How to win the talent war in Singapore

Singapore is in a war for talent. With unemployment continuing to hover around a very low two percent, there is an urgent need for companies to differentiate their employer brand and employee value proposition (EVP) in one of the world’s most competitive talent marketplaces.

According to Randstad’s World of Work Report 2011/2012, 75% of companies find filling critical vacancies challenging and 28% find it difficult to attract top talent, while 16% struggle to retain talent. The case for employer branding could not be stronger.

It is interesting to note that while some companies may struggle to attract talent, companies with strong employer brands, like Google and McKinsey & Company, have no problems attracting top graduates and experienced talents.

Potential employees trust in the leadership of these organisations and these companies clearly communicate opportunities for development and advancement – giving potential talent the confidence they are joining an organisation committed to nurturing and shaping their career.

In every career, there are peaks and troughs, much like an economic cycle. While many employees look for a sense of stability in the current uncertain economic climate, companies are certainly not immune to voluntary turnover.

When the economy recovers, dissatisfied employees will leave for better opportunities, and highly skilled talent will be the group to move fastest. It is therefore important for organisations to actively develop and promote a strong employer brand to ensure they enhance their reputation as an employer of choice in Singapore’s highly competitive jobs market.

Strong employer brand helps recruit and retain top talent In a period when companies are expected to do more with less resources, creating a strong employer brand helps sell the company more effectively to potential talent. Employer branding directly impacts a company’s ability to recruit and retain top talent, as shown by Google and McKinsey. A strong employer brand can help companies improve business performance by attracting and engaging the right people to grow their organisations.

To remain competitive, companies must develop an attraction and retention strategy built on a sophisticated understanding of what employees are looking for, what they value and why they leave. The employer brand influences why people join a certain organisation, and gives existing employees a reason to stay and grow. These include financial and tangible benefits like learning and development, through to intangible ones such as company culture.

Strong leaders drive the employer brand value 
Employer branding articulates the culture and values of an organisation – it is the way the organisation operates and touches every employee. It is not a silo or program run by groups or individuals within the company. Top performing companies are led by strong leaders who can effectively drive the employer brand strategy throughout the organisation.

¹ Universum, “The World’s most attractive employers 2011,” Available at: <https://www.universumglobal.com/ IDEAL-Employer-Rankings/Global-Top-50>[Accessed 20 March 2012].

Focus on communicating the core messages
Companies must carve out a compelling and unique position in the market and communicate their points of difference – this is their EVP. With companies competing for a larger share of voice, those that are successful are the ones with clear, simple messages that explain the values and culture the organisation lives by. With social media and the Internet, discontent and negativity can be amplified and spread quickly. Employees, like customers, will know if their organisations are staying true to their values.

Leave a lasting impression
A strong employer brand has the ability to attract people who are the right fit for the organisation. During interviews, employers that afford candidates the same respect and consideration as they would a prospective client or customer leave a positive lastingimpression. The same should be expected of third party HR firms that engage potential candidates on the company’s behalf. Recruitment & HR agencies that have a strong level of engagement with their client organisations can add value by selecting the right fit for them. Employees are also a very important extension of the company’s brand, serving as brand ambassadors and often providing for the most valued source of talent – employee referrals.

Just as a consumer may not make an immediate purchase but forms an opinion about a company brand, so too do employees form opinions of companies they want to work for. A strong employer brand builds an impression of what it is like to work for the company and places the organisation in the best position to attract and secure top quality candidates when they consider their next career move.

Hire for potential - engage, develop, retain
When companies hire for a role, they are not just looking for specific skill sets and experience. Good companies look for potential – hiring individuals with the potential to take the company to new levels by upskilling or being groomed for leadership positions. Employees surveyed for Randstad’s World of Work report 2011/2012 showed the main reason they would leave an organisation was for better opportunities for growth and advancement (39%). Companies that invest in robust training and development programs, and define clear career paths, have a better chance of retaining their employees.

Companies that have a strong employer brand clearly communicate the values and culture of their organisation, and in doing so attract top quality employees who share the same vision and values. Organisations that get their employer branding right will stand out from the competition and win in Singapore’s war for talent. 

Deb Loveridge, Managing Director, Randstad Asia Pacific