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In today’s working environment, where talent shortages prevail and organisations are finding it increasingly difficult to fill certain vacancies, companies need to understand how to position themselves better in the market in order to attract talent. Talent is the backbone of every organisation and is the key to success in today’s fast-paced and competitive business environment. Staff shortages can negatively impact the growth of a company and in the worst-case scenario, also impact the company’s operational sustainability. Therefore, it is those companies that are able to attract and retain talent that will thrive and succeed.
The challenge in attracting talent isn’t a new phenomenon, however, in more recent years, it has become a more pressing issue. As the work landscape changes rapidly, organisations are left with no choice but to move with the times and up their strategy to attract and retain talent.
In order to attract top talent, companies can start by looking at their core values, as these help guide different aspects of the business and contribute to the company’s culture and reputation. By defining and promoting company values, businesses can attract candidates who share those same values and thus would make for a good fit for the organisation. This will help ensure that new hires are aligned with the company’s culture and values, reducing turnover and increasing retention rates.
Companies also need to rethink their recruitment strategies and focus more on candidate experience. Communicating with candidates in a timely and efficient manner throughout the recruitment process is essential in a fast-paced recruitment market, where many companies are competing for the same individuals with a mix of skills and experience. Investing in candidate experience is a crucial aspect, not only to retain and attract talent, but also to enhance the company’s reputation and brand. Companies also need to recognise and understand that an interview is a two-way process – it is a tool through which companies evaluate a candidate and inversely the candidate gets an impression of the company. Therefore, offering a positive interview experience is also crucial to attract the best talent.
Furthermore, although salary compensation plays a significant role in attracting and retaining talent, salary alone is no longer enough to win the war for talent. Offering attractive employee benefits is also crucial to help companies stand out amongst competitors. As the work force evolves, the ‘employee benefits’ trends also evolve and what may have been attractive a couple of years ago may not necessarily be as attractive today. Therefore, it is important for employers to look at their benefits and revise them accordingly to what is attractive in today’s market. For example, perhaps having free breakfast and lunches may not be as attractive today as having physical and mental health benefits.
Many studies also stress the importance of companies offering flexibility. In a global study conducted by Ernst & Young, post-Covid 50% of employees stated that they would leave their job if their employer did not offer flexibility. This is a significant percentage and highlights the importance of companies offering flexibility in order to attract talent. Employees are now more interested in finding a career path that supports their lifestyle. Rather than a 9 to 5 work schedule, employees have developed a liking for a fluid working schedule. Clearly, work-life integration is set to become an even more important part of the modern workplace and organisations need to move with the times and align more with the needs and preferences of employees in order to win the war for talent.
Moreover, in this fast-paced and ever-changing recruitment market, where the skills gap is widening, investing in upskilling and training, can help attract and retain talent, aiding companies to maintain a competitive edge. Upskilling helps foster company loyalty as those who are equipped with the right tools are more likely to deal with work challenges in a positive way and let others outside the company know they are supported at work. Companies that have a reputation of investing in upskilling and training are seen as more attractive to job seekers, thus also helping attract top talent.
The struggle for talent is an ongoing challenge which employers are facing, however, by embracing change and adopting the right recruitment strategies whilst keeping in mind that a one size fits all approach may not necessarily work, companies can be better equipped to address this challenge. Attracting talent is a difficult and daunting task, however it is not an impossible one.
This article has been authored by Francesca Buhagiar, VC Senior Manager. Contact us here or on [email protected] for more information.