“The war for talent” is not a new phrase—it was coined more than 20 years ago—but even today, and perhaps even more so in the future, the war continues. To win, employers must continually keep abreast of what current and future employees are looking for. Talent management must have a strong voice at the executive table as a trusted partner to the business—ensuring that your organisation is able to attract and retain the best people. It is crucial to be open-minded to hiring new types of talent and thinking outside of the box, not just hiring like-for-like. To achieve this, employers must have a strong employee value proposition (EVP) so that the best, most sought-after talent comes to you—not your competitor—and they stay and grow with you.
How strong is your EVP?
According to Workology, your EVP, at its heart, is the “unique set of benefits an employee receives in return for the skills, capabilities and experience they bring to a company. An EVP is about defining the essence of your company—how it is unique and what it stands for.”
More than ever, employees want to work for forward-thinking organisations that are ethical and honest about the way they do business. They are seeking organisations that have a clear mission and purpose, with a strong, embracing and inclusive culture and values that align closely with theirs. For millennials and Generation Z, this means a job in which they feel they are contributing to a better world and making a difference every day, not just doing a job that puts food on the table. They want to be proud of where they work, and when they are, they will be your biggest advocates in winning the war for talent. It is therefore essential that your EVP captures the true ethos and spirit of your company.
Identify and be able to predict your future talent needs
To beat competitors, your organisation must be agile and able to anticipate the talent needed for the future. This is not only through identifying top performers and ensuring that their succession plans are in place, but also ensuring that hiring managers and the leadership team are thought leaders in the industry. While in an ideal world, HR would have every potential future candidate identified—and of course it’s vital that your HR team understands your business and how you make money—it is your leaders who can make the biggest difference in identifying and attracting talent. Increase their visibility by placing them on speaker panels, writing articles and actively networking. Meeting in an interview setting doesn’t need to be the first time a prospective candidate and employer has met. In fact, hiring managers and leaders should regularly be meeting prospective candidates, sharing best practice and being an ambassador for your organisation.
Develop, develop and develop your talent
It’s all well and good hiring the next superstar, but make sure they know there is room for growth and development and that your company can offer them a career and not just their next job. Our current and future workforce is hungry to progress and wants to continually learn. Ensure your organisation has strong learning and development programs that provide the tools and training your organisation need and tailor them individually. We all have a personal preference for how we learn best, and this changes with every generation.
Onboarding is everything. Ensure your new talent is geared up for success from day one by making sure they know what is expected of them, what they bring to your organisation and most importantly, what success for them means in your eyes. The first few weeks in a new job is vitally important—you don’t want your new talent wondering if they have made a mistake by joining you.
Flexibility and choice
In an increasingly global world, differences in time zone, working hours and location are facts of reality. The future workforce wants flexibility in the way they work, and in the benefits an employer offers them—they want the best benefits to suit their lifestyle, and this could be more health benefits or unlimited holiday leave. Flexi-benefits are becoming more and more commonplace.
Compensation does matter
Despite employees placing a higher value on ethical businesses and inclusive, diverse, flexible workplaces, compensation does matter. Ensure you offer a good base salary and a holistic benefits package and regularly benchmark it against others in your industry. Make sure you stay competitive. You need to keep the talent you’ve fought so hard to win!