| | NOVEMBER 2022MANAGEHRMAGAZINE.COM9need to address these issues where feasible.A common response to the competitive talent market is through traditional levers to attract and retain talent ­ significantly higher salaries, accelerated promotions and retention bonuses. These levers, while often important, are tactical, costly and can become entrenched.However, there is a massive opportunity for companies to sharpen their people value proposition ­ what a company offers employees in response to what an employee values and is compelling in choosing to stay with one organization over another. These can be quantifiable. For example, compensation, leave, flexibility benefits. Or intangible like the values and culture of an organization. An organization needs to continually track, monitor and respond to changes in talent expectations and market conditions, adjusting their proposition according to changing employee and candidate needs.It's also important the value proposition is aligned to the purpose and goals of the organization as organizations can't be all things to all people. For example, we are seeing some organizations in different parts of the world trial a 4-day work week. However, there is no point in offering this benefit if the organization doesn't believe this measure is right for both the people and the organization. How is ANZ responding?Like many organizations, ANZ faces the challenge of attracting talent. We also have some retention hotspots including those with in-demand skills such as data and software engineering capability. We are proactively managing these retention hotspots, understanding the root causes and using data to inform our way forward on the interventions that will have the most impact.From an attraction perspective, we know we can offer all our people interesting and challenging work. And our people benefit from this in three ways-· Knowing they are doing something purposeful and important ­ because their work has a direct link to our purpose which is to shape a world where people and communities thrive· Knowing they are investing in their career ­ by gaining valuable experience from the work they do while opening access to many new opportunities and new experiences ANZ's scale can provide· Knowing we can offer a workplace where people can bring their whole self to work ­ where we leverage and celebrate the value of diversity. This is one of the reasons 89 per cent of our people feel they belong at ANZ and why we hear so often from candidates, new joiners and recruitment professionals that we are well known for looking after our peopleThese factors form an important part of our people value proposition. We are continually refining our people value proposition as we continue to obtain data to help inform the tangible and intangible benefits of working for ANZ.Tapping into diverse talent pools We also proactively source candidates in areas of high strategic demand (for example- engineering, data, customer relationships, credit and risk) while exploring hiring from other industries like hospitality and tourism for retail roles.We have a number of campaigns in place to tap into diverse and under-represented talent pools ­ something that's really important to ANZ's DNA. For example- In 2021 ANZ was named a strategic partner to the Victorian Government's Digital Jobs Program, part of their 2020/21 state budget to support COVID-19 recovery and employment. The 12-week program offered the opportunity to tap into a pool of 30 high potential mid-career workers and support them to develop digital, data and technology skills both with formal and on-the-job coaching and training. Upon completion of the program, 40 per cent of participants were offered permanent roles. Competition for talent will continue to intensify. To attract and retain their people, organizations must move beyond the tactical. It is fundamental to have a strong people value proposition that continues to evolve to employees' changing needs, remains aligned to the company's values and purpose and is authentic and invested in. There are a number of factors impacting the competitive talent landscape and they will require organizations to sharpen their approach to attracting and retaining employeesCATERING VALUE TO INCOMING TALENT
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