Talent needs to be ‘wooed’ like retail customers, says report
FIRMS should look to consumer branding strategies to win the war for talent, according to a new survey by business advisory firm Deloitte.
It found that 65% of executives are reporting major concerns about retaining high-potential talent and leadership in the year after the recession ends.
An identical number are also either highly or very highly concerned about losing critical talent.
Deloitte argues in its ‘Employee Value Propositions’ report that to succeed in retaining talent employers should learn from the world of branded consumer goods where competition for the retention of customers is even more acute.
At this stage in the business cycle, the employment market remains tight and companies have to focus on activity to nurture talent and engage employees.
Deloitte research found that 52% of senior business leaders predict an increase in voluntary turnover at their companies at the end of the current recession.
Geoff Taylor, senior partner in the Leeds office of Deloitte said: “Successful companies are deploying ever more sophisticated techniques to attract, engage and retain talented individuals.
“As with previous recessions, any upturn in the economy will unleash pent-up demand by employees acting on their desire to move on. Companies really need to be thinking about this and seek to attract and engage those already within the organisation.”
The Deloitte report argues that as successful consumer branding strategy carefully manages every touch point between a brand and consumer so must an employer.
Similarly a strong employer brand is brought to life across a range of touch points inside the organisation including training and development, exposure to leadership and access to social responsibility and community involvement programmes.
Mr Taylor added: “A strong employer brand strategy that goes beyond recruitment campaigns and a desire to simply be seen as an employee of choice will be crucial if companies wish to engage and retain employees that generate a disproportionate amount of value and organisational strength.”
