visibility on career progression
Organizations that clearly lay out a career roadmap, supported by a robust learning and development opportunities, provide a sense of confidence and purpose to an employee - even before become a part of the company. It allows them to relate to the career path better and assess whether the company is the right choice for them Around 93% of employees would ideally stay for a longer period of time at a company, if it invested in their careers, according to LinkedIn’s 2018 Workforce Learning Report.
What’s the right talent acquisition strategy in a digital set-up? The path to success lies in understanding the readiness level of your HR business functions. Embracing digital capabilities can help in bringing in a degree of flexibility to the existing talent models, in order to deliver a superior experience for candidates. Companies need to clearly layout a strategic plan on skill-set requirements, brand articulation, and a communication strategy by leveraging on digital mediums.Studies show that in highly complex occupations such as information and interaction intensive work managers or software developers, high performers are a whopping 800% more productive.
While it’s clear that top talent does the best work, it is not always easy to hire the best minds, without the right set of tools, approach and understanding of the workforce requirements. This becomes increasingly important for companies to bear in mind, as millennial generation is expected to constitute about 75% of the talent base by 2025, according to 2018 ADP Workforce Management Study.
A majority of the young millennial and Gen Z professionals have very different expectations from employers and evaluate companies from various angles, when choosing their careers.
To successfully hire and retain the top talent, organizations must do two things well. One – take a strategic approach to talent acquisition. Two – support employees through an organizational structure that makes them feel engaged, valued and motivated. This starts with creating the right level of buzz for your company on different platforms, and positioning yourself as the employer of choice, by highlighting the key attributes and benefits of not only the job but also the company.
Here are some proven measures to help your organization attract the best young talent:
In today’s digital world, access to information over multiple channels is helping millennial job seekers weigh their options carefully and be more selective, when deciding upon potential employers to pursue. Recent statistics suggest that, around 87% of students and recent graduates have their profile on at least one professional social network and approximately 78% among them check their account at least once a week. This trend is compelling companies to strengthen their digital presence, through various activities such as, brand advocacy through employees, referrals and video testimonials; regular updates on the company and career advice; and a robust outreach system to attract top talent. Virtusa, a digital player, for example, attracts millennial through a 24 hour hackathon, to hire for its engineering roles in India.
encouraging work life balance
According to the 2017 Deloitte Millennial Survey, nearly two third of the millennial workers consider a good work-life balance to be a critical factor, when seeking employment. Millennials clearly are opting for companies which can offer them more flexibility and let them manage their “me time”, as per their requirements. One of big focus areas for Max Life Insurance, a leading Indian insurance company, is to hire retired employees, differently abled, and home-makers and provide them with an equal opportunity. The result is a stronger corporate culture and higher retention rates.
establish a strong communication channel
While digital presence plays a critical role in attracting young talent, it is equally important to have a communication channel that can help you reach out to the potential hires quickly. Innovative initiatives such as online competition and games can help attract and engage top talent early. For example, Deloitte conducts an inter-university competition called the ‘Risk Intelligence Challenge Trophy’ where winning students are offered experiential learning on risk management. Outreach through professional social networking sites such as LinkedIn and Glassdoor can help build a strong pipeline of candidates. Another important aspect is to have a digital presence in areas where your candidates are. For example, if you are looking to hire developers, to make a quick assessment on the best talent out there.
make it quick
Studies show that the best applicants might lose interest in a job vacancy within 10 days for various reasons, such as, inefficient hiring process, longer time taken to review job application and slow response time. Companies need to act quickly in order to attract and keep young talent interested in the role, by ensuring a fast hiring process that also acts as a mirror of the fast business- decision making processes of the company. Rapid hiring is also good for the bottom line as it reduces costs through faster time to hire and prevents the possibility of bidding wars with competitors at a later stage.