Due to the increasing mobility of the workforce, and advancements in technology creates competition for talent across industries and borders. As a result, many companies find it challenging to attract and retain talent amid tightening labor conditions.
The shortage of skills also compounds the situation for the future of work. Companies can no longer rely on traditional recruitment agencies for sourcing talent. Nearly 60% of organizations claim that they are unable to find the right skills in prospective employees.
Many industries and companies are currently facing a negative perception from the labor market due to the spread of narratives on job losses occurring to automation, outsourcing of talent from emerging markets, and a lack of technology investment.
Some 50% of all employers state that they find it challenging to hire new talent due to the negative perception of the youth job market in their industry. Manufacturing is a good example. Today’s highly-skilled workers utilize cutting-edge tech in a dynamic working environment.
While that might sound like a dream job for millennials, research shows that millennials feel manufacturing doesn’t offer them any career fulfillment, and limited chances for advancement.
It seems that millennials are under pressure from their families, where only three out of every ten households think manufacturing offers career opportunities.
Address the Branding Issue by Investing in the Employee Experience
How can organizations build brands that are magnets for attracting new talent? Improving employee experience offers companies a means to attract and retain talent. Employers need to adjust their approach to thought processes surrounding the employee experience.
As tasks evolve, they require technology and soft skills to manage the process. As a result, the thought of a career attached to a single industry is slowly starting to erode into nothingness.
Employee experiences address the branding issue facing many industries today. Designing a positive employee experience begins with empowering your employees with the tools and tech that meet the expectations your employees have as consumers.
Organizations that invest in the employee experience get a win not only from the business perspective but from a branding position as well. According to research by Accenture, companies with a great employee experience outperform the S&P 500 by 122%.
Research from MIT also shows that companies with excellent employee experiences are twice as innovative as other companies struggling to implement a digital strategy. These organizations also manage to achieve twice the level of customer satisfaction and a 25% increase in profitability.
Build a Public-Facing Employer Brand – Current Priorities Vs. the Past
In today’s labor market, financial firms are competing for the same employee resources as tech firms and startups. Those traditional finance firms that fail to embrace digital transformation will eventually see their talent walk out of the door.
Creating a strong employer brand for your prospective and current employees is an essential part of your organization. Developing strong employer branding is vital for the company, but it also benefits the broader industry as well.
This strategy is a crucial step in starting to close the gap between how employees perceive their employer and what they want as an employee.