All About Attraction: Decoding the Secrets to Recruitment Success
The labor market has been turned upside down, changing not just work habits, but also what talent expects from employers. This transformation comes at a time when advanced economies are grappling with a growing skills gap, ramping up the competition. The twist? Employers are now in a race to attract top talent. So, what are job seekers looking for? And how can companies win them over? In this month’s newsletter, we uncover the secrets to meeting the needs of today’s talent, backed by insights from our brand-new study!
Skills shortage persists, and top talent holds exceedingly high expectations when seeking new employment opportunities. But what exactly are job seekers looking for in 2024? What sets leading employers apart? In our new collaborative study with Kienbaum and Kienbaum Institut @ ISM für Leadership & Transformation GmbH , we asked both job seekers and individuals committed to staying with their current employer about their needs and expectations, shedding light on today’s most effective attraction and retention factors. The results reveal highly personalized needs, yet our new whitepaper helps employers identify the right target group-specific measures. Get your hands on the report here !
Read more about our findings in our article.
And if you’re curious about how to create an attractive employee value proposition have a look at our Totaljobs colleague’s piece !
Are you dreaming of Australia's coastlines with their white beaches, along with a higher salary? Well, Australia's government is actively seeking global talent! Currently, the unemployment rate is lower than ever before the pandemic while employment is still growing, resulting in significant worker shortages and wage growth in Australia. This heightened demand even extends beyond blue-collar workers, distinguishing Australia from other advanced economies. However, along with this trend, we see an increase in underemployment and part-time work among both women and men. Want to learn more? Check out the latest article of the "Labor Markets Worldwide" series by our economist, Julius Probst, PhD .
How are countries, cities and companies competing for the best workforce? In the fourth edition of the “Decoding Global Talent” study by The Stepstone Group, Boston Consulting Group (BCG) , and The Network , we looked at global workforce trends and talent mobility opportunities. Join us digitally on April 24, when we will reveal the results in partnership with the Financial Times & FT Live !
Discussion points are:
When? April 24, 2024 – 15:00 -18:00 BST
Where? Online
Don’t miss out and register for free to watch the livestream! Find out more about the event such as the agenda and leading speakers here.
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“When we look at talent acquisition in 2024, it's clear that understanding the diverse needs of candidates is crucial. From millennials aiming for career advancement to Gen Z prioritising flexibility, there's no one-size-fits-all approach. Compensation, job security, and work-life balance are key factors in attracting and retaining top talent. Salary transparency also plays an important role in building trust, while appealing to candidates seeking alignment with their financial goals.
In today's evolving market, recruitment and retention strategies need to blend seamlessly. However, a tailored approach is key for success. Companies must develop strategies that align with their unique objectives, leveraging insights into individual preferences and motivations. By recognising the nuanced desires of candidates and employees, we can set the stage for sustainable growth and unmatched success in talent acquisition.”
Deborah Lally is Head of Talent Acquisition at The Stepstone Group.
Rural Cities Are Incentivizing Community Revitalization
Not only employers are grappling with talent attraction: Rural communities across the globe are luring new residents with attractive incentives. Programs like Tulsa Remote offer $10,000 grants to relocating individuals, while Hamilton, Ohio , assists with student loan payments, particularly targeting recent graduates. In Italy, towns are selling 1€ homes , to stimulate the economy and families can be paid over 50,000€ to move to Albinen, a small village in Switzerland. These initiatives underscore a growing trend as communities vie to revitalize their neighborhoods and attract talent. Whether you're seeking remote work opportunities or simply a change of scenery, there's a wealth of enticing offers waiting for you to explore across the country.
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More Employees Are Leaving Their Employers After a Short Period of Employment
Ever heard of 'shift shock'? It’s a hot topic online among job seekers, particularly younger ones, who find their new roles falling short of expectations. According to The Muse's survey, 72% of their audience has felt it, and 80% believe it's okay to leave a job within six months if it doesn't meet expectations. Kathryn Minshew, CEO of The Muse, describes it as the realization that your new job or company isn't what you thought. It reflects a shift in perspective, particularly among Gen Z and millennials, who see the employer-employee relationship as mutual. Hiring managers need to accurately portray roles and companies to avoid high turnover.
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Employees and Employers Are Feeling the Pay Pressure
For over two years, Germany has witnessed a steady surge in food prices and the cost of living, attributed to soaring energy expenses, shifts in international politics, and a shortage of skilled labor. In light of these mounting expenses, a recent survey by The Stepstone Group reveals that 78% of employees anticipate salary increases from their employers, yet only 18% have actually received such offers. However, it's not just employees feeling the pinch, employers also contend with budget constraints. This confluence of factors has sparked pay pressure on employers. Despite budget constraints, investing in talent remains crucial for long-term success.