A Winning Approach In The War For Talent
Attracting and retaining talent is a key requirement for any successful business. Now, more than ever, it makes financial sense too as the true cost of turnover is calculated with lost productivity, training and recruitment costs.
A 2014 survey found that a well-crafted and authentic Employee Value Proposition (EVP) delivered the following benefits:
- 24-47% increase in employees recommending their workplace to family and friends
- 28% reduction in annual employee turnover
- 29% boost in commitment from new employees
- Up to 50% reduction in payment of premiums to new hires
Source: CEB Corporate Leadership Council; CEB employee insights 2014
An EVP states what the organisation offers an employee in return for the skills, capabilities and experiences the employee brings to the organisation. From an employee’s perspective, an effective EVP answers ‘what’s in it for me?’.
With the increasing desire for flexibility in the workplace, personal job satisfaction is driven by far more than financial factors such as salary and benefits. To achieve high levels of employee engagement, you must structure your organisation and employee experience to deliver on the promise of the EVP.
Here are three simple tips designed to positively impact employee engagement and job satisfaction:
- Keep it challenging and interesting. Employees are looking for opportunities to challenge themselves, and grow through professional development and career opportunities. Provide opportunity for autonomy, personal responsibility while keeping the roles and tasks varied to be fulfilling and remain stimulating.
- Maintain clear support and direction while allowing for flexibility. Employees value systems, processes and resources however also seek out flexibility and autonomy to lead a balanced life and make their own decisions
- Focus on the relationship. No matter how great the company or product you represent, employees are seeking meaningful connections and interpersonal relationships and friendships at work. It’s a balancing act, as you must maintain boundaries, however do not overlook the person as you will erode their enthusiasm and potentially lose their commitment and engagement.
Millennials are notoriously transient with ~90% of Millennials expected to stay in a role for less than 3 years compared to a market average of less than 20% turnover per annum. If you employ Millennials, you need to do more than offer them beanbags, free food and casual days.
If you would like advice on recruiting the right people for your business and achieving high levels of employee satisfaction and engagement, contact one of our qualified PKL Recruitment consultants today on Sydney 02 9232 4980 or Melbourne 03 9608 0333.
About The Author – Rachel Stefanovski
Rachel Stefanovski is the General Manager of PKL Recruitment, leading the NSW and VIC state offices. Rachel takes great satisfaction in setting a strong and motivated team culture through engaging with intelligent and driven recruitment consultants. Contact Rachel directly via LinkedIn or email@example.com.