The anticipated strong economic growth expected continues to support Ireland as a destination of choice for global organisations. Prior to the pandemic, intense competition existed among businesses of all sizes in Ireland and across the Eurozone for talent. Roll on 15 months and the pandemic has accelerated trends already on the business agenda, plunging organisations into a new world with expectations shifted in the areas of employee experience, reward and how and where people work.
In such a competitive environment, FDI organisations in Ireland are competing for talent not only with each other, but also with an increasingly vibrant indigenous sector, including a range of emerging and established businesses in sectors including Aviation Leasing, Agri-Food and Emerging Tech.
Central to a business’s ability to attract and retain talent is the Employee Value Proposition (EVP). An EVP embodies the attributes that the talent market and employees perceive as the value they gain through employment in an organisation. It can be defined as a strategic statement that communicates a company’s values, goals, workplace culture and employer branding. More specifically, an EVP is the commitment an employer is making to its new and current employees. They most simple question to ask is “Why do our most valuable employees join and stay with us?”
For those FDI organisations wishing to expand substance in Ireland, a strong EVP must importantly be localised to the Irish market and focus across four key areas – Work, Reward, Culture and Career Growth. Given the pace of development of the EVP over the last 15 months, what’s clear is that the EVP warrants close attention and active review by HR leaders.
Reward
With regard to reward, trends in the market would indicate that candidates are looking for a significant uplift rather than a marginal increase to attract them and underwrite any perceived risk in moving. Base salary continues to be the component that is of most interest and there is a general expectation that benefits are industry standard and are not perceived as a unique USP.
However, for senior individuals, pensions can be problematic if they aren’t equivalent or above their current package. Long Term Incentive Programmes (LTIPs) are an attractive benefit and allow you retain key individuals for the long term. Other considerations include the enriched offer in ancillary benefits including options to buy additional holidays, avail of wellbeing packages for the employee and their families, etc.
Important here is that your organisation keeps an eye on key trends in the market that allow you to stay ahead of the pack and differentiate. As we’ve learnt from recent experiences, we can’t assume that what was attractive and fit for purpose a year ago will work a year from now.
Culture
Candidates at all levels are keen to get a really good feel for the organisation from their first interview. You can expect that lots of their preparation will focus on culture. This is exactly why a strong employer brand underpinned by a robust EVP is essential.
People expect flexible and supportive environments right now, but often ask about the long-term vision for firm with regards to flexible working. What we’re seeing in the market is that ways of working and flexibility are some of the most pressing issues on candidates’ minds. Stalling on decisions regarding future hybrid working models is already starting to stifle organisations’ ability to attract and retain talent and needs careful attention.
On culture more broadly, candidates are seeking an environment where their ‘voice is heard’, they have visibility to the senior leadership team, and they recognise themselves in the composition and make-up of the leadership team. It’s fast becoming a non-negotiable for leadership teams to themselves be diverse as well as being focused on their Diversity, Equity and Inclusion (DEI) agenda, ensuring active policies are place and DEI is threaded through the fabric of the organisation.
Career Growth
Before joining an organisation, individuals like to feel that there has been some thought around a plan for how they get to the next grade and that it has been a joint effort with buy-in on both sides. Accelerated development programmes work well here, where an employee can see the potential for a fast growth trajectory.
When it comes to professional growth, increasingly, people are looking for firms to allow them to choose development programmes that interest them personally, as opposed to standard company-wide training options. Dedicated focus is needed on detailed Learning & Development programmes that will cater to the needs of all employees across all levels. It’s likely we’ll also continue to see a proliferation of interest in the area of Digital Learning academies, allowing employees to self-select topics of interest in a current domain, including digital skills development and other areas.
Another trend we’re seeing is that employees of all levels are keen to be recognised and rewarded quickly. A clear career path, access to stretch assignments, experiential learning and the ability to see the real value-add of the work they do are all key.
Work
The pandemic brought into sharp focus the need for organisations to have an impact with both the work they do and the communities within which they operate. A strong and clearly articulated purpose is central to this. Global organisations have been the leaders in establishing Purpose, but it’s important that this purpose is brought to life and lived in a local context. In the wake of the pandemic, as organisations ‘Build Back Better’, purpose is now playing a pivotal role in organisational culture more broadly.
Supporting people’s ability to carry out their work efficiently should not be overlooked. This becomes more important in a hybrid working environment. How will their home office look? What equipment will they be provided with? It becomes more important still when considering those in technology-focused roles. These individuals require technology above and beyond the corporate laptop and need access to the latest software and systems that will allow them to do their jobs to the best of their ability.
Most fundamental here, perhaps, is the issue of remote and hybrid working. Many organisations are adopting an innovative approach to how and where people will work in the future, with some offering a menu from which employees can choose with regard to where they work, with options of full-time remote, hybrid or office based. The offering may need to be specific to the business, team and role - but every organisation needs to have a clear picture of where they stand, and it needs to be innovative. Competition in this area is huge, and it will become even more competitive as organisations nail down their offerings.
Evaluating your current EVP and launching a new one is a process that takes time, buy-in from a range of stakeholders, and investment. With competition for talent continuing to increase, it should be considered dynamic, ever-changing and fluid and those organisations that keep close to the market, give this dedicated focus, will win out the war for talent in the end. The time to move is now.
