Challenge: Recruiting and Retaining Talent.
When 3 in 4 organizations report recruitment as one of the leading challenges they face today, it’s time to consider the employee value proposition (EVP).
While the majority of organizations are able to list the rewards, benefits and development they offer their employees, only a few have considered how their EVP can be developed to attract and retain top talent.
If your company falls into the 77% of employers experiencing difficulty with employee retention keep reading.
First and foremost, do we understand what employees want? Why do they choose to work at one company over another? What makes them stay? What do we need to do as employers to nurture top talent so that they become loyal, happy and engaged workers? To go beyond merely getting by in their jobs to achieve superior performance…because they WANT to?
Based on Gallup research, here are the top 5 criteria that today’s employees will use to measure and compare their options.
- Career Growth Opportunities – think beyond formal titles with champions or role models. Millennials want to work their way up the corporate ladder and they want to do it faster than any other generation. However, they may not have the skill sets for the next position yet or let’s face it, there are only so many positions to promote them to. With a little creativity, an organization may consider developing role models, champions or clubs that hold prestige along with defined perks for those that demonstrate they are living the company’s core values.
- Pay, Benefits, Rewards & Recognition – a fair pay and benefits package is a given. 85% of Company’s that have some type of rewards & recognition program is Years of Service based. No research has found that workers perform better or stayed with a company longer to receive the 5 or 10 year pin. However, when recognized regularly for demonstrating specific behaviour, (think core values, safety or wellness habits) employees become engaged and perform better. These are highly effective ways to achieve superior people performance through motivation.
- Manager & Leadership Team – workers want to feel connected to their jobs, managers and leadership teams. If those bonds are not there, they may look elsewhere. What framework exists for interactions and real time feedback across the organization on a regular consistent basis? A recognition software provides such framework and automation to manage engagement all on one platform.
- Company Culture. What values and behaviours contribute to the unique social & psychological environment of the organization? How is the company defining those values into daily actions? For example how would employees demonstrate Integrity in daily action? It could be defined as “treating customers and co-workers with honesty and with strong moral principles, even when it is unpopular to stand up for what’s right”. How ingrained are the values from receptionist to C-suite? Employees want to understand the big picture and how their contributions are helping the Company grow.
- Job Fit – beyond having the skills to perform their job, fit has everything to do with ‘cultural fit’. The elements of a company’s culture, it’s values should be natural to the individuals being hired. Otherwise it will be a constant stretch, trying to fit a square peg into a round hole.
Rewards, Recognition and Incentives play a powerful role in supporting commercial objectives and driving behaviour change. They can be tailored to specific departments, teams or corporate initiatives and even at the individual level. Technology allows for flexibility, automation and company wide peer-to-peer nomination rewards that reinforces and strengthens teamwork.
When properly aligned, programs ensure that recognition becomes part of the way managers and leaders work. Clear goals, what role employees play to support the culture and business performance, helps managers understand what to recognize. Spot recognition for a job well done or exceptional customer service or employee of the month which relates to specific targets.
Proforma SI wants to help you achieve your business objectives by driving behaviour change through R&R & incentives.
Book a demo and start visualizing the possibilities.