The war for talent has been influenced by candidates more than ever before, meaning employers are under more pressure to stay on the pulse with what candidates are looking for in this economic and social climate. While most would believe the main attracting factor is an above-market salary, offering this is not always achievable, nor is it what many candidates are actually looking for.A survey by PwC showed that 37 percent of candidates would be willing to take a pay cut if the role offered upskilling opportunities. In the same survey, 62 percent of candidates said they would be more likely to apply for a job where the organization’s employer brand showed a strong commitment to diversity and inclusion.
Inflating salaries isn’t the most sustainable option. In the short-term, raising the bar for salaries might get more candidates in the door, but doesn’t guarantee retention. With 90 percent of executives and managers saying they already face skills gaps or expect gaps to develop within the next five years, it’s clear that prioritizing upskilling and understanding what employees value are essential to staying agile in the recruitment market.
Developing a long-term solution to improve candidate attraction and staff retention rates requires some investment. An effective solution should consider a combination of these two key elements:
- Establishing a strong employer brand; and
- Implement a learning management system (LMS) tailored to your organization’s needs.
Your employer brand is a nuanced representation of what your organization values, what it offers, how it is represented and why employees should be proud to work there. As we have mentioned in a previous article, every organization has an employer brand – but you need to invest time and resources in order to develop a strong employer brand.
An accessible way to strengthen your employer brand, enhance candidate attraction, and improve retention is to support your team with learning and development. Providing your teams access to a robust LMS and range of learning materials will go a long way towards retaining your top talent and celebrating this offering will attract more high-quality candidates to your vacancies.
By elevating your brand and highlighting L&D as a key benefit, you can firmly position your organization as a strong contender in the recruitment market and remove yourself from salary wars.
If you are halfway there with an LMS already implemented but are lacking a well-articulated employer brand or vice versa, click one of the titles below to learn more about how you can strengthen your areas for improvement.
Elevate your LMS with a strong employer brand
It’s a good start if your organization has already got an LMS in place – it means you have the building blocks for successful staff retention, as you’ve created pathways for them to upskill themselves and nurture their learning.
But in order to attract top candidates who may be searching for their next role at an organization that prioritizes learning and development, you need to make sure you’re communicating your L&D offering as part of your employer brand.
One way to get your employer brand up to scratch is by engaging in an Employer Branding Project. An Employer Branding Project (EBP) will help you articulate your Employee Value Proposition (EVP), which encompasses what your organization offers candidates and team members.
An EVP is nuanced, with both objective elements, such as a diversity and inclusion policy, and subjective elements, like the experience of working with the team and the culture of the workplace. Because of the many facets involved in an EVP, it can be hard to effectively convey your organization’s strengths – including your L&D pathways.
An effective EBP will take you through several stages to thoroughly understand and strategize how you can present your employer brand for better recruitment outcomes. A Scout Talent Employer Branding Project also includes working with a specialist to measure the results of your project to ensure you’re on the right track.
You should also make sure your existing team members are aware of your learning focus and the possible pathways for upskilling. Ensuring that your brand has widespread internal awareness means that employees will have more buy-in to your organization – being part of an organization that prioritizes their professional development fosters a stronger feeling of belonging, which reflects positively in your staff retention rates.
You can read more about how a Scout Talent Employer Branding Project can help you strengthen your organization’s position in the recruitment market and retain key talent here.
Missing learning and development from your EVP?
It can be daunting to consider what an L&D strategy entails. From compliance courses to industry-specific training to upskilling, there is a range of pathways that you could offer your team to empower their development and increase your organization’s retention rates.
In this technology-driven world, eLearning is your best friend. But again, the array of learning management systems available can be overwhelming to navigate.
The best way to tackle the LMS market is to consider what development needs you’re looking to fulfill. Do you anticipate skills gaps in the next few years within your organization? Are there regular compliance courses required for your industry that you want to be located in one place? Perhaps you’re looking to create content tailored to your organization, such as an onboarding course or organization-specific training that encourages lateral career movements for team members.
To get you started, check out our webinar on how to utilize off-the-shelf content to maximize your L&D effectiveness without investing a lot of time and money.
If you’re looking for a comprehensive L&D platform, Scout Learning is a customizable learning management system with specialist support. The platform allows you to create tailored learning content, ensure your team compliance is up to date, and access over 85,000 courses from 235 providers – so no matter what industry you’re in, there will be courses available to progress your team’s learning.
Currently, we are offering a free 3-month trial of specialist support for all new Scout Learning subscriptions. If you’d like to remove your organization from salary wars and elevate your employer brand with a robust LMS, click here.