How to retain top data talent in a cost-of-living crisis

A cost-of-living crisis in the middle of a talent shortage means your best employees will leave you for a better offer–unless you put some strategies in place fast. Here are our top three.

Make them a better offer first

It sounds obvious, but the best way to stop people leaving you for more money is to pay them more money. Making a counteroffer (offering a raise after they’ve already received a better offer elsewhere) is not a long-term solution–90% of those who accept will leave in the next 12 months anyway.

If retaining someone is mission-critical, give them a raise now, not after they’ve found another job. You may not be able to offer a raise in line with inflation–most employers won’t–but even a small raise will make them feel valued. Suddenly finding money down the back of the sofa when they’re about to leave won’t.

If you can’t afford to raise their pay, a one-off bonus cost of living payment will help.

Offer more flexibility

If you don’t have the budget to offer any more money, there are still ways to entice people to stay. Brits love working from home–a recent report by HR News found 88% of office-based workers want to work from home at least one day a week, and many are willing to change jobs over it–33% of 25-34 year olds would quit if forced to work from the office full-time.

But there’s more to flexibility than home working–especially in a cost-of-living crisis. For example, you could buy home office equipment for them, or subsidise the cost of travel when you do ask them to come in.

Offer perks

There are plenty of perks you can offer to make people want to stay with you–some of which won’t cost you anything.

For example, offering to buy back any annual leave over the statutory amount could give them some extra spending money without leaving you out of pocket.

Salary sacrifice schemes can give employees big savings on cars, bikes or gym memberships with no (or at least not much) liability to you.

Extra annual leave is another great free perk that’s likely to cost you nothing–more time off tends to make workers more productive.

While these strategies may seem different, they all have one thing in common: showing your best data talent that you value them and you understand that things are tough right now. If you can do that, they’ll want to stay with you.