If Culture is King, Salary is Queen

The average Brit will spend around 81,000 hours, or the equivalent of a full nine years of their lives at work, so it’s important to find a job that ticks all the boxes. With the war for talent at an all-time high, what factors are the most important to candidates when looking for a new role? Amma Owusu-Afriyie, Consultant in Macmillan Davies’ London Team discusses.

Company culture and salary topped our latest poll (35% and 34% respectively), with working hours/flexibility following closely, with 27% respondents stating this as the most important factor in a new role.

Culture: The rise to the top

Let’s be honest, everyone wants to be happy and fulfilled at work and if you work with people who have the same values and work ethic then it goes without saying that you are more to likely develop better working relationships with your colleagues. Enjoying work matters. Employees who feel the culture is inclusive and that their needs and values are met, are more likely to enjoy their job and more likely to succeed within their career.

I’m unsurprised by the results and they reflect what I’m seeing in the market – particularly within my space which includes professional services. The candidates and clients I speak to on a daily basis regularly tell me that the next role needs to be ‘the right fit’. Those companies who struggle with company culture tend to be the ones who struggle to hire and have high attrition rates - the professional services market is a small place, word gets around!

Alongside culture, development opportunities and growth are two of the key areas for professionals who are looking to move, particularly within the junior and middle management employees. An example of this is a candidate I placed, who moved for the same salary, but into a role which gave them the opportunity to develop themselves in a supportive culture. The chance to enjoy going to work every single day was more than enough to convince them to take the plunge. Now they are thriving. Some of the values of the new company include “Be Appreciative”, “Live Authentically” and “Embrace Accountability”.

Salary: The stalwart

Salary will always score highly and the rise of cost of living has only reinforced this; it gets people’s attention and gets the role on the candidate’s shortlist. Showing its importance, in a previous poll, we found 80% of job seekers say they are less likely to apply for a job if the advert doesn’t specify a salary.

Inflation has resulted in candidates looking for more than what they would usually have done, say six months ago. A lot of passive candidates, who may be tempted out of their role, are seeking a much higher base salary increase – usually an increase of 5-figures, whereas many of those who are more active in their search will move for a better company culture.

My advice to my clients is to remember salary and company culture go hand in hand; an employee who feels they are paid fairly for what they do are less likely to feel undervalued and drift away from the company line. I also recommend speaking with your recruitment partner for salary research and benchmarking.

Flexibility: It’s really down to trust

Company culture often boils down to trust, if employees feel trusted and well respected then it is likely that they will succeed. Since the pandemic, there has been a clear rise in candidates looking for hybrid working or greater flexibility in terms of hours (be it, starting slightly earlier or slightly later) for a better work/life balance. Companies that show this flexibility tend to have a more trusting and mature environment which contributes to a strong company culture.

Our Associate Director, Kerry White, who is a working parent herself, believes that “being paid a great salary can only take you so far, if you don't have the work/life balance or the supportive culture from the organisation, ultimately you can still end up unhappy”.

I’m currently working with a client where they work four days in the office, with one day working from home, whilst this can put some candidates off, they do offer a lot of flexibility regarding when the hours are worked, recognising that it’s about the output of work and their employees have other commitments outside of the office.

Benefits: A nice to have

Only 4% of respondents stated benefits as the most important factor when looking for a new role. In the current market many companies have similar offerings, 25 days holiday is no longer a benefit, but the norm. Unless you offer something genuinely different then it is unlikely to play as key factor in deciding whether to move.

Communicating your culture to the outside world

Communicating your company culture can be a minefield. You must be completely open about your culture and how your business fits with that.

• Lead by example: Staff won’t buy into your company culture if you don’t buy into it yourself; set your core values and stick to them.
• Testimonials: Use testimonials from current employees so potential recruits can hear about the culture first-hand.
• Make your values shine: Whether that’s on your social media channels, or via your website on the ‘About us’ or ‘Values’ page or woven into your mission statement. This is the simplest and quickest way to give a snapshot into the type of company you are.

Culture is best communicated through the people working there, finding the right fit is a phrase used by both client and company – people buy from people.

Get it right and everything else will follow…

Everything starts and ends with your company culture, if you get your culture right, everything else will follow. If employees are compensated and treated fairly; they will be able to develop and grow within your business, and you will attract and retain the best talent for your business.

Get in touch

Should you wish to have a confidential chat with Amma Owusu-Afriyie to discuss the current HR market or your search for work/recruiting into your team, please contact her directly at amma@mdhr.co.uk

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