Attracting and Retaining Talent:
Delivering an effective employee value proposition
CEO, BritishAmerican Business
Businesses around the globe are seeking to win in competitive markets. In a modern economy technological change, diversity and inclusion and social responsibility are often key factors strengthening overall productivity. But above all, talent is consistently the benchmark and bedrock for winning in business and has become the foundation that drives success.
Talent is the core motivator for competitive advantage for successful business.
In a post-Brexit United Kingdom, organisations will need to re-examine, and in some cases re-invent, their employee value proposition to ensure they can both attract and retain the top talent to drive their businesses forward. Three factors are already visibly at play: First whether Brexit sentiment is damaging the attractiveness of the UK as a place for mobile talent to want to come, secondly whether government can square the circle between a pro innovation need for migration and talent with latent anti immigration sentiment, and thirdly as to how specific visa regimes take hold alongside a more activist industrial policy stance affecting sectors in different ways.
Two 2016 studies by BAB member Willis Towers Watson paint a complex picture for employers looking to attract and retain top talent. The report, Global Findings report for the 2016 Global Talent Management and Rewards and Global Workforce Studies found that a significant percentage of employees is at risk of leaving their current employer over the next two years. This may be a startling result for employers given the significant costs involved with replacing talented employees. Therefore it is imperative to build engagement with employees and find out what they are looking for.
The report found, unsurprisingly, that whether it’s attracting or retaining talent the top drivers for employees were salary, job security and career advancement. However a range of other factors were also mentioned including the opportunity to learn new skills, relationship with supervisors and managers, trust and confidence in senior leadership and the physical work environment.
Another report by BAB member Mercer, cites three emerging workplace trends to follow in 2017.
The 2016 Mercer Global Talent Trends Study found that there is increased competition from talent from emerging markets and names France and Germany as two countries who are most acutely feeling the pinch. Logically it follows that employers are having to broaden their own search for talent to attract top candidates. The Study also notes that less than half of employees surveyed believe their company has effective program to develop leaders and female talent.
Magnifying this challenge, the global race for talent is being fought against a backdrop of rapid technological advancements that have dramatically, perhaps permanently, altered the way we work. Once traditional roles now often fall into what is known as the ‘gig economy’.
As the Global Findings Report points out “the pace at which organisations are able to deliver on this modernisation agenda will become a key differentiator or organisational success and help determine the winners and losers in the competition for high-value talent.”
Faced with an increasingly competitive global talent market fueled by rapid modernisation, and given the significant costs incurred by businesses who are forced to recruit and re-train talent in their organisations, it is a business imperative that organisations look to deliver an engaging employee value proposition beyond the main drivers of salary, career advancement and job security.