Employment has long since transitioned away from a simple transaction of labour for remuneration. While getting your value proposition right is important – understanding what the labour market wants is vital to ensuring your EVP is aligned with emerging trends post pandemic.
It’s not an article solely about the pandemic – we promise. However there’s no value in ignoring that the circumstances of the last few years have fundamentally altered the lens through which labour forces view their employment. Post COVID, what the workforce wants has changed. Selling your business as offering the right fit to candidates in the market is about selling your value proposition. Acknowledging this, and placing your value proposition front and centre of your hiring and retention framework, can help employers ensure that the investment they make in candidate attraction remains competitive in an already tight market.
In Western Australia, many employers will be familiar with the current difficulties in attracting suitably qualified labour. Restrictions on the supply side of the market are firmly linked to current mobility restrictions, strong economic performance, sustained prosperity and wage pressures. As and when mobility challenges ease, it won’t automatically translate to over-supply in talent -the reality is that employers will need to retain their value proposition in good shape to maintain their attractiveness and ensure that their offering continues to provide appeal in a market where the fundamentals are still geared well and truly in favour of jobseekers.
Our engagement with these stakeholders has helped us to identify three, key emerging trends that market candidates are valuing highly when assessing an employer’s value proposition.
• Development pathways, accreditation options and training programmes continue to be highly valued in the candidate market. With many candidates having an eye on career ‘arcs’, we are constantly asked to provide further information as to employer’s policies in this space
• Flexible working, where practicable, remains of substantial interest to candidates. Policies on hybrid working, paternal leave, flexible working rotas and rosters, geographical flexibility and job sharing are all becoming more valued in the assessment mix for candidates
• Competitive remuneration remains important but continues its downward trend with the relative value that candidates place upon it. We continue to observe that through which candidates assess potential employers. The pandemic has continued to accelerate this trend.
The conversation hasn’t shifted wholesale from pay to conditions – competitive remuneration remains a significant component of a value proposition. Stability is also highly prized in the market, with the impact of broader uncertainty at a macro-level driving candidate preference for employers who offer established, steady and verifiable opportunities. Noticeable shifts have emerged where candidates are seeking to inform themselves about where an employer’s perceived progression will align with their own, and as to what flexibility they may expect with regards working conditions. Development pathways continue their growth in value within the job seeking market, with many candidates providing feedback as to an employer either offering a ‘low’ career ceiling or not providing enough lateral movement for the next role, as opposed to the current.
Navigating shifts in labour market thinking is a key component of attracting candidates that your business needs. Our recent experience has been that those clients that place a high value on aligning their value proposition effectively, while maintaining stability in their offering to the market, are establishing competitive advantage in securing the highest calibre of talent within the available pool.
To speak with Mass Resources about our available candidate pool or to advertise positions with us, please contact our office on 1800 964 566 or firstname.lastname@example.org