This piece is an excerpt from our download, How to Become a Talent Magnet.
An engaged workforce is the secret to building a high-performing company. While this might seem obvious, for many years talent management and talent brand initiatives have been considered discretionary.
However, the narrative is shifting. For the first time in 20 years, talent-related issues are the top three concerns for CEOs.1 And for good reason: companies with a more highly engaged workforce experience 10% greater customer engagement, 18% more sales, and 23% greater profitability.2
With this C-suite attention comes the opportunity to build an impactful, cross-functional talent strategy. Today’s leaders want a predictable, scalable, on-demand way to attract, hire, engage and retain talent when and where they need it. They want the right people to proactively come and willingly stay working at their company.
They want to become a Talent Magnet.
What is a Talent Magnet?
A Talent Magnet is a company that can repeatedly attract, convert, engage and retain top talent. The result is a high-performing, engaged workforce and improved bottom line.
Among others, key characteristics of a company who has achieved Talent Magnet status include:
- A thorough understanding of the attributes of top performers at their company, and the conditions they need to feel happy, engaged, and thriving at work.
- A competitively differentiated employer brand, candidate experience, and employee experience.
- An employee story content library that continuously drives interest, engagement and action throughout the talent lifecycle.
- Compelling online brand presence across key career channels (career website, employee review sites, social media platforms, etc.).
- An HR technology stack optimized to best support their employer brand and talent KPIs.
- Clearly defined talent-related KPIs and an action plan to meet and exceed them.
Integrated and Holistic Approach to Talent Brand
What’s most important is that these foundational elements don’t exist in silos, but rather integrated into a continuously improving ecosystem. When project scopes are run separately with their own processes and goal targets, you create redundant work and risk inconsistencies across your overall talent strategy.
Alternatively, an integrated ecosystem-management approach combines all activities into a single scope, strategy and process. See this concept in action in the image below:
While it may take additional legwork upfront, this integrated approach to your talent strategy ensures greater efficiency, better brand experiences and higher ROI.
Why Should You Want to be a Talent Magnet?
When executed successfully, a Talent Magnet System strategy results in an engaged, high-performing workforce. Companies who do this well enjoy, on average:
- 43% increase in share value over five years3
- 4x more profitability than their peers4
- 18% more productivity4
- 28% Reduction in employee turnover5
- 50% Reduction in cost-per-hire5
These types of results don’t happen overnight: they’re the product of a holistic talent magnet strategy and collaborations across many stakeholder groups. In this guide, we’ll take you through the five steps to becoming a Talent Magnet.
Download the Guide Today
1 Global Leadership Forecast 2023, DDI
2 The Benefits of Employee Engagement 2020, Gallup
3 How to Create Shareholder Value with Employer Branding, Ph.Creative