A company’s purpose is what keeps it in the business. People are likely to be highly motivated to work for employers who prioritize social responsibility instead of traditional motivators, such as benefits and salary. A true business leader should identify, convey, and enact why a company exists and the need to be authentic.
Companies have different ways of showcasing their purpose to their employees. Some offer workplace training programs to fresh graduates while providing full-time employment to obtain valuable work experience. In Singapore, citizens have access to online learning packages to help them acquire new skills for their career development.
Besides training programs, companies are also redesigning the recruitment process to attract top talent. Some invest in outplacement services to support exiting employees and strengthen their company reputation. In this article, we’ll discuss how the company culture has a significant impact on the proper management of employee talent.
How company purpose attracts top talent
One of the secrets of company survival is building quality talent with less turnover. This is possible by having a strong set of corporate values.
For example, company values are what attract potential employees. It’s more than just competitive perks and benefits, as core values represent the principles and philosophies of the company that contributes to its overall health and well-being. They affect the entire employee experience, including the organization’s relationship with customers, shareholders, and partners. These include empowerment, value-centricity, accountability, and work-life balance, among others.
A study reported that fresh graduates are willing to accept pay cuts to work for companies with great values, leadership, and culture. They’re becoming more conscious of certain warning signs and red flags to ensure the workplace they find themselves in is aligned with their personal values. For this reason, the younger generation is putting a high premium on these traits, which urges employers to reposition their recruitment process.
Company culture is also reflective of its recruitment process. One example is diversity recruiting, the practice of hiring candidates based on a process free from biases for or against any specific group or individual. It’s merit-based recruitment that focuses on hiring the best candidate regardless of their cultural background.
Job seekers today are seeking more meaningful work experiences. Employees’ motivations are constantly changing, making them look for opportunities that make them feel they’re doing something worthwhile. Workers want more than just a big paycheck. They continuously look for fulfillment in what they do. An employer who can provide their desired purpose is likely to have talented employees on their teams. In other words, companies with a collective ambition are likely to keep workers engaged.
How outplacement reflects the company culture
While a purposeful recruitment process attracts top talent, laying off employees has significant impacts on a company’s reputation. Layoffs aren’t just a lost income for an employee. A company also runs the risk of losing its identity and the sense of community among teams.
Letting employees go is also an unpleasant experience for employers. Companies are prone to financial challenges, and reducing the workforce is one way to keep them afloat.
But failure to manage layoffs has adverse effects on a company’s social reputation. Unexpected terminations can leave employees upset and disgruntled. They displace those feelings by complaining to their family and friends and posting hate messages on social media. Their words can rip your company apart by creating tangible damages to your brand in the process.
When attracting talent, negative comments and reviews from your employees can affect your recruitment process. If those reviews end up on social media, this can discourage potential candidates from applying to your company. This is where outplacement comes in to reduce the reputational fallout of employee layoffs.
Outplacement services offer assistance to laid-off employees by helping them find a new job. Services include personalized coaching, career assessments, interview training, resume reviews, and job search suggestions.
Outplacement isn’t just a safety net for shell-shocked employees but offers protection for your company’s reputation and current employees. Providing employees an immediate job replacement gives them a renewed hope to retain their source of income and their respect for your organization. It also helps preserve the company culture by showcasing the employer’s concern for their workers until the end of their employment.
A company’s purpose is all about accountability and responsibility. Those who look beyond profits have a greater chance of thriving and surviving the incoming challenges in the corporate world. In this case, having a strong sense of corporate mission will keep high-quality employees coming in and produce a more competitive set of talents.