In a press release published by Aon, their 2019 Talent Acquisition Survey shows the following as a top priority for Singapore organizations: attracting quality talent (59%), building employer brand (32%) and enhancing the efficiency of the recruitment process (30%). Moreover, according to recruitment specialist Michael Page, one of the trends in Singapore’s job outlook is a higher demand in the accounting, healthcare, engineering and service sectors. It is increasingly becoming more difficult to find talent with the right training and experience to fill complex roles. With this in mind, how can your company differentiate itself and secure quality talent?
Employee Value Proposition (EVP)
TalentLyft defines the employee value proposition to be the balance of the rewards and benefits that employees receive in return for their performance at the workplace. It answers the employee’s question of “What’s in it for me?” Having a clear EVP is essential for employer branding and also a key differentiating factor for companies. If you have a strong EVP, you will be able to secure and keep the best talents.
When developing your EVP, management consulting firm McKinsey recommends following a simple guideline: distinctive, targeted and real. A distinct EVP helps to make your company stand out – IDEO stands for innovation, Amgen wishes to “defeat death” – what about yours? Next, while an overarching EVP for all employees is good, it is even better to have a targeted one for the roles that you think matter most to the company. Lastly, it might be easy to market a very attractive EVP to potential employees, but it is not as easy to deliver on this promise. Make sure that your EVP is real to prevent losing the talents you have already acquired.
How can you improve your EVP?
Needless to say, there are various ways a company can do this. We have listed a few methods that we think would help to differentiate your company.
1. Company Values
A company’s core values form the essence of its identity – it is the guiding principles and beliefs that help to support the company vision and shape its work culture. Values also contribute greatly to employer branding, which is how your company is perceived by everybody, including current and potential employees. Identifying your company values will come easily once you have determined the company purpose. How can you provide value to key stakeholders – your customers, employees, shareholders?
Having a clear set of values also draws in jobseekers with similar values. This would then define your company culture, or your company personality, consequently defining your branding. Companies with a distinct culture and compelling branding are sure to attract more talents.
It should be noted that company values should be reflected in day-to-day decision-making, the work culture, and in future ambitions of the company. Robert Bond, Director at professional recruitment agency Bond Williams, states that companies that retain the best talent are those who nurture and reflect their brand values in every aspect of the business on a daily basis.
2. Focus on your people
It is important to adopt measures and practices that help to improve the employee experience – from overall well-being to health benefits and to personal development. According to the 2019 AXA Better Life Index, one in four Singaporeans want to be healthier, in order to live a “better life”. Companies can help support this goal through wellness programs and a comprehensive medical benefits plan. Learn more about the health insurance solutions that you can offer your employees.
In addition, 43% of CIOs in Singapore told Robert Half that one of their top initiatives to attract top IT talent is through professional development. The Ministry of Manpower offers a nationwide continuing education and training (CET) program to encourage Singaporean citizens and residents’ professional development. Workers can sign up for courses under the Singapore Workforce Qualifications System (WSQ) to improve their skills. Companies should provide similar opportunities and continually encourage their employees to attend such programs.
Adopting the above measures helps to improve the employee experience as it shows that the company values its people. Jobseekers will naturally gravitate towards such companies, as they will feel more assured that their welfare will be taken care of. Not only is this a strong strategy that attracts talents, it also helps to instill loyalty.
3. Corporate social responsibility (CSR)
In a paper published by Eugene Tan, corporate social responsibility is a way for companies to differentiate themselves. Younger employees (Generation Y) are more attracted to companies with a proven track record of being a good corporate citizen, as they increasingly value non-material benefits. CSR also improves employee morale, which in turn increases employee loyalty. This also helps to convert your employees into brand ambassadors, improving brand image and further enhancing your company EVP.
Attract the right talent with an enhanced hiring process
Another way you can differentiate your company and ensure that you secure the right talent is having a strong hiring process complemented by competent hiring managers.
A study done by the National Bureau of Economic Research shows that hiring managers select worse job candidates than a hiring algorithm. Talents hired by computers stayed longer and performed just as well or better than the ones hired by humans. Another study conducted by University of Minnesota professors analyzed 17 studies and found that algorithms outperform humans by at least 25%. This applies to a large number of candidates, regardless of whether the job is on the front line, in middle management, or in the C-suite.
Therefore, while human instinct and judgment are indispensable, having a hiring algorithm in place would greatly improve the candidate selection process. Michael Page points to AI-powered tools as one of the rising trends in Singapore hiring processes. Technology-enabled assessments for cognitive ability, personality, and behaviors should be put in place to help identify the right candidates. Firms that fail to leverage on technology in their hiring procedures might fall behind in attracting top talent.
A strong value proposition combined with a good hiring process will distinguish your company as an ideal place to work. You will develop a “pull factor” to potential employees by embodying your core values, adopting a people strategy and serving a good cause. The next step to attracting the right talent is retaining them. Some of the key drivers of employee retention include a healthy manager-employee relationship, high employee engagement and more. With an increasingly competitive labor market, it is important to improve your company’s acquisition and retention strategy to drive growth and productivity.
Start taking the incremental steps towards a stronger employee retention strategy. Explore the various AXA healthcare solutions that cater to small businesses and medium-to-large entities, and protect your greatest assets.
Aon Plc. "Aon’s 2019 Talent Acquisition Study." 2019.
Bloomberg. Machines Are Better Than Humans at Hiring the Best Employees. 2015. 2019.
Bond Williams. Promote your company values and attract better talent. 2019. 2019.
McKinsey & Company. Attracting and retaining the right talent. 2017. 2019.
Michael Page. 7 trends impacting Singapore’s job outlook. 2019. 2019.
Ministry of Manpower. Skills, training and development. 2019. 2019.
Nathan R. Kuncel, Deniz S. Ones, David M. Klieger. "In Hiring, Algorithms Beat Instinct." Harvard Business Review (2014).
Robert Half. Higher salaries on offer to attract top IT talent in Singapore. Singapore: Robert Half, 2019.
TalentLyft. Employee Value Proposition (EVP): Magnet for Attracting Candidates. 2018. 2019.
Tan, Eugene Kheng Boon. "Corporate Social Responsibility." (2016).
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