Should You Change Your Recruiting and Retention Strategy to Focus on Happiness Over Money?
In a CBRE study it was determined that 85 percent of respondents believe that work and life will become enmeshed by 2030. Now, in 2018, is when you need to start thinking about adjusting your employee value proposition to embrace this change.
What does your company offer potential employees besides money? Sure, most people get jobs because they need the money, but that isn’t the driving motivation anymore, and it’s going to become less so as time goes on.
According to the Corporate Leadership Council, companies with a managed employee value proposition are able to source their talent from over 60 percent of the labor market, while companies without only have access to about 40 percent of the market. That is only expected to increase in the favor of managed EVPs.
So what can a well-managed EVP offer your company? Mainly, you’ll have a higher percentage of valuable candidates to choose from when hiring. If you build a reputation with your EVP you may even have those potential employees coming to you looking for a place in your company. You’ll decrease your turnover rate by assuring you are attracting the right people with the right skills and motivations.
Use your EVP to assure that every position is appealing to the top talent you want to attract to it, thus bringing in better qualified candidates. It will create a better environment for current employees, which will, in turn, increase your employer reputation, again, leading to more qualified candidates being interested.
These skilled and talented workers will then be more committed to the success of your company and the mission. And they will be happy.
The first and most obvious value is money. This is clearly important, but every job offers a paycheck. If you want to have a good EVP, you need to do more. In addition to having a good start rate, you need to offer opportunities for raises and, possibly, bonuses.
Second, you need to have good benefits. Benefits will need to mean much more than insurance. Candidates will be looking at time off, paid holidays, retirement plans, education opportunities, work flexibility and more.
Third, you must have career advancement opportunities. The days of employees just wanting to come to work, doing the same thing every day and leaving eight hours later, are quickly coming to a close. Potential employees are going to be looking for an organization that offers them a chance to develop their skills and learn new ones. They want to feel like their job is stable. They want opportunities for training and education. They also want a company that will work with them on career development and mentoring; someone that will provide honest and constructive feedback on their personal growth and performance.
Fourth, you need to cultivate a positive work environment and culture. The future requires a safe environment with a good work-life balance. Nobody wants to live only for the company anymore. They want to be challenged and recognized when they react to those challenges well. They want to understand – and be part of – the goals and missions of the company. They also want a culture of collaboration and teamwork. Also, more than perhaps ever before, people are looking for companies that are socially responsible.
Everything your potential employees are looking for will benefit you as well. So, if you’re wondering if you should change your recruiting and retention strategy to focus on happiness over money … the answer is yes. Reach out to us at Aspirant, one of the top management consulting firms in Pittsburgh, to show you how you get started! 1-724-655-4441
Judy partners with executives and leadership teams to engage and inspire employees in a way that delivers sustainable strategic results. She brings deep expertise and creative ideas to solve organizational effectiveness issues and closely collaborates in a way that builds internal capabilities. Judy has spent over 25 years consulting in a variety of industries, bringing her expertise in behavior to a wide range of organizational issues including organizational behavior change, leadership, change management, culture and engagement.