19 May 2023
According to a study conducted last year, charity staff are paid 7% less per hour than the wider economy. With the current cost of living crisis, there is a risk that more people might edge towards higher remuneration in the battle between purpose and pocket.
With the surge in talent mobility in the aftermath of COVID-19 and skill shortages in the market, people feel that they can easily move if they don’t get what they want out of their job. As such, it is an important time for charities to consider employee value creation. Value creation is about building a positive work environment and culture that supports employees’ personal and professional growth. This, in turn, can contribute to the success of the charity.
If managed well, a charity merger could offer people a motivating change and a reason to commit to an organisation. Furthermore, a merger might bring with it a new team, which has the potential to bridge talent gaps. Multiplying your workforce could allow you to do more to achieve your charitable objectives or achieve them in a faster timeframe. It could also provide an opportunity to strengthen your board by making it more attractive to a wider group of trustees.
So, what key questions might you ask yourself when considering a merger for employee value creation?
- What does value mean to your people? Could you align your strategy with a merged organisation to multiply your societal contribution, sense of purpose and motivation amongst employees?
- Could a merger increase your talent diversity and in turn, create a more attractive and inspiring workplace?
- Could you share experience and knowledge and create stronger pathways for learning and professional development?
- Could an expanded workforce inspire innovation and creativity?
- Could a merger help foster a culture of collaboration and teamwork, build trust and create a sense of community amongst the workforce?
By identifying the factors that can drive change and make a real difference, charities can put themselves in the best position to retain talent.
To learn more about options for mergers deals, please contact Monique Monelle.
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