Attraction is a crucial part of the talent lifecycle. Creating an attractive offer for candidates not only improves recruitment metrics, it can also lower attrition and increase efficiency throughout the business. Low attraction equates to a longer lead time to fill vacancies, more stress on internal teams, less time to upskill employees, a lack of resources, and a delay on major projects, all of which can cost the business both in monetary terms and in the attrition of current talent.
The ability to attract talent to fill skills gaps created by emerging technology, business growth and attrition is crucial to ongoing success. Great talent is scarce, and the higher skilled or experienced the role, the smaller the pool of suitable candidates. It is often said that people are a business's most valuable asset, and this is no glib statement. A study found that superior talent is up to 8 times more effective, and the more complex a role the wider the gap (source: McKinsey, 2012).
Businesses face tough competition for talent across all levels of recruitment. Even in today’s challenging economy, the job market maintains a high level of vacancies (source: ONS), which gives strong candidates their pick of opportunities. This competitive landscape, combined with a spike in attrition post-pandemic, means it is more important than ever for businesses to stand out with a competitive offer and vision that meets both current and prospective employees’ needs.
In what has been dubbed ‘The Great Resignation’ of 2021, 41% of employees reported considering leaving their current role, and of those leaving 36% planned to do so without another role in place (source: Harvard Business Review, Jan 2022). A further study from PwC surveying 52,000 workers in 2022 found that 1 in 5 workers were planning to leave their role within the year (source: PwC, May 2022), confirming this trend is far from over.
Candidates, and those reevaluating their current role, are now making decisions based on a broader range of factors than salary alone. Traditionally job security and salary have been the driving factors when making a career move, but there is now a shift towards a more holistic package that includes flexibility and career development alongside a sense of belonging and feeling valued by an organisation. In a recent study by Pew Research, the main reasons for leaving a role were cited as low pay, a lack of progression and feeling disrespected or undervalued in the workplace. These were closely followed by childcare issues and a lack of flexibility.
Investing time in crafting an attractive proposition for prospective candidates, will not only reap rewards in the talent you attract, it can also improve the satisfaction levels of your current employees and help you retain top performers. So how can you shape a compelling offer to attract the best talent for your business? Read on to find out.
The answer to low attraction is a clear Employee Value Proposition or EVP for short. A strong EVP ensures candidates know who you are, what you offer and why you’re different from the competition. It communicates how what you offer coincides with what prospective employees are looking for.
An effective EVP will not only help you to attract more talent, it will also ensure you attract the right talent by resonating with people who share your organisation’s ideals. A recent Gartner study highlights the positive impact a great EVP can have on retention and attraction: organisations that effectively deliver on their EVP can decrease annual employee turnover by just under 70% and increase new hire commitment by nearly 30%.
The importance of a strong EVP can’t be underestimated, the same study found that 65% of candidates report they have withdrawn from a hiring process due to an unattractive EVP.
When developing your EVP it’s important to be careful not to overpromise and underdeliver. Your EVP should always match the real employee experience.
Overplaying what the business can offer is likely to lead to new employees leaving during the onboarding phase, compounding recruitment costs and timelines. Savvy candidates are also expected to check the likes of Glassdoor and LinkedIn for an unfiltered view of the business.
Your EVP must be distinctive, specific and true to the lived experience to be truly effective.
Read on to discover the crucial components of a strong EVP.
From the application process, through onboarding, to training and progression. Support throughout the career path is vitally important in attracting talent and minimising attrition. A lack of career development is one of the top reasons employees give for leaving a role.
Only 40% of employees said that their company is upskilling their workforce, and 39% of employees are concerned they are not getting enough training, especially when it comes to digital and new technologies (source: PwC).
Just as important as training is the enablement in terms of time, tools and ongoing coaching. As prospective employees search for what they feel is lacking in their current organisation there is an opportunity to attract talent by being explicit about what your company can offer.
What to consider:
Attraction is a crucial part of the talent lifecycle. Creating an attractive offer for candidates not only improves recruitment metrics, it can also lower attrition and increase efficiency throughout the business. Low attraction equates to a longer lead time to fill vacancies, more stress on internal teams, less time to upskill employees, a lack of resources, and a delay on major projects, all of which can cost the business both in monetary terms and in the attrition of current talent.
The ability to attract talent to fill skills gaps created by emerging technology, business growth and attrition is crucial to ongoing success. Great talent is scarce, and the higher skilled or experienced the role, the smaller the pool of suitable candidates. It is often said that people are a business's most valuable asset, and this is no glib statement. A study found that superior talent is up to 8 times more effective, and the more complex a role the wider the gap (source: McKinsey, 2012).
Businesses face tough competition for talent across all levels of recruitment. Even in today’s challenging economy, the job market maintains a high level of vacancies (source: ONS), which gives strong candidates their pick of opportunities. This competitive landscape, combined with a spike in attrition post-pandemic, means it is more important than ever for businesses to stand out with a competitive offer and vision that meets both current and prospective employees’ needs.
In what has been dubbed ‘The Great Resignation’ of 2021, 41% of employees reported considering leaving their current role, and of those leaving 36% planned to do so without another role in place (source: Harvard Business Review, Jan 2022). A further study from PwC surveying 52,000 workers in 2022 found that 1 in 5 workers were planning to leave their role within the year (source: PwC, May 2022), confirming this trend is far from over.
Candidates, and those reevaluating their current role, are now making decisions based on a broader range of factors than salary alone. Traditionally job security and salary have been the driving factors when making a career move, but there is now a shift towards a more holistic package that includes flexibility and career development alongside a sense of belonging and feeling valued by an organisation. In a recent study by Pew Research, the main reasons for leaving a role were cited as low pay, a lack of progression and feeling disrespected or undervalued in the workplace. These were closely followed by childcare issues and a lack of flexibility.
Investing time in crafting an attractive proposition for prospective candidates, will not only reap rewards in the talent you attract, it can also improve the satisfaction levels of your current employees and help you retain top performers. So how can you shape a compelling offer to attract the best talent for your business? Read on to find out.
Whilst the draw of a competitive salary should not be underestimated, total package remuneration is more important than base salary. In addition to the basics of holiday allowance, pension and employee discounts there is now more focus than ever on healthcare and well-being initiatives.
Only 29% of employees say they feel supported when it comes to mental health (PwC), and mental health worries are almost on par with physical health (Bain). Businesses can offer real value to their employees by offering enhanced support as part of the benefits package.
Find more in-depth information in our Salary Benchmarking Guide and Workplace Wellbeing Guide.
What to consider:
A strong work culture and community can pay dividends in attracting and retaining talent. A recent McKinsey study showed that while employers are likely to focus on the transactional nature of work, employees put more value on the relational aspects. A focus on internal communication alongside offering positive work experiences and encouraging positive behaviours can help combat negativity in the workplace. There are many opportunities to do this through regular updates, ongoing engagement activities and small gestures of reward and recognition.
Company culture begins at the top and so it’s important the leadership team are seen as part of the overall community and is fully bought into its values. A study by MyPerfectResume found that poor leadership and a lack of communication were two of the top drivers in a negative work environment.
Diversity is also of great importance to Gen X and Millenials, who together make up 46% of the workforce. Ensuring you are supporting diversity in all its forms across your organisation and throughout the talent lifecycle is of critical importance. For more on this see our Diversity Guide.
What to consider:
Here at the Talent Insight Group, we believe in our services, and so we use our insights to inform our own business practices, as well as those of our clients.
What follows is an overview of the TIG Employee Value Proposition as it stands today.
We believe in growth through people. In recent decades we have seen a huge shift from an expectation of staying at one company for life, to the normality of moving from business to business in order to progress. We have seen first-hand how important it is to offer opportunities for learning and development to ensure we have the right mix of skills and link this to opportunities for progression within the business to attract and retain talent.
We offer a hybrid working model, with some roles fully remote, and trust our employees to flex their working hours as needed to cover personal appointments and errands. The combination of hybrid and fully remote working means it's more important than ever to offer opportunities for connection for our team, whether that is through in-person events or the weekly virtual coffee break we schedule (no project chat allowed!).
We have an early finish on Fridays, which we are looking to take earlier. This facilitates a better work-life balance for our team and offers more time for professional development. Well-being is incredibly important to us so we offer access to life coaching and counselling sessions alongside a competitive salary.
We’re proud to offer excellent office facilities on the outskirts of Newcastle Upon Tyne within easy reach of transport connections. Our facilities include a variety of workspaces, break-out areas and access to showers and bike lock-up to facilitate an active commute.
