New Delhi (India), March 27: In the world of full employment economy, where available job seekers in a nation have multiple options of job opportunities to reach their full potential, retaining and attracting the top employees can be a daunting challenge for any employer. With low unemployment rate and fierce competition among employers to get the crème de la crème of the available talent in the market, it is imperative that companies must adopt and design strategic approaches to get an edge over their competitors in their race to retain their best employees and attract new potential employees for their company.
India’s current unemployment is in a seesaw mode with numbers regularly fluctuation on average between 6-8%. With market slowly opening again, in next couple of years, there is a hope that that the Indian job market will have near full employment economy. Of course, factors leading to talent drain and difficulty in hiring new talent is affected by multiple factors and these can be within our control or something out of control such as pandemics, natural disasters, wars or market collapse and they can be part of the issues that are constant or variable.
One of the main challenges as discussed before is certainly retaining the top talent at the organization. In a full employment economy, it is more likely that the employees will explore more job opportunities. With limited pool of talent available for certain skills, the competition is intense to retain and hire the existing talent pool available in the market. A market with plenty of employers willing to hire their choice of candidates, job seekers have an advantage to cherry pick roles.
As per Mr. Chandra Shekhar Singh, director at Posterity Consulting, “In a full economy market, employees and job seekers are kings. They become the key decision maker in deciding company’s work culture and policies.”
In the copiously competitive market of full employment, an efficient HR team plays a vital role in deciding if an employee stays at your company or move to a different organization. With right HR partners, these challenges can be easily navigated with timely advice at the right time. Having mastered the art of creating engaging EVP (employee value proposition), Posterity suggests that an organization needs to find a perfect blend of
- growth opportunities,
- total rewards,
- stimulating work environment and
- work culture
where each employee gets an opportunity to grow with the organization and explore new skills and roles to develop professionally into a leader of tomorrow. An employee in a full employment economy seeks fulfillment.
Posterity consulting as a leading name in human resource industry, offers customized tools for its partners in retaining and attracting talent in highly competitive Indian job market. It offers tailored advisory solutions on people strategy that focus on fostering innovation at the organization level, strategies to transform organizational culture as well as provide world class interview experience to potential future employees of the company. Posterity also provides expert advice to its client on potential preventive solutions that can be implemented to reduce employee mobility in full employment market.
As a part of solution model, Posterity offers strategic insights and market intelligence focusing on both macro and micro level to alleviate its partners concerns about losing out on their best talent and not able to hire upcoming leaders for their succession planning.
Mr. Chandra Shekhar Singh, lays out a detailed plan to accomplish these goals in a three-fold level:
- At Macro level,
Posterity offers a range of antidotes in the form of improving an Employer’s Gross Talent Attraction Power (GTAP) which essentially includes:
- strong employer brand and brand position
- a goodie basket of great quality of work
- a comprehensive total rewards program
- terrific employee centric organizational culture focused on its people and their holistic development.
- A department-wide
Strategic reorganization is imminent, encompassing aspects like
- process streamlining,
- improving all candidate experience during recruitment activities,
- ongoing stakeholder involvement, and
- the vital development of transparent channels for dialogue and compromise.
Recalibration of the existing processes is one of the most effective ways for proactive improvement of candidate experience during interview process, a cornerstone in today’s recruitment landscape. A holistic view that transcends mere transactional interactions, candidate experience is the preview for the movie that is organizational culture. Posterity often suggests, its clients embark on a journey of continuous improvement and development by leveraging feedback loops and integrating technology in existing processes. Our organization regularly provide personalized touch points to craft memorable experiences for candidates, thereby bolstering our client’s employer branding and talent attraction powers. Hiring managers too need to be sensitized by hiring partners to empower them with perspectives to become effective talent ambassadors.
- From a Tactical Standpoint,
It becomes imperative to fix the problems that crowd the grassroot level. This involves the team that carries out strategy implementation- your talent partners and on ground staff that collaborate to achieve the results. It’s prudent that the team adopts processes that tangibly improve results, some Key performance Indicators could be:
- Working on the hiring ratios,
- Understanding the effort to result conversions,
- Improve Hiring Funnels,
- Identifying – Developing- Engaging – Retaining the right partners,
- Improving recruiting operational plans
While individuals might be motivated for a host of reasons, it remains imperative for service providers and clients to synergize on project objectives to avoid a lapse in the operations that are integral to all talent acquisition efforts.
For global organizations setting up captives in a new market, the war gets much tougher, and the leadership must be cognizant of the fact that cost of resources, while an undeniable factor, shouldn’t be the only yardstick. Global Headquarters are looking for rapid growth, sustainability, and positive news on the talent front. Renegading on talented resources, especially in a competitive market, due to monetary factors, might save an inch of your bottom-line, but will do colossal damages to your expansion plans.
Talent acquisition is one of the key areas in today’s changing business environment where strategy, process improvement, and stakeholder involvement come together to provide opportunities for organizational success.
Posterity’s solution model truly can help organizations find an edge of their competitors in highly dynamic game of talent acquisition in full Employment Economy.
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