Last month, global recruitment agency Hays reported the highest level of skill shortage in their 46 years of recruitment in their Australian FY 2022-23 Hays Salary Guide. They stated that “In such a market, the number one question we’re asked by employers is how to stand out as their preferred candidate’s first choice.”
At Focused Marketing, our clients are feeling the struggle to recruit and retain talent, regardless of their size and industry. While the strain is concentrated in technical fields, it extends across all industries and we’re observing it across businesses ranging from 20 to 20,000 employees.
So, what can employers do?
Positioning a business as an employer of choice
An Employer Value Proposition (EVP) is about defining the essence of your company and what it stands for. It articulates the reasons that people are proud and motivated to work there, the company culture and mission. It is the balance of rewards and benefits received by employees in return for their performance. It represents everything from recruitment strategy, to how employees describe the company to their friends and family. It’s essentially your employer’s branding strategy, but it reaches far wider than that.
Your most valuable customer is your employee
The FY 2022-23 Hays Salary Guide outlined that 91 per cent of employers were suffering insufficient supply of staff, and 83 per cent of businesses were experiencing staff shortages to a point that hinders growth. The global pandemic has shifted employee expectations, and responding to employees’ changing preferences is crucial. As the wise Sir Richard Branson said: “Take care of your employees, and they’ll take care of your business”
Expectations – purpose and price
The balance of financial rewards, employment benefits, career development, work environment and company culture is the reason employees join or stay.
For some time, the corporate world has touted purpose as being of the utmost importance for millennial job seekers, but research now shows that this perception is disproportionate. In PWC’s report, employers expected alignment with values to be the number one priority to employees, indicating a huge misalignment with employees, who ranked it at number 16. The top three priorities for employees were remuneration and reward, well-being, and experience.
PWC’s What workers want: Winning the war for talent 2021 report found that 38% of workers were planning to leave their job and only 48% of business leaders had plans to redesign their EVP. So, what are people looking for and why are businesses dragging their feet to address shifting expectations?
Employers who offer personalised benefits are best placed to tap into shifting employee expectations, with many job seekers now seeing flexible work environments as an expectation, rather than a differentiator. Beyond diversity of gender and cultural background, diversity of discipline and thinking is becoming an increasingly important attribute of successful organisations. In understanding this, businesses can best use resources by personalising employee experience to suit individuals.
Communication is your ammunition
Once you’re crystal clear on why, in a tight labour market, your company is the best choice for your ideal candidates, the next step lies in effectively communicating it; saying the right things, at the right time, through the right channels.
Updating your EVP and ensuring messaging is consistent across all brand touchpoints and recruitment material creates a compelling case for job seekers. Video remains the most effective means of storytelling online, with a video campaign being an excellent opportunity to showcase your people, culture and work. And don’t forget your (existing) employees! Consistent internal communication is key to maintaining a favourable employer brand, whether it’s via newsletters, blogs, emails, or face-to-face events.
If you need help building an EVP, messaging and/or content strategy that inspires and engages, get in touch.
Unsure where to start? Focused Marketing specialise in creating and communicating impactful brands. Email Caitlin at [email protected] for an informal discussion or call us on (07) 3844 9664.