Despite Economy, Most Companies Expect Hotter Competition for Top Talent in the Next Five Years
SEATTLE, WA (Nov. 12, 2008) – Despite the current economic doldrums, the competition for the best talent is greater than it was in 2003, and is expected to grow more intense by 2013 according to a recent study by the Institute for Corporate Productivity (i4cp). While many companies have conducted reductions-in-force over the last several weeks and months, the study found that three of four queried companies reported that competition for quality workers has flared up over the last five years – and a full 84% expect the flames to be fanned even higher in the next five.
In anticipation of this ever hotter competition, companies are looking at new ways to attract talent, including the development of effective “employer branding.” Some seem closer to the cutting edge of this strategy than others. A little over one-third of companies reported they have developed an employer brand to a high to very high extent. And just 15% of all respondents said their employer brand has been very effective in marketing to desirable talent, though another 40% described themselves as “somewhat effective” in this area.
“To compete in today’s talent marketplace a company needs three brands,” said Libby Sartain, Principal of Libby Sartain LLC and former Yahoo! CHRO. “To attract customers, it needs a compelling brand as a place to buy, the customer brand. To engage employees, it needs a compelling brand as a place to work, the employer brand. And, to recruit and re-recruit workers, it needs a compelling brand to market as a place to work. This is the talent brand. To brand for talent is to aggressively and creatively market the talent brand to continuously fill a pipeline of potential workers.”
And, according to study results, branding works. Sixty-five percent of respondents said their company’s brand has been somewhat or very effective in engaging current employees, while 62% said the same for recruiting new employees.
As part of the talent-attraction equation, companies are increasing targeting efforts at a younger audience, particularly among the emerging Generation Y workforce. According to the study, almost a third of companies said the rise of this group has had a “high” to “very high” extent in the way they reach out to prospective job candidates. Another 40% said it has had an effect to a “moderate” extent.
When asked about the tools companies utilize to market themselves, the majority (71%) said they rely on their company Web sites from a high to very-high extent, while 37% use career Web sites. Only 30% make use of search engine advertising. To find suitable job candidates, the story is similar. Nearly two-thirds of polled organizations use their company Web site to attract candidates, followed by 64% who utilize career Web sites and just 29% use search engine advertising.
The Branding for Talent survey was conducted by i4cp, in conjunction with HR.com, in October 2008. A total of 126 respondents participated in the survey. The full results of the survey are available exclusively for all i4cp corporate members.
The Branding for Talent survey was conducted by i4cp, in conjunction with HR.com, in October 2008. A total of 126 respondents participated in the survey. The full results of the survey are available exclusively for all i4cp corporate members.
About i4cp, inc.
i4cp is the world’s largest vendor-free network of corporations focused on improving workforce productivity. Our vendor-free community facilitates innovation by giving our members – among the largest and most respected organizations in the world – access to:
1. Peers to spark new ideas and prevent “reinventing the wheel,”
2. Research to enable members to understand current practices and next practices
3. Tools to put ideas and research into action,
4. Technology to enable members to easily access tailored information and execute workforce strategies.
With more than 40 years of experience and the industry’s largest team of human capital analysts, i4cp is the definitive destination for organizations seeking innovative ways to improve workforce productivity. For more information, visit http://www.i4cp.com/
