From good to great: How to rethink your talent strategy
The business landscape has faced significant disruption in recent years. And the turbulence doesn’t seem to be settling down anytime soon.
From the pandemic to economic uncertainty, these challenges are changing the way businesses work. However, when it comes to hiring, many employers aren’t capitalising on the opportunities to innovate. In fact, it seems that many aren’t quite sure what ‘great recruiting’ truly looks like. There isn’t a clear rule book as to the best way to build out an effective recruitment strategy. Organisations are not sure what to do between engaging top talent needed for business success, ramping up hiring, or being more conservative and pausing.
Great recruitment starts with taking a long, hard look in your business mirror and understanding what you look like to someone from the outside. Do your employees feel looked after? Is your Employer Brand agile, flexible, and ready for the next 12 months? Is your Employee Value Proposition authentic? Without this in place, you won’t be attracting the right candidates to start with.
Then come your recruitment capabilities. How scalable is your recruitment? Do you have the traditional on-off approach, or do you have something more creative and flexible? Do you have the right talent team in place to support your business goals? Should you outsource to control your budget and HR headcount?
It’s a hard balance to get right but achieving it will help your engine operate much more cost effectively.
How you look matters
In a working world now dominated by social media streams, how companies showcase their qualities is often the make or break in attracting top talent. The new wave of talent, for example, is often prioritising companies’ social and environmental outlook over the paycheck. This includes how they are navigating the world, the support they are providing to their employees, and healthy work/life balances.
If this isn’t visible, then they’re less likely to give that employer the time of day. It’s why you need to truly establish your Employer Brand. If you’re not familiar, an Employer Brand is how you communicate your unique attributes as an employer to active and future potential candidates. It’s the same as how you would market your product.
However, an Employer Brand can often be taken for granted, even though it’s often the missing link for growth and attraction.
Of course, measuring your company’s salary, benefits, and flexible working policies will continue, but more than ever now is the time to be sure you are positioning the authentic reasons for someone to join.
It’s why the Employer Brand must run deeper than just looking and sounding good. You need to be acting.
Honesty is the best policy
This is where the Employer Brand meets your Employer Value Proposition (EVP). Beyond the people, what is it that makes your company the dream place to work? How are employees empowered to bring their best selves to work?
An Employee Value Proposition is the sum of all the things an employer offers to attract or retain talent. It’s more than just the ‘typical’ benefits of an opportunity – it encapsulates the culture, the working environment, and social purpose. A great EVP must reflect what it’s like to work for you – it must be authentic.
Employees now expect real flexibility, putting the onus on businesses to offer a hybrid approach. For example, implementing innovative policies such as the four-day week - currently undergoing trials in the UK – could be a way of leapfrogging the crowd.
There are no ‘set rules’ when it comes to how often you refresh your EVP. But in uncertain times, constant evaluation is crucial to optimising its impact – EVP is a human thing that needs monitoring. If staff are leaving, or you’re finding it difficult to make new hires, rejuvenating your EVP may help.
Creating an authentic EVP isn’t as easy as flicking a switch but can be the difference between attracting the right candidates and attracting those who aren’t the right fit. While you may have all the right intentions, the mechanics of executing this approach can be a whole different story.
Uncertainty must be met with scalability
In today’s climate, you have to have scalable recruitment in place. With so much uncertainty, if you are stop-starting your recruitment it’s going to put a strain on your resources. By having scalable recruitment (like what can be benefited from Recruitment Process Outsourcing), you can adapt to market changes and avoid putting jobs at risk.
Outsourcing can be an effective way of meeting demands, freeing up your in-house team, and offering a flexible approach to changing times. But there are different ways of outsourcing and, of course, things to consider.
Recruitment Process Outsourcing (RPO) goes beyond the norm – it gains in-depth insights into your company, ethos, and culture, providing both the personal support and the technology with which to cultivate an EVP, market it, and recruit tailored talent.
RPO providers usually have a wider remit and may put significant work into improving processes in addition to the more typical parts of recruitment like sourcing, screening, and interviewing. Whether it’s a need for help with specific tasks, tight and fluctuating budgets, or a sudden need for quick hires, RPO can solve a host of recruitment challenges working independently or with an in-house team.
Each business is different and, therefore, its recruitment needs will also be unique. But the themes set out above are becoming the recruitment essentials for the new world of work – and the risks are there for the companies to face if they don’t harness them.
By adopting a flexible, scalable approach – one that embraces and communicates your values – you could turn your talent strategy from good to great. And, with that, discover a whole new talent pool for the new age.