To say that the technology sector is booming would be the understatement of the decade. Nonetheless, high performing startups, scaleups and longstanding multinationals are continually searching for ways to gain competitive edge. Not only that, but trends are showing that typical heavy hitter FTSE100 and Fortune 500 companies are losing their competitive advantage for top talent to startup and scaleup companies that have more malleable, modernised work cultures.
The competition is fierce. Employee attraction and retention is now more important than ever. You can have the slickest and most innovative product on the market, but high performers and tech wizards won’t last for long in a less than thrilling working culture, nor will they tolerate a below average employee value proposition (EVP), all for one simple reason: they can likely, easily, go elsewhere.
It’s not rocket science then to understand why you don’t need to number-crunch the business case around talent management within this industry. And if you do, you might want to rethink your top strategic priorities. Employee attraction, retention, development and engagement is critical to give your business competitive advantage in an already competitive and saturated market. When thinking about your EVP, here are some things to consider beyond hygiene factors like pay and benefits that will help you stand out from the crowd and have top talent knocking at your door:
Culture of Autonomy & Ownership
In most industries and especially in tech where innovation is a key component to retaining competitive advantage, it pays to create embedded ways of working where employees are given the reigns to be in more control over their time and focus in order to be at their best and produce their best outcomes. This doesn’t have to look like Google’s “20% project” where employees had the opportunity to spend 20% of their time on personal projects, but it’s worth thinking about the existing processes and ways of working that are in place. Top talent will be drawn to working cultures that enable creativity, flow, and autonomy because they will see more potential for innovation and growth, and less bureaucracy and red tape. Spotify does this well in how they integrate principles of agile working in simple, easy-to-action ways that put that choice and agency back into the hands of the employees. By feeling higher levels of autonomy, they are more likely and willing to exert influence and control on what they can, and are more likely perform (and feel) at their best. Who wouldn’t want to feel that way at work?
Management & Leadership Development Opportunities
Several of our most recent client requests have been around leadership development and capability-building in tech SMEs. The situation is often similar: knowledgeable and technically capable managers who either have never managed before or who have under-developed people management skills as a result of their highly technical focus on the job. If you want to attract the best talent then it’s best to also attract those who have an interest and ambition to become great managers and leaders. Those who have that ambition will naturally be drawn to a company who actively invests in its people. It’s a win-win when you have ambitious and future leaders-to-be in an environment that offers ample development opportunities to take up.
With that being said, bear in mind that companies need deep technical experts for the organisation to function well, too. Leadership and management progression are not the be-all-end-all career paths. However, the support to get there is often lacking, or offered when it’s too late. Get ahead of this ever-common challenge by offering formal and informal learning opportunities for people to develop their leadership skills, even before they might formally need them.
Strong Employer Brand and Customer Engagement
This includes your future and most important customers- the employees! How strong is your employer brand and what does it evoke in your employees? What’s the internal and external reputation like and how well is that managed? There is a strong sense of employee pride that can be gained or lost depending on what the brand and employee experience is like, which, for job seekers, starts even before they’ve applied to your company. Ensure that your brand is more than just a well-designed and visually appealing logo; one that connects to the outside world and draws people in through various methods and avenues. A clear vision and purpose, compelling stories, and diverse role-models in leadership are a good starting point.
This is only a snapshot of some of the things worth considering when creating a compelling and competitive EVP. A great place to start is to solicit views from the existing employee voice- what’s working well, what are people dissatisfied with, and what are key drivers and motivators for working at your company or in this industry? From there, walk a mile in a highly talented job-seeker’s shoes, understand what they might really want from their next employer, and then go back to base with an objective eye to reassess your Employee Value Proposition to ensure it’s an attractive and compelling choice. Because after all, it is a choice, and top talent have plenty of them.
Curious how your EVP holds up against competitors? Curiousity is our favourite starting point… we love a good question alright. Let’s connect for an exploratory chat.