In a highly competitive job market, securing and retaining top talent has become a significant challenge for businesses. According to a recent Gartner HR survey of 3,500 candidates, it was revealed that over 1/3 of participants had received several offers during their last job change.
This is reflective of a highly competitive job market in which organizations are competing for top talent. Here, we explore the survey findings of the survey while shedding light on the ever-increasing importance of not only attracting but retaining the right people to drive your business.
Kay Talent Acquisition Trends
Fluctuating Commitment: The Gartner survey unveiled a remarkable statistic: within a 12-month timeframe, 50% of candidates who had accepted a job offer eventually backed out before commencing their new roles. This phenomenon highlights the ongoing volatility in candidate commitment.
Intense Competition: In the eyes of HR leaders, the competition for talent is fiercer than ever, with 59% anticipating even greater competition in the next three months. This competition necessitates strategic approaches to attract and retain top-tier candidates.
Candidate Drivers
Greater Flexibility: A substantial 59% of respondents cited greater flexibility in work arrangements as a primary reason for accepting new job offers.
Work-Life Balance: Approximately 45% of candidates considered better work-life balance a significant factor in their decision-making process.
Higher Compensation: While not the top priority, higher compensation still played a vital role, with 40% of candidates placing importance on this aspect.
Pay Transparency and Remote Work Preferences
Pay transparency and remote work options are paramount in the modern job market:
Salary Information: A staggering 68% of candidates expect job postings to include salary information, and 64% are more likely to apply to jobs that provide this data. In fact, 44% of candidates opted not to apply for positions that lacked salary information.
Remote Work: Remote work has become a major point of consideration. Gartner’s survey revealed that 75% of professionals who can work remotely prefer doing so for over 50% of their work hours. Additionally, 47% of qualified professional candidates are driven by a desire for greater flexibility.
The Importance of Employee Value Proposition (EVP)
To secure and retain talent effectively, it’s essential to align your EVP with candidate preferences. According to Jamie Kohn, Senior Director in the Gartner HR practice, nearly 90% of candidates have withdrawn from hiring processes due to mismatches in their EVP preferences. These preferences encompass compensation, benefits, flexibility, career pathing, skills development, team diversity, and management style.
A well-defined EVP acts as a magnet, drawing individuals whose values and aspirations align with those of your organization, enabling you to shine in a fiercely competitive market. It comprises a unique package of rewards and benefits offered to employees in exchange for their time, expertise, and skills.
Efficiently communicating this EVP is instrumental in attracting the right talent. The key lies in pinpointing specific offerings and crafting a message that resonates with your target audience. By articulating the advantages of joining your company, prospective employees can seamlessly align their values and ambitions with the opportunities you present.
Whether it’s the allure of remote work flexibility, an enticing bonus system, or a vibrant internal culture, what truly distinguishes a remarkable business is its people. Creating an environment that empowers individuals to unleash their full potential is paramount to the success of any organization.
