4 important things to know about culture and talent acquisition

09 March 2021

How to turn your business into a talent magnet? In today's competitive recruiting landscape, the ability to attract and retain the best talent in their company is a mystery that all business leaders would like to solve. An increasing number of businesses are finding that the culture of the company plays a key role in this matter. This is probably the most effective marketing tool for attracting truly valuable people to your business. A business culture is fundamental to entrepreneurial success.

When it comes to attracting talent, today salary alone is no longer enough to convince a worthy candidate to work for your company. Research by LinkedIn found that 70% of professional workers will not partner with a leading company if they face a bad culture in the workplace.

Deloitte's global survey of nearly 11,000 business and HR leaders revealed profound changes in the mentality of organizations. The report highlights the strength of the individual and the evolving role of business in society as a whole. Talented people are increasingly looking for companies that address diversity, gender and income equality. Forward-thinking leaders are developing new career models and addressing issues such as employee longevity and well-being. A strong and effective corporate culture sets the organization apart from the crowd. Which is also becoming one of the biggest benefits for talented people looking for a decent job.

So what is corporate culture? Why is it so important for successful business development?

Corporate culture can be described as an ecosystem. It is made up of a complex network of living organisms (humans) and non-living components (technologies, systems, rooms, etc.), and requires a strict balance to function at an optimal level. Business culture is not something that can be simply set up and made to work. It requires constant attention.

The business culture is largely based on the values and beliefs of the founders of the company. It covers a wide variety of aspects, ranging from generally accepted behavior to everyday interactions between management and employees, as well as the environment in which they work.

A company's cultural identity is becoming more and more important when it comes to attracting talent. Millennials (people born after 1980) seriously care about who they work for. Since this age group is the main labor force today, employers should be more attentive to its interests. Labor market trends show millennials prioritize culture over many other factors.

4 aspects of corporate culture that are important to attract the best talent

1. Convincing business strategy

Hiring the best talent is impossible without a compelling business strategy. Why would professionals want to join you? You need to be aware of what makes your business stand out from the competition in order to sell those advantages to promising candidates. Consider why a talented person would prefer you to all other companies. Often this is due to an innovative, interesting, or reliable business strategy that attracts the attention of ambitious individuals. The alignment of corporate culture and business strategy not only attracts talent, but also increases profits.

2. Clear and understandable values

Having clearly defined core values that guide the entire life of a company is essential to developing a good business culture. People want to be inspired by the goals of the organization they work for. Strong values make it easier for businesses to select the right candidates who will be motivated by these principles. The Deloitte report emphasizes that today's workers value organizations that address social issues and offer a wide range of programs for employees in the areas of physical, psychological and financial health. These factors have a positive impact on the company's development strategy, as well as its core values.

3. Existence of a lifelong learning and development program

Learning and development plays a critical role in the process of hiring valuable employees. Candidates today are increasingly looking for career and training opportunities within their current place of work. A poll by Gallup found that 59% of millennials want their work to offer them as many opportunities to grow as possible. This is why learning plays a key role in talent acquisition and management.

4. Strong brand

With the development of technology, more and more sources of information appear that allow employees and employers evaluate each other. It is enough to visit one of the recruiting sites to get acquainted with the corporate culture and values of a particular company. In the digital age, low-culture organizations are hit hardest by this data availability.

Company employees are representatives of your brand. They have access to an extensive network of contacts through various social media, which gives them the opportunity to advertise your brand, increasing its awareness among talented professionals around the world. People prefer to shop at places that have been recommended to them by friends. Similarly, with the search for a job, people are interested in employers, which are positively responded to by persons of authority for them.

Companies can no longer ignore the business culture when designing and implementing hiring strategies, especially if they want to attract and retain the most talented candidates. But finding talent is a real challenge. A PWC survey found that 63% of CEOs are increasingly worried about finding employees with a range of promising skills. The rules of the recruiting game have changed, and now power belongs to candidates, not potential employers. Culture and talent are the keys to success today.

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