Even as the devil called attrition looms large, employers don’t seem to have got their act right when it comes to recruiting and retaining quality staff, a report by the Corporate Executive Board, a leading human resources consulting firm, indicates.
The study says less than 24% of companies do a good job of meeting the expectations they promise their employees while recruiting them. In other words, employers are simply not up to the mark when it comes to “living up to their employment value proposition.”
“What most employers don’t realize is that a poorly managed employment value proposition (EVP) costs them a significant amount of money each year, most visibly by overpaying for new staff,” said Derek van Bever, chief research officer of the Corporate Executive Board . “Globally, employers offering an uncompetitive EVP must offer double the premium on starting compensation of an employer with an attractive EVP.”
In a section titled “The Challenge for Leading Indian Employers,” the Executive Board detailed eight attributes that were most critical for Indian employers to include in their EVP. None of the attributes were related to compensation. The report also suggested the best channels for companies to advertise their offers.
“The labour market in India places much more trust in written communication channels, such as newspapers or online media, than does much of the rest of the world,” van Bever reported.
The study examined attributes that were most important in attracting skilled talent as well as companies’ subsequent performance in delivering on those attributes on a day-to-day basis. It surveyed more than 58,000 employees from 90 different organizations across 20 industries and included detailed analyses of the Indian and Chinese labour markets.