everyone feels that they can be their most authentic selves. We have a lot of fun together by regularly hosting social events, team-building activities and ‘bring your kids to work’ days.
Professional development and growth opportunities
Offering opportunities for career development and growth, such as training programs, mentorship, and promotions, can help team members feel valued and motivated to stay with the company. As a scale-up, there are huge opportunities for growth within SteelEye as we advance and expand on a global scale.
Flexible work arrangements
At SteelEye, all team members are offered a hybrid working model and we provide flexible working arrangements to many employees who have different circumstances and specific requests. For example, many people have young children, therefore we offer a flexible working model to those who need this in order to balance their work and parental responsibilities.
Employee benefits can be a significant factor in attracting and retaining top talent. A number of benefits that SteelEye offers its team members include private health insurance, discounted gym memberships, pension plans, as well as additional time off for mental health & well-being. Team members also get their birthday off!
You can read Alicia's article and further industry insights in the latest edition of The Financial Technologist. Download your free copy here.
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