How companies can lure critical talent during economic slump

 It is not only remuneration that attracts good talent. There are many other factors that draw potential candidates to companies.

0
21225

During any economic downturn, it is natural for hiring processes to slow down as well. However, that doesn’t mean that hiring freezes totally. Hiring for critical talent across sectors continues. High-performing organizations are well aware that exquisite talent brings the intellectual capital, which sets you apart from your competition. Today, in order to sustain such talents in one’s organization, if money isn’t the motivating factor to lure talent, then employees do look out for the value added advantages which attracts them to stay in one organization.

SV Nathan, chief talent officer, Deloitte, points out three main factors that can compensate for an attractive pay, and lure good and critical talent —

Culture, Learning and Flexibility.

Rajendra Mehta

“After the corona menace settles, organisations which lived up to their value systems and resonated well in empathetically dealing, not only with employees, but also their vendors, partners and customers, will definitely be able to attract quality potential candidates and sustain the existing critical talent. These turbulent times will test the value system of organisations. Those who deliver will win in the long term”

Culture

It’s no longer enough to promise a “competitive salary” to retain the talent; everyone’s doing that. In addition to income, applicants are driven by much deeper motivations. There are many companies, which are not great paymasters. Yet, people die to be part of them.

Take the Tata Group, for instance. Despite not being the best paymaster, people are attracted to the Group simply by its work culture.

“If an organisation’s spoken word is equivalent to its written word, people will definitely be attracted to it. Hence, culture is the first and the foremost point,” shares Nathan.

He also refers to organisations, such as the Bank of Baroda, a very ordinary PSU bank, but with an extraordinary culture.

Companies with strong workplace cultures don’t necessarily pay their staff the most money or offer the most enticing benefits. They do, however, tend to demonstrate that they genuinely care about their staff by communicating with them, supporting them, valuing them, and encouraging them to enjoy the 40+ hours a week they spend at their organisation.

Learning experience

Companies are able to attract critical talent by offering a great learning experience.

Any organisation that offers employees holistic development, in terms of their skills and overall personality, will hold an attraction beyond the monetary aspect.

What employees want is a platform for growth. “Engineers India is one such company that has always attracted the best of engineers in India. People join such places because they helps them grow,” says Nathan.

Ravi Kyran

“Irrespective of the lockdown or COVID-19 situation, at the Bajaj Group, we have always valued our exquisite talent. We have been able to retain them not just with money but through other aspects, such as training, flexibility, personality enhancement, workshops and mentorship”

Flexibility

“Flexibility has always played an important role in retaining and hiring exquisite talent. It will continue to play the same role in the near future,” asserts Nathan.

“Previously, the women in the workforce missed the luxury of being able to manage both family and work together due to lack of flexibility. That gender of human power used to go waste in the past as opposed to today, when work from home options are available. Hence, if an adequate amount of flexibility is provided by any company, the talent will surely knock on its door,” he explains.

Ravi Kyran, president-HR, Bajaj Auto, shares a similar story. “Irrespective of the lockdown or COVID-19 situation, at the Bajaj Group, we have always valued our exquisite talent. We have been able to retain them not just with money but through other aspects, such as training, flexibility, personality enhancement, workshops and mentorship.”

“If we see potential in a candidate, then the management readily invests in order to polish his/her skills through required training. These measures are not new to the corporate world, but we take pride in saying that we apply it within our own firm. Hence, we can proudly claim that retaining and hiring talented individuals will never pose a threat to our company’s growth.”

SV Nathan

“If an organisation’s spoken word is equivalent to its written word, people will definitely be attracted to it. Hence, culture is the first and the foremost point”

Rajendra Mehta, executive director and chief people officer, Synergy Capital, shares, “After the corona menace settles, organisations which lived up to their value systems and resonated well in empathetically dealing, not only with employees, but also their vendors, partners and customers, will definitely be able to attract quality potential candidates and sustain the existing critical talent. These turbulent times will test the value system of organisations. Those who deliver will win in the long term.”

Mehta asserts that health and wellness benefits and structured policies of work from home will be the additional elements of organisational policies that will give employers an edge in attracting quality resources.

Will designation also play a role in attracting key talent?

Higher designations may excite the employees for a week or two, but ultimately, the quality of their role will play a bigger part. “It does help for individuals to position themselves in the social structure they live in, but this has its limitations. What finally matters is the quality of the role and meaningful contributions,” elucidates Mehta.

Comment on the Article

Please enter your comment!
Please enter your name here

13 − one =