Extrinsic variables were more prevalent in the recruiting process in the past, whereas intrinsic drivers were more closely related to engagement and retention. However, culture, lifestyle, and nature of work are key characteristics and focus in the talent acquisition phase.
FREMONT, CA: In the past, extrinsic factors predominated in the hiring process whereas intrinsic factors were more directly linked to engagement and retention. However, experts increasingly notice that crucial traits and areas of focus throughout the talent acquisition stage include culture, way of life, and nature/opportunity of work. When incorporated into the strategic talent blueprint, these become just as important as talent strategy and employer branding. Since reputation management and digital experiences have grown in importance as a result of the change and disruption of recent years, an unprecedented number of businesses are now updating their employee value propositions (EVPs) through large transformation initiatives. The amplification of a company's culture is at the centre of the belief that it is going much more firmly into the reputation economy. According to a recent Indeed research, at least 21 per cent of job applicants rely on their decision to accept an offer on the company's culture. Without a strong EVP, there is no viable way to communicate this to an already oversaturated market. If businesses would like to prosper, they must harness the power of internal and external PR and influence.
What HR leaders believe, hire, and drive away talent differs significantly from what talent leaves and joins organisations during the past few years. While 28 per cent of HR leaders cited a wage freeze or cut as a cause to quit, only 22 per cent of employees agreed. However, when considering the negative effects of a bad culture, just 13 per cent of HR leaders believed this to be the cause of their talent loss, compared to 21 per cent of talent. This demonstrates unequivocally the necessity to address fundamental issues like culture and the workplace.
1. Accurate interpretation of the company culture and values: One out of every five employees in APAC resigns within a year, compared to 6.6 per cent in western Europe. You can lower these numbers by making sure the book's cover matches the content.
2. Authentic storytelling: Instead of a corporate narrative, company employees' stories can provide a much more genuine perspective on what it's like to remain with the organisation. According to APAC-based tech companies, showcasing company staff can improve time spent on the career site by up to 300 per cent, further attracting top candidates to the brand and real story.
3. Candidate experience: How companies enable talent to engage with business is the foundation of everything (and potentially just as crucial as the other two aspects), and most significantly, how simple to engage with the brand, apply for opportunities, and stay engaged throughout the onboarding process. Understanding what works for the firm might be a challenging task with over 4000 digital platforms to select from. However, it can be much simpler to carry out programmes like future state planning and vendor assessment seminars (both offered by Cielo's consulting business).
A strong EVP starts with the right segmentation, which takes into account factors like region, career stage, demographics, and, of course, job type and position. Additionally, they must take into account how well-known the company brand will be to potential prospects while developing its communications plan. This can be simplified to three states: oblivious, aware, and engaged. This will affect how and what you engage a candidate with, depending on where they fall on that spectrum.