Money Isn’t Everything – Five Ways to Attract Top Procurement Talent on a Budget
There are several aspects of a role besides pay that attract top talent – and the Procurement function is perfectly placed to make the most of them. Here are five to think about
If you are looking to hire there’s no need to panic about financial constraints. You can still find procurement talent on a budget. There are many aspects of a role beyond the money that attract top talent, and the procurement function is perfectly placed to make the most of them. Here are five to think about:
1. Maximise your meaning
Is meaning the new money? According to 2018 research quoted in Harvard Business Review, nine in 10 people would be willing to take a pay cut for the chance to do more meaningful work – that is work that makes a positive difference to the planet and society. Glassdoor’s Mission and Culture Survey 2019 found that 79% of jobseekers would consider a company’s mission and purpose before applying for a job there.
Confused about how you can leverage that in procurement? You needn’t be – it’s the very heart of the concept of procurement with purpose. Think about those opportunities your function can offer to create value far beyond bottom line savings. That could be making your company’s supply chain greener and decreasing carbon emissions. It could be taking a lead on fighting the scourge of modern day slavery and creating better life outcomes for workers in developing countries. Or it could be the opportunity to diversify the supply chain, increasing spend with SMEs and women and minority-owned businesses.
2. Focus on progression
A common reason for someone leaving a role or organisation is because they feel they can no longer progress. This is particularly true for ambitious procurement professionals. In the latest CIPS/Hays salary guide, 60% of respondents said that career progression opportunities would motivate them to move jobs, while 59% cited a company’s commitment to training and development as being an influencing factor.
Talk up the opportunities for progression you can offer in your team, department and organisation. It doesn’t have to be formal training, it could be giving people the chance to shadow leaders or have a short secondment in a different area. And if you have plenty of examples of people who have climbed the ladder in your function, make sure you shout about it to prove progression is possible for those who want it.
3. Get flexible
If the coronavirus pandemic has taught us anything, it’s that many jobs can be done effectively from home, at least some of the time. Respondents to the CIPS/Hays survey cited work/life balance as the biggest thing keeping them in their current role, so think about how you can match or beat that. More than half (52%) of respondents to the same survey said that flexible working policies (beyond statutory requirements) would motivate them to switch jobs. It is a more important factor for female talent: flexibility is a powerful driver of diversity.
Think about how flexible you can be to attract the best talent. Can you offer compressed working hours? The opportunity post-pandemic to work from home regularly? Does that role have to be full-time, or could you consider part-time workers? Could you afford someone totally brilliant for three days a week, who would deliver the value someone less impressive could in five?
4. Perks beyond pay
There’s no getting away from the fact that salary is important: Glassdoor research finds 67% of jobseekers look salary information first when scanning job ads. But, 63% say they are looking for information around the benefits the company offers. Your HR team should be making this a key part of every job advert anyway, but make sure you are clued up on what is available so you can talk more about it in interviews, especially if you need to make a case for why you can’t go any higher on salary.
According to recruitment firm Robert Half, the most common benefits offered by employers are pretty standard (but essential): insurance (health, dental and life), paid time off and retirement savings plans. Popular perks include flexible and remote working options, paid parental leave (above statutory requirements), discounts and deals, from savings on food and drink to cheaper gym membership or money off big ticket items like electronics, and paid time off for volunteering.
5. Minimise hiring costs
According to Glassdoor data, the average employer in the UK spends £3,000 and 27.5 days to hire a new employee. That’s a big chunk of company budget – not to mention time – before you even get someone through the (virtual) door. While you might not have a huge amount of control over your organisation’s overarching recruitment strategy and channels, it doesn’t hurt to think about what you could influence.
Using social media like LinkedIn and Twitter can be an effective way to reach more people and it’s free (unless you choose to promote your post). Could you make use of any internal employee referral scheme, encouraging others in your function to think of the best talent in their networks? Think about how you can leverage your own professional network (and how you might need to strengthen it to help in future talent searches) – although bear in mind any recruitment process must be open, fair and transparent.
