In a new survey announced today, HSBC said businesses are looking to achieve 20% growth in the next 12 months, and a majority (70%) of businesses plan to hire more staff.
The respondents, made up of more than 2,000 corporate leaders across a range of company sizes and sectors, said that employers are putting an even greater focus on staff wellbeing and non-financial incentives in order to attract and retain staff.
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While salary and benefits are still seen as the top factor in moving jobs by almost half (46%) of business leaders, many see flexible working policies as the deciding factor (39%), or physical, mental and financial wellbeing (36%).
Barry O’Byrne, CEO global commercial banking at HSBC said: “Global businesses face a battle for talent as they bid to grow by investing in people.
“Business leaders are responding by enhancing the ways in which they are attracting and retaining their people, including non-financial factors such as wellbeing, flexible working policies, and training and development.”
Flexible working is seen as a particular boost for wellbeing, with 39% of leaders arguing flexible working arrangements were a key driver for both attracting and retaining staff.
The top benefit of remote or hybrid working, they noted, was its potential to boost employee wellbeing.
Kate Palmer, HR advice and consultancy director at Peninsula, told HR magazine that HR will need to come up with more innovative ways to make them stand out from the competition.
She said “Reviewing reward packages, working practices, and company ethos can really help a company stand out.
“Wellbeing is high on the agenda for many candidates, and this is likely to continue post-pandemic. Hybrid and flexible working is increasingly seen as an integral part of employee wellbeing.”