The luxury sector, like many other industries, is grappling with a challenging talent shortage. In today’s competitive job market, attracting top talent has become a tricky task for small businesses within the luxury niche – and retaining them, even more so.
The skills gap that is currency hindering the luxury sector is nothing new, and tracking down the kind of employees with the exceptional talent needed for the roles you need to fill can be a complicated operation if you fail to understand the landscape fully. It’s not just about skill, but about individuals who fully understand the luxury market and all of its intricacies, which is a combination few candidates possess. Such is the level of global competition for this calibre of employee that global competition is fierce, and the excellent salaries and packages on offer from the world’s leading luxury businesses can be hard to compete with.
But it is possible to secure an exceptional workforce of individuals who are in it for the long haul – all that’s needed is the implementation of some strategic initiatives and the advice of a respected small business advisor, and you can rise to the challenge and make it work for you, finally allowing your company to thrive in the way you know it can. Small business advisors can help small businesses in the luxury sector develop and implement a plan to attract and retain top talent, providing guidance on how to set competitive salaries and benefits and create a positive work environment, as well as highlighting your unique value proposition.
Competitive salaries and benefits
As a small business, it’s easy to assume you can’t match the offerings of a larger luxury operation when it comes to salary, but there are several ways you can appeal to the top candidates out there, and many of them will be looking not just for the highest level of pay, but the whole package, including benefits and work/life balance.
There’s no denying that outstanding professionals command commensurate compensation, to stand out in the jobs market, ensuring the salary you offer is in line with industry standards is key. By offering competitive wages, you’ll attract the top candidates in the field, as well as reducing turnover, with employees generally happy to stay put and grow with the company rather than seeking a higher wage elsewhere.
But a generous holiday allowance, pension and healthcare, along with flexible working arrangements, will go a long way towards sweetening the deal and will show that you are dedicated to ensuring optimal employee wellbeing. Keeping them happy and ensuring they feel valued not just during the recruiting process but throughout their working life will help to foster loyalty in the long term – so think about what you can offer them that isn’t just aligned with industry standards, but goes one better.
Creating a positive work environment
The subject of employee wellbeing extends beyond pay and perks alone, and ensuring they have a comfortable, positive and uplifting environment to work in is vital to ensure morale remains high and your employees remain happy in their roles. Cultivating a positive environment will help you not just to attract top talent, but again, retain it, and we’re not just talking about the physical workspace – although ensuring it looks and feels appealing and supports productivity certainly helps.
A toxic office culture is one of the fastest ways to lose your most talented staff members, so focusing on creating an environment in which senior management are approachable, good work is praised and rewarded and there’s an open dialogue where nothing is off limits – within reason – will go a long way towards ensuring it is the polar opposite. Be willing to listen to and take on board employees’ feedback and ensure their voices are heard and that they feel their opinions are valued.
If you can, be supportive of flexible working and allow staff members to take advantage of hybrid working. Placing an emphasis on work/life balance and ensuring that employees have plenty of time for their personal lives is certain to go appreciated.
Provide opportunities for professional development
Nobody likes to feel like they are in a dead-end role, and this can be particularly true of the top talent within the luxury sector, who are characteristically ambitious and passionate about what they do. With this in mind, providing a path for career advancement is crucial, and offering professional development opportunities can be a powerful incentive for them to choose to work with you, and later down the line, to stay.
Good examples of how you can do this include providing a training and mentorship program that aims to equip them with the skills and knowledge they need to keep expanding and growing, with the potential to move up to a more senior role. Setting out clear career pathways is a way to further emphasise the fact that you are supportive of your employees in their careers and want to see them thrive.
