The 3 C’s of Talent Acquisition: Series Intro
Although the phrase ‘War for Talent’ has done the rounds, it’s still as relevant today as when it was coined, if not more so. The ‘war’ is not only very real, it’s now being fought on 3 fronts: Competition, Compensation and Company brand (LinkedIn, 2015). Together, these factors are known (at least here at iintegra, anyway) as the 3 C's of talent attraction or acquisition.
2nd C: Compensation: Don’t just pay them well…
This week I’m focusing on the second of the 3C’s, Compensation.
That salary plays a major role in attracting top candidates has never been up for debate. There is no magic talent acquisition formula that somehow circumvents the need for a competitive salary. As a basic minimum, a competitive salary must feature within your job advert. Up to 42% of candidates will simply not look at an advertised vacancy without a salary.
But while salary plays a major role in attracting candidates, its influence in retention is diluted by other compensational factors. If you are attracting top candidates, but are struggling to retain them it may well be that you need to review your performance in these areas:
- Offering a stimulating challenge
- Opportunities for promotion
- Empowerment and trust
- Communicated value and appreciation
According to a recent study commissioned by the Association of Accounting Technicians (AAT), a competitive salary was found to be not as significant in retention as it is in attraction. In fact, salary was only 4th in the top 10 list of what ‘Brits’ want in a job. Can you guess what came first? Here’s the list:
A Top 10 List of What Brits Want in a Job
- My colleagues
- To make a difference
- The job itself
- Learning new things
- Being challenged
- The work environment
So, by all means, pay them well, but do more. The war for talent doesn’t end once an employee is safely tucked away in your organisation. It’s only just beginning then! A buzz-phrase to lookout for in 2016 is ‘employee engagement’ which really means employees want to ‘feel’ like they matter!