Why hiring for values matters more than ever
In just under 10 years millennials will account for 75% of the workforce. According to research by Deloitte (2015) of the millions of millennials who will make up the majority of the workforce by 2050, more than 50% of them will be more likely to take a pay cut than be in a job that is not aligned with their personal values.
Values matching is one of the top priorities for the growing millennial workforce and to attract and keep the best possible talent, companies must actively look beyond incentivising candidates with ping pong tables and the best remuneration or benefits package. Companies must invest in understanding the values and culture of their existing workforce. Companies who do this well will not only attract the best possible candidates they will also retain them for longer as their employees are likely to have higher levels of organisational commitment.
Companies who are unable to showcase their authentic culture to prospective hires face the danger of hiring a culture mismatch. These employees are more likely to be less engaged, less productive and leave you for a competition.
Too often companies employer brand conveys the aspirational culture or core values of the company instead of the authentic one. Candidates are given a great pitch but when they arrive for their first day at work they get a shock because the authentic culture is completely different to what was sold to them during the interview process.
When your employer branding does not reflect the authentic company culture this will inevitably lead to a high drop-off rate and employee turnover which costs companies millions each year.
The solution is to ensure you have an accurate and authentic portrayal of the existing values, norms and behaviours which make up the culture of your organisation to attract candidates who are a culture fit.
You can do this effectively in the following ways
1.Establish an authentic Employer Value Proposition ( EVP) which is championed by existing employees.
Existing employees make great employer brand ambassadors for a number of reasons. Firstly, no-one can describe the organisation better than the employees that live and experience the values and culture of the organisation on a daily basis.
Candidates considering working for you will trust and values their opinion of the company far more than the HR department itself as it will be seen to be more authentic.
2. Use Big Data / Analytics to assess the culture within your teams.
Measuring the values and behaviours of existing employees with culture assessment tools can help you identify the culture within specific teams and departments. Benchmark your top performers using data and predictive analytics to help you identify the key values and motivations you are looking for in new employees.
3. Screen your job applicants for their values and motivations, not just skills and competencies.
A candidate can have great credentials and experience but if they do not fit the company culture they are unlikely to engage or stay with the company very long. For millennial hires the average placement time is 2 years, so millennials are even less likely to stay in a role if it is not aligned with their personal values.
By doing this you will be more likely to attract, hire and retain the best possible candidates for the job role and the company culture, whilst building an Employer brand where the very best candidates aspire to work.