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18 June 2024Why It’s Time to Rethink Talent Acquisition (and How to Future-Proof Your Approach)
It’s clear that the traditional, transactional model of talent acquisition is no longer relevant for employers and HR professionals today. 77% of employers report difficulties in finding the right skills – an alarming 42% increase over the last decade (ManpowerGroup, 2023) – while around one in three employees don’t hesitate to quit within six months (BambooHR, n.d.).
In the past, companies prioritised filling roles quickly. They often overlooked applicants’ personal values, growth potential, and desire for work-life balance. However, today’s applicants are in the driver’s seat, demanding not just jobs but careers that offer flexibility, personal growth, and alignment with their values and lifestyle.
This shift challenges traditional workplace dynamics. Now, companies must rethink how they attract and retain skilled professionals in a landscape where the rules of engagement have fundamentally changed.
What’s Included:
- Talent Acquisition: What Applicants Want
- Talent Acquisition: What Employers Expect
- Talent Acquisition: Applicant Demands vs Employer Demands
- How to Improve Your Talent Acquisition Approach in 2024
- A New Era of Talent Acquisition for Applicants and Employers
Talent Acquisition: What Applicants Want
In the past, applicants primarily sought stable jobs with good salaries. You’d secure a job and stay there for 20+ years. It was normal – expected.
Fast forward to today, and expectations have broadened and deepened significantly due to technological advancements and cultural shifts. Applicants have the bargaining power and a clearer idea of what their skills are worth, and they’re not afraid to make their demands.
Work Flexibility
A job needs to fit in with an applicant’s lifestyle, not the other way around. The shifts in workplace dynamics, accelerated by the global pandemic, have firmly established flexible working arrangements as a standard expectation among job seekers. Applicants are prioritising jobs that offer not only career growth but also a work-life balance that aligns with their personal needs and lifestyle.
Location plays an important role in this new landscape. 98% of workers now seek opportunities to work from home at least part-time (Buffer, 2023), while some employees are even willing to forgo a higher salary (Fortune, 2023) for the convenience and personal benefits that remote working offers.
The hybrid model has become the ideal compromise in the post-pandemic era. It allows for a blend of in-office and remote work – the best of both worlds. This arrangement supports both professional productivity and personal flexibility.
Seamless Hiring and Onboarding Processes
Today’s candidates expect a swift and transparent hiring process. They value clear communication about their application status and next steps, along with prompt feedback after interviews, to keep them engaged. In fact, 72% of candidates say the smoothness of an interview process would affect their final decision on whether or not to take the job (Cronofy, 2023).
Communication is a key part of the hiring process. 36% of potential employees expect to talk to a recruiter before applying, and 82% desire clear timelines and regular updates during the application process (CareerBuilder and SilkRoad, 2018).
However, a positive candidate experience shouldn’t end once hired. 93% of employers recognise that good onboarding affects a new hire’s decision to stay (CareerBuilder and SilkRoad, 2018). Poor onboarding can lead to early departure, so employers need to carefully consider how they welcome new employees into the business.
Attractive Benefits and Compensation
Applicants today seek clarity on compensation and benefits from the outset, preferring job advertisements that specify salary ranges and benefit details. This transparency helps them assess whether an opportunity aligns with their expectations and saves time by filtering out unsuitable roles early in the process.
According to Gallup, 64% of candidates now rank salary as the most critical factor in their decision-making process.
Beyond a competitive salary, today’s job seekers value benefits that support their professional growth and personal well-being. A survey from Michael Page reveals that 77% of South Africans highlight training and career development as key benefits, with a dependable company pension plan also highly valued by 66%. Additionally, private healthcare coverage for employees and their families is important for 60% of those surveyed (Michael Page, n.d).
Other valued benefits include financial perks like life insurance, more paid leave, and company-issued devices such as laptops and smartphones. In extreme cases, applicants may even expect company cars – or at least compensation for petrol.
Career Development Opportunities
Candidates are more likely to engage with companies that not only show a commitment to employee development but also provide clear, achievable pathways for career progression. 77% of companies have lost talent due to the lack of career development opportunities ( Aptitude Research, 2023).
Investing in employee growth serves a dual purpose:
- Firstly, it addresses immediate skill gaps, reducing the need for external recruitment and associated costs.
- Secondly, it supports succession planning, bolstering your retention rates as employees recognise clear, forward paths in their careers and choose to stick with your company because they see a future there.
Alignment with Company Culture and Values
Job seekers aren’t simply looking for a job that pays the bills; they want to know they’re part of a company that supports diversity and inclusion and aligns with their own inner purpose. In fact, over half (54%) of Randstad’s Workmonitor survey respondents claimed they would leave a job if they felt like they didn’t belong.
It’s common for applicants to look up a company’s LinkedIn page, or browse its staff members’ profiles to determine if the company clearly communicates and genuinely commits to its values. Moreover, candidates often turn to employer review sites such as Glassdoor, InHerSite, and Comparably to verify a company’s claims. If your business has bad reviews, savvy applicants will find them.
Talent Acquisition: What Employers Expect
Employers today are looking for more than just skill sets; they want candidates who are reliable, adaptable, and deeply aligned with their company’s culture.
Trust and Dependability
Employers place a high premium on trust and dependability in their employees. This includes arriving at work on time, taking responsibility for one’s actions and behaviour, and valuing the job and its requirements. Employers recognise that such employees are not only reliable but also deeply committed to maintaining high standards in their performance.
Trust and dependability encompass the employee’s sense of loyalty, too. A loyal employee tends to stay with a company for an extended period, driven by a sense of value and appreciation and a belief in the company’s mission.
Their commitment makes them more invested in the company’s success and more proactive in contributing to organisational goals.
Leadership Prowess
Leadership skills are crucial, regardless of whether you’re applying for a management position. Employers value applicants who demonstrate the potential to motivate and lead others towards achieving common goals. Equally important is the ability to manage oneself effectively – showcasing how you’ve successfully managed your own time can be a powerful indicator of self-leadership.
Another element of good leadership is a candidate’s ability to problem-solve and contribute positively to team dynamics. In roles that require quick thinking and effective decision-making, a candidate’s problem-solving ability often impacts a company’s bottom line.
Similarly, the ability to make sound day-to-day decisions and strengthen team dynamics is invaluable in any professional setting.
Cultural Fit and Engagement with Company Values
Employers prioritise applicants who not only possess the necessary skills but also align well with the company’s culture and values. Such alignment ensures that new hires can integrate seamlessly into teams and improve the work environment.
To evaluate this fit, employers might employ techniques like detailed job previews and realistic job simulations during the recruitment process.
However, the pressure is dual-sided. Recruiters must identify the perfect match for the company, while applicants need to stand out creatively and show a strong desire to contribute and succeed. It’s the job of your recruitment agency to ensure applicants possess the necessary skills while aligning with the cultural dynamics of the existing workforce.
Adaptability and Resilience
Companies prize individuals who can smoothly navigate changes in job roles, work conditions, or industry shifts without sacrificing productivity. The capacity to bounce back from setbacks and continue performing at a high level is crucial for long-term success and growth.
Employers look for signs of adaptability in how applicants handle stress, react to unforeseen changes, and manage during challenging projects. It’s not about being unaffected by difficulties – employers want to see that candidates can respond positively and devise effective strategies to overcome challenges.
This resilience shows resolve under pressure. It makes the applicant a valuable asset in any work environment.
Technological Proficiency
No matter the industry, an individual needs to understand the technology relevant to their field.
Marketing professionals, for example, need to know how to navigate through digital ad platforms and interpret data from analytics tools. In finance, understanding software for financial forecasting or the implications of new technologies like blockchain can give anyone a competitive edge.
It’s not just about knowing the current tools, either. Equally important is an applicant’s ability to pick up new technologies quickly. As companies adopt new tools or software, individuals who can adapt and integrate these into their workflow smoothly are highly valued.
Employers want employees who not only have the skills necessary for the job, but are also committed to keeping up with technological advances. This could mean taking online courses to learn a new programming language, or attending workshops on the latest industry software.
Strong Communication Skills
Employers seek applicants who can express ideas clearly, engage in meaningful feedback, and contribute constructively to team discussions. This involves mastering verbal and written forms of communication, increasingly on digital platforms.
Being articulate is invaluable during the job search. An employer or recruiter will be interested to see if an applicant can smoothly convey ideas and drive conversations; it shows them that the individual can work well within a team and navigate workplace dynamics. After all, good communication is fundamental in building relationships, persuading others, and negotiating.
Applicant Demands vs Employer Demands in Talent Acquisition
A common area of tension between applicants and employers today centres on work location preferences.
Many applicants are looking for flexible work conditions, driven by a wish for a better work-life balance. On the other hand, employers are increasingly favouring a more consistent office presence. They argue that being in the office boosts collaboration, strengthens company culture, and improves supervision.
Another significant gap arises in expectations around compensation and benefits. Candidates today expect competitive salaries and comprehensive benefits packages, motivated by rising living costs. Conversely, many employers face budget limitations and express caution in committing to substantial compensation packages, particularly in sectors experiencing economic challenges or tight profit margins.
There is also a growing gap in expectations regarding corporate responsibility and workplace inclusivity. Applicants want to see ethical practices and inclusive work environments, but while many companies are advancing their Diversity, Equity, and Inclusion (DEI) initiatives, the pace of change can lag behind applicant expectations. This slow progression can cause disillusionment among prospective employees.
How to Improve Your Talent Acquisition Approach in 2024
To bridge the gap between what modern job seekers expect and what employers offer, companies must take proactive steps. Here’s how you can align your talent acquisition approach with the evolving needs of the workforce:
Build a Healthy Culture
Start by clearly defining your company’s values and making sure everyone knows them. Leaders should also show these values in action, setting an example for the rest of the team.
Additionally, ensure your company welcomes diversity by implementing fair policies and providing equal growth opportunities for everyone. Monitor these efforts by regularly asking for employee feedback through surveys and meetings.
Offer Benefits and Rewards
Customise benefit packages so employees can choose what best fits their needs, such as different health insurance plans. Meanwhile, improve their daily work life with perks like gym memberships or free meals, and even encourage a supportive atmosphere where employees can commend each other’s efforts, perhaps with small rewards or recognition.
Provide Training Opportunities
Develop training sessions that equip employees with the specific skills they need for their roles and teach them useful soft skills like communication and leadership. Provide access to online courses and encourage attendance at industry conferences to promote continuous learning.
Introduce Mentorship
Set up a mentorship program that matches employees with mentors based on shared goals and skills. Organise regular meetings to discuss progress and any issues. Ensure mentors are well-prepared to assist effectively by providing them with proper training. Collect feedback from both mentors and mentees to improve the mentorship program regularly.
A New Era of Talent Acquisition for Applicants and Employers
Finding the right talent is just the beginning. That’s where a recruitment agency comes in. In fact, an overwhelming majority of applicants actually expect to work with either a recruiter working on behalf of the company (47%) or a corporate recruiter (Employ, 2023), during the recruiting process.
These agencies act as matchmakers, aligning job seekers with companies where they can reach their potential. They dive deep into what makes a company tick and what a candidate brings to the table – beyond just skills and experience. This partnership supports a workplace where cultures thrive and careers advance.
At Moyo, we offer:
- Strategic Talent Acquisition. Moyo ensures that each candidate is not only qualified but also the right fit for your company’s long-term objectives.
- Cultural Fit. Moyo assists you in developing a culture that truly reflects your company’s core values, making the workplace not just a place to work, but a place to belong.
- Retention Strategies. Finding great employees is only the first step; keeping them is crucial. Moyo designs customised retention plans that focus on what employees value most – whether it’s career development opportunities, a supportive work environment, or recognition and rewards.
- Training and Development. Moyo’s commitment to training keeps your employees up-to-date with the latest skills and industry developments.
For your company to stay relevant, your team must constantly be learning and adapting. Moyo takes this to heart. Our approach to recruitment goes beyond just filling positions to nurture your team’s growth in a dynamic industry. This dual focus on recruitment and upskilling empowers your workforce to meet challenges head-on.
Contact Moyo to future-proof your talent acquisition approach.
REFERENCES:
ManpowerGroup. (2023). 2023 talent shortage infographic. https://go.manpowergroup.com/hubfs/MPG_TS_2023_Infographic_FINAL.pdf
BambooHR. (n.d.). Employee engagement statistics. Retrieved April 29, 2024, from https://www.bamboohr.com/blog/employee-engagement-statistics
Fortune. (2023, October 23). Office workers prefer remote work over more money and would quit their jobs. https://fortune.com/2023/10/23/office-workers-remote-work-over-money-quit-jobs/
Buffer. (2023). Insights from the 2023 state of remote work. https://buffer.com/resources/insights-2023-state-of-remote-work/
Cronofy. (2023). Candidate expectations report 2023. https://www.cronofy.com/reports/candidate-expectations-report-2023
CareerBuilder. (2018, October 30). Job seekers are now in the driver’s seat and expect next-gen recruiting and new hire experiences, survey finds. https://press.careerbuilder.com/2018-10-30-Job-Seekers-Are-Now-in-the-Drivers-Seat-and-Expect-Next-Gen-Recruiting-and-New-Hire-Experiences-Survey-Finds
Gallup. (n.d.). Top things employees want in their next job. https://www.gallup.com/workplace/389807/top-things-employees-next-job.aspx
Michael Page Africa. (n.d.). What do candidates in South Africa want from their dream job? https://www.michaelpageafrica.com/advice/insights/latest-insights/what-do-candidates-south-africa-want-their-dream-job