How can you get an edge in the battle for talent?
This article was produced in partnership with the O.C. Tanner Institute
CHROs face one of the most challenging periods they have ever known: transformation of the workplace environment as flexibility and remote working have become the new norm, coupled with a chronic shortage of talent.
The O.C. Tanner Institute offers research and education on corporate culture and employee experience. O.C. Tanner’s Alan Heyward Managing Director, Asia Pacific says that with the talent exodus continuing, Australian organisations are being forced to look well beyond salary and benefits to differentiate their Employee Value Proposition (EVP).
Burnout continues to be a factor, particularly among middle management, and finding the right balance of hybrid work is proving an ongoing challenge,” says Heyward.
Against this backdrop, a welcoming and rewarding culture that offers excellent employee experience is a real point of difference in the battle to attract the best recruits.
The O.C Tanner institute has recently produced their 2023 Global Culture Report that highlights how organisations can improve employee attraction and retention by creating a strong sense of community, increasing connection and providing a sense of fulfilment at work.
“Looking at the employee experience more holistically, organisations need to find opportunities to integrate meaningful, authentic recognition – our research clearly shows that is a key ingredient in creating a thriving culture,” says Heyward.
Reflecting on the lessons of the past few years, the report describes an uncertain domain where the the rules and ways of working are in transition and evolving. Inevitably, organisations are seeking employees with the right range of skills, talents and experience to manage the uncertainty and ambiguity.
A sense of community has become a priority for companies especially as employees remain physically distanced. Those organisations that can build and maintain good connections have proven to be more successful are retaining staff and are more productive as a result.
It’s increasingly clear that people want more out of work. The usual perks and salary increases are no longer enough to attract new talent or retain existing employees.
“As people have re-evaluated their priorities during the pandemic, they’re looking for more than simply money and titles. Organisations need to help their employees find balance, purpose, and fulfilment,” Heyward says.
A great deal of pressure now falls on leaders who face heavy workloads since the pandemic. Burnout and conflict are commonly reported. In addition to the traditional tasks of managing teams and assignments, leaders now manage employee emotional health and wellbeing, pandemic-related changes, employee retention during the Great Resignation, as well as being expected to inspire great work and build workplace culture.
The O.C data suggests leaders aren’t receiving the support and appreciation required to handle these additional responsibilities.
Recognition, feedback and awards all strengthen an employee’s connection to their organisation’s culture, history and community, Heyward says. When organisations take the time to acknowledge their workers accomplishments, they reap the benefits. Employees who feel appreciated and recognised are also more productive.
The trick is how HR can help to integrate recognition and reward across the range of employee experiences. How thoroughly and frequently organisations do this will not only determine the level of employee engagement but also the rate of employee retention.
If you would like to learn more, join Meghan Stettler, Director, O.C. Tanner Institute on 26 October for her webinar – ‘Rethinking Workplace Culture to Win the New Battle for Talent’, as she shares new insights and strategies from the 2023 Global Culture Report.
Session insights include:
