When it comes to recruitment and retention, human resources management has experienced a shift. What was once an employer-centric market has been replaced by one that’s dictated by the demands of the employee.
In their 2016 Global Human Capital Trends report, Deloitte articulates it perfectly:
Look no further than how jobs are advertised for an example. In the early 1990’s, just before job boards started to take off, job hunting meant perusing newspaper want ads. Space constraints allowed for little fluff; listings were focused on the needs of the employer and the skills candidates had to possess to be considered for the position.
Today’s job postings are very different. Savvy recruiters have replaced “Skills and Qualifications” with “Reasons to Work with Us”. No longer limited by space, these listings have become elaborate advertisements designed to sell the company and the job to qualified candidates.
Drivers of Change
What has contributed to this shift?
A thriving job market – At 4.0%, the national unemployment rate is as low as it has been in almost 50 years. An abundance of open positions means job seekers can be more selective in their search.
The explosion of job search websites and apps – Posting jobs has never been easier or less expensive. Hiring managers have had to get creative to make their jobs stand out from the clutter.
Greater transparency into company culture – Thanks to the internet and social media, candidates can research companies before they apply, giving them greater control.
The emergence of employee engagement– Professor William Kahn first coined the term engagement in 1990 in a paper about workforce management. Since then, companies began to realize that by treating employees well, they in turn would work harder. And by creating a favorable work environment, it would help with attraction and retention efforts.
The Employee is King
Like it or not, to succeed in acquiring and retaining talent, you need to accept that it’s an employee-driven market.
There is no shortage of advice on how to make your organization more enticing to employees. Creating an employer value proposition is a tactic that’s often cited. SHRM defines the employer value proposition (EVP) as how a company wants to be perceived by its employees. “It embodies the company’s values and ideals and provides clear reasons why future employees should choose to work and stay with an employer.”
An EVP answers the question “Why should someone work here?” A well-crafted one addresses many of the factors that contribute to engagement: connection, contribution, contentment, and growth, like in these examples:
“We officially make every employee at HubSpot a designated insider. [We] don’t just hire to delegate. [We] hire to elevate.” HubSpot
“You can make a difference by helping to build a smarter, safer, and more sustainable world.” Honeywell
“We work hard to find the best, most experienced people in the industry to join our team–then we treat them well, so they stay.” Balance Point (couldn’t help but self-promote here!)
“From empowering mentorships to customized coaching, PwC provides you with the support you need to help you develop your career. You’ll work with people from diverse backgrounds and industries to solve important problems. Are you ready to grow?” PwC
And in the case of Zappos, it can’t hurt to inject some fun:
“We believe in “work/life integration.” We like having a good time at work, not just outside of it. There’s no need to hide your random quirks or awkward dance moves from us. In a way, you might be taking a ‘break from life’ by working here!”
The Role of HCM Technology
Today’s employees expect the latest technology while on the job. Their perception of your organization begins with the application process and continues throughout their life cycle—onboarding, tracking time and attendance, training and development, enrolling for benefits, and communicating and collaborating with team members.
The best strategy for succeeding in an employee-driven market is using HCM software that satisfies their needs while streamlining your processes. Learn more about Balance Point’s HCM technology.