Is your business prepared for the competitive job market?
The job market is unbelievably competitive. The war to attract and capture high-quality talent is at another level. Is your business prepared?
High-quality talent is being head-hunted continuously and the attraction strategies of recruiters and employers are becoming more competitive and convincing.
Employers have a better understanding of exactly what talent they want to drive their growth. The acute focus of getting this talent onboard drives the demand and the war on talent.
Each employer fighting to capture the talent that will accelerate their business performance and give them a competitive advantage.
Employers are improving their attraction strategies. They know where to find the talent they want, and how to capture them. This has raised the stakes and created another level on the war on talent.
ARE YOU PREPARED?
Attracting, recruiting, and retaining talent is the number one priority to futureproof a business but it is one of the fundamental elements of business that is not as effective as it should be.
If you have talent management as part of your strategic agenda you should be considering how effective your current practices are.
The market is competitive and high-quality talent knows this.
what are the potential challenges for you to be aware of?
Being effective in attracting high-quality talent
With so much competition to attract top talent you run the risk of not being competitive enough. Your attraction and recruitment strategies may be out of date and not consistent or simply not as aggressive as other companies in your industry. Talent can easily be put off by mismanaged attraction strategies and recruitment processes so it is critical you have a strategy and process that is effective and consistent.
Your position in the market determines the competitiveness of your business
You need to be acutely aware of whether you are above, inline, or below your competitors in terms of attracting, recruiting, and retaining your talent. If you are below you will find it hard to attract talent compared to your competitors. You will also start to find it hard to retain top talent as the attraction of other company offerings will outweigh your offering.
Staff turnover will happen, and you need to plan for it
You will lose staff. People will be head-hunted, or they will proactively approach companies that offer a better environment and employer value proposition to you. Having a plan for prevent and manage staff turnover is important. You may not think you will experience turnover but it is important to have a plan regardless. The cost of loosing and replacing staff is high. Having a plan will help you futureproof your business.
Understanding your company offering
The financial and non financial benefits that a company offers is important to high-quality talent. The environment, culture, flexibility, and commitment to well-being are high up on the agenda. If your company offering is not strong you will not be able to compete to attract the best talent. They have so much choice. If you do not offer what they are looking for you will loose the opportunity to hire them.
what opportunities can you get from a competitive market
Competing for the top talent
Companies are actively considering their employer value proposition to compete for the top talent. They are looking at the financial and non-financial benefits they can offer including short- and long-term incentives, true career progression, the investment in professional and personal development, flexibility in location and hours of work, health and wellbeing packages, and of course, salaries. When was the last time you reviewed your employer value proposition? If it has been over 12 months, it is probably time to review it again.
PR and communication strategies
Companies are utilising social media, publications, and other platforms to promote their company to top talent and it is working. Leaders and employees are sharing stories and drawing talent in with their personal narrative. By engaging and communicating publicly leaders and companies are attracting talent who align with their values and purpose. Creating a streamlined and effective PR strategy that works for your business gives you a broader platform to attract talent with the additional benefit of attracting those people that align to your values.
Updating your employer brand
The benefit of a competitive market is that it forces you to look at your employer brand. It is your employer brand that distinguish your company from the next and how well you communicate it determines the degree of engagement your brand has with the talent market. You may have a market leading brand but if you do not communicate it, no one will know about it. Tell your story and let people see all of what you offer.
Redefining your culture to engage with your current and future talent
Culture, especially in a hybrid workplace, needs to be at the top of your strategic agenda. It is one of the key factors that drives decision making and will give you a competitive edge over your competitors. People want to work in a culture that empowers them and trusts them. People talk and your culture will be discussed in the market. Current employees, past employees, and even customers will have experienced your culture. Do you know what your real culture is or are you making assumptions to what you want it to be? It is well worth investing the time in understanding and managing your culture.
Employ new talent to build your competitive workforce
Bringing in new talent will help you futureproof your business. They will bring you fresh ideas and new perspectives, new energy, different skills, and broader experiences. All of which can accelerate performance and drive growth.
How can you better prepare for this war on talent?
Review your employer brand and culture
Your employer brand is a critical deciding factor for talent, specifically your business culture. If you do not have a competitive, well defined employer brand you will miss out on talent. If you do not have an enviable and positive culture you will miss out on talent. Reviewing your employer brand and culture will help you to understand your current business position. By implementing a plan to improve your employer brand and culture you can be a leader in your market.
Review your employer value proposition
Is it competitive and attractive? If not, consider the financial and non-financial benefits you can offer. Flexibility in work location and hours, short-and-long-term incentives, stocks and shares, bonuses and commissions, training platforms and professional and personal development, career progression and pathways to achieve promotions, succession planning, car parking or travel solutions, gym memberships or onsite exercise classes, summer hours, onsite childcare or vacation care and charity or volunteer support. The list is endless. This is a great opportunity to ask people what they want and what is important to them. Other companies are offering benefits that are real, proven, and appreciated.
Look at well-being as part of your EVP
Well-being is considering the psychological and physical safety of your employees. This goes beyond looking at financial and non-financial benefits. Looking at the holistic view of well-being encapsulates culture, employer brand, your employer value proposition, and your commitment to human resources. Wellbeing is a broad area of focus but on that is important and requires policies and procedures to support it.
Hunton Executive can help you create competitive attraction and recruitment practices that are effective for your business and industry, saving you money on recruitment fees, increasing your future talent pool and improving your employer brand.
For a comprehensive guide to attracting, recruiting, and retaining your talent contact Hunton Executive and discover how our workforce management consulting services can help you win the war on talent.
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