As “The Great Resignation” (or Migration) continues, employers must pivot to meet the new expectations and desires of current and prospective employees. If they don’t, they not only risk losing their top talent, but attracting new talent will become that much tougher. With 41% of employees considering resigning, 36% of individuals quitting their jobs without having another opportunity secured and attracting and retaining talent must be at the top of all organizations’ priority lists.
But things have changed drastically over the last two years, and organizations need to reflect on how they are shifting and evolving to meet these new expectations. The good news is that there are clear, actionable steps to take now that will help to win this renewed war on talent. At the core, it is about re-articulating your organization’s EVP and being purposeful about your Employer Brand.
Here’s what to consider as your get started:
1. MAKE YOURSELF KNOWN: If your EVP is undocumented, unclear, or not widely recognized, now is the time to make it loud and clear. People are leaving in search of better cultures, work/life balance, and a greater sense of purpose, so if your organization has what people are looking for, make it known. This will attract those who are migrating and remind your current employees why they should stay. Now more than ever, organizations must take ownership of who they are and what they stand for, or else they risk having that gap filled by other narratives.
2. ACTIONS AND VALUES ARE BEING SCRUTINIZED EVERY DAY: Businesses’ actions and words have been monitored closely by employees – and they have high expectations that organizations follow through on promises made. Employees are not only looking for authenticity and alignment between what an organization stands for and what they actually do, but they’re expecting it. One wrong move or decision that goes against your peoples’ values can damage the level of trust employees have in the organization and how they perceive the workplace. The key is to be clear about what you stand for, and to stay true to your mission and values – ensuring alignment with your “say/do.”
3. EMPLOYEES ARE LOOKING FOR TRANSPARENCY: How you lead employees and handle their concerns during a crisis speaks volumes. This also plays a huge role in shaping your employer brand. Current and prospective employees are seeking understanding and empathetic cultures as we continue to navigate a new (and ambiguous) world of work. This means that being open, truthful, and supportive of all people will help differentiate you as an organization. Try to get ahead by taking the time to focus on your strengths, and make sure to stay transparent and consistent in decisions and communications.
What does this mean for the long term? By doubling down on your employer brand now, you will:
- Differentiate your organization in a way that will attract and retain people. People are leaving because they feel undervalued, burnt out, and unsupported. But by defining what makes your company special and living our your EVP, and the values that matter most to employees, you’ll create the kind of space people are looking for.
- Maintain your employer reputation and strengthen employee loyalty.No one wants to be remembered as the company that didn’t live up to expectations. People are more likely to remember the specific details of negative events from their past and hold less detailed memories of positive and neutral events. This negativity bias can create a selective memory so strong that it will stay with individuals for years; impacting your reputation as a place to work long after they have left. By putting the needs of your people first, the results will follow.
- Create a stronger connection between your purpose and employees. Studies show that thriving employees are three times more likely to work for a company with a strong sense of purpose. By continuing to put your purpose first and living up to the promises you’ve made, you will strengthen employees’ trust in and connection to the organization. So, when your employees are presented with the option to stay or leave, they will choose to stay, more committed than ever before.
Use this time as an opportunity to articulate who you stand for as an organization and as an employer. By being authentic, matching your promise to the actual employee experience, and connecting your EVP to your overall purpose and strategy, you are well on your way to winning the war on talent. For more information on how to win the war on talent in 2022, read our article in Harvard Business Review here.