One thing I enjoy about Talent Acquisition is the need for a constant change in the strategy, tactics and tools. A hot topic in the recruiting world is how to attract the modern workforce, including millennials and generation Z. In a blog post on their site, Hibob conducted a study to understand what truly motivates a candidate to accept a new role. Here are some insights on how to attract job seekers in 2020.
It’s not just the money, it’s growth potential
Sometimes, companies believe candidates can be wooed by increases in total compensation. According to the Hibob survey, 56% of employees ranked opportunities for growth as more important than salary. Companies that have extensive learning and development programs along with career pathing sessions with employees will become the companies to rival over the next two years.
A recent Forbes survey found nearly half of workers are unsatisfied with learning and development plans and investments. Recruiting, retaining and engaging the workforce, according to Forbes, hinges on a new kind of competitive thrust: an emphasis innovative training methods, particularly for leadership training.
We have already seen a shift in 2019. Companies are investing in mentorship and similar programs to help engage their current workforce while marketing to potential employees as well.
Through its Career Choice program, Amazon has paid for tuition and fees of some 10,000 workers who are pursuing careers in in-demand fields. The program includes on-site classes held in the company’s facilities. In July 2019, Amazon went even further and announced a $700-million investment to jumpstart upskilling. The goal of the program-help employees create more opportunities for themselves in an economy that makes it difficult to do so.
This value proposition will soon replace the “Show me the money” candidate mantra. Career growth will become one of the primary ways to attract talent in 2020.
There is no such thing as a work-life balance. The real nomenclature should be a work-life integration. As companies continue to explore and implement flexible work hours and locations, employees are finding more ways to integrate work and life.
Hibob’s survey found 45% of employees valued time off offered as a key deciding factor. Thirty five percent of the workforce also looked at the commute and the potential impact to the work/life integration as a vital factor in accepting a new role.
Companies that market their flexible work arrangements or commitment to a balanced approach to life will win out in the immediate future. Working remotely along with the integration of life and work will continue to be a topic companies will need to address to remain competitive in the talent war.
Company Culture of Meaningful Work
Culture is king! The survey discovered 69% of the candidates indicated they would be wary of accepting a job if the employees did not seem engaged in their current roles. The social media native generations do a lot of research on company culture prior to accepting a job offer . They not only review what companies showcase on websites and social media but also what your employees are saying.
Glassdoor and similar firms have made a killing removing the veil and showcasing how employees truly feel about their workplace. Sites like LinkedIn and other networking sites allow for candidates to reach out directly to employees with a firm to get a real perspective on the company’s culture.
There is no place to hide if your culture stinks.
Candidates expressed how they want to be a part of something bigger and more impactful. Companies have begun to change their employer branding to market to this intrinsic need candidates have. CNBC highlighted some examples in its post on November 6th on the topic:
Chipotle doesn’t serve burritos, it “provides food with integrity.” Facebook doesn’t sell advertisements, it “bring[s] the world closer together.” WeWork doesn’t sublease office spaces, it “elevates the world’s consciousness”CBNC
In a survey conducted by SurveyMonkey, 69% of workers said it was “very important” to them to work for a company with clearly stated values. Offering candidates the opportunity to have meaningful relationships and work will become a critical piece for recruiters and firms to market.
The modern workforce will continue to evolve which will require talent acquisition teams to evaluate their plans to attract job seekers in 2020. To stay relevant and attractive to candidates, companies will have to focus on these four areas in 2020.
What trends are you seeing?
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