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    How Startups Can Create an Unbeatable Culture

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    It’s undeniable that there are many benefits of great work culture, although they can be difficult to pin down as each organization has its own unique mission, history, and personality. Albeit extensive, it’s almost impossible to create a ‘one size fits all’ list.
    A strong team is the driving force of success. In the early days, attracting talented individuals and aligning them all with your company’s ideals is crucial. But just as important as finding a great team is holding onto that talent. There is no point in onboarding a team of great people to just lose them around the corner.
    Almost 40% of job hunters say that a “positive working culture” matters to them, so nurture one, and shout about it.
    According to PwC’s 2021 Global Culture Survey, 72% of business leaders say that culture helps successful business initiatives, and 67% argue that culture is more important than strategy and operations.
    Providing a great working culture and an environment, whether it’s remote, hybrid, or in-person, that staff genuinely want to be part of will make them think twice about looking elsewhere. Being a great place to work is a powerful tool for plucky young companies competing with more established businesses with the capital to offer bigger salaries. It boosts morale, productivity and, perhaps most importantly, builds trust. All of this naturally leads to longer, more fruitful tenures.
    Become unbeatable
    Today’s startups come in all shapes and sizes. Businesses born in the pandemic may have continued with remote working, transitioned to hybrid, or maybe back in office right now. Almost 40% of people now work from home at least once a week, and as the demand grows, startups will have to adapt.
    For remote startups, providing time for people to get together is a great way to break free of work-related Zoom and Teams calls and kick-start real interactions.
    In-person get-togethers naturally build relationships in ways that aren’t always possible virtually. Even though there are costs involved with getting these events together, the bonds forged are priceless, and it still costs much less than having a permanent office space.
    Re-imagining work perks
    Everyone enjoys a work perk, but it’s time to provide benefits that are meaningful. We organized a study asking for the most desirable bonuses people think about when looking for a job or deciding whether to stay in their current role. The results showed that fewer people valued typical new-age perks, such as games rooms and pool tables, beer on tap, and sleeping pods.
    We found that:

    70% of people valued the option to work remote/hybrid
    33% said free lunches reigned supreme
    33% also wanted to be involved in employee share schemes

    Share schemes are a great way to get people literally invested in the success of the company beyond just their day-to-day job. By offering bespoke schemes that have different vesting schedules, the required time or performance can be adapted for specific conditions.
    Employee share schemes have been around for a while, yet their benefits are only just being noticed. In fact, the number of companies with an employee share scheme has gone up by 80% in the last decade.
    For startups, having a large cash pool to dole out flashy rewards, hefty bonuses, or invest in pay rises is not realistic. So it’s important to instead be creative. And while everyone may love a day in lieu of heading out for lunch, these don’t foster an unforgettable culture.
    Instead, startups can capitalize on what they do have and give employees skin in the game. Not only does this give a deeper sense of commitment from the company but can also be a great, and often very tax-efficient way to give congratulations to the whole body of a business, creating a sense of unity. Providing a gift which, with their continued hard work, and granted the company is successful, could amount to a life-changing sum.
    Adobe’s recent acquisition of Figma for £20bn means that those employees with a 0.1% share could be banking more than $20,000,000. Although those numbers are rare for such a young company, Figma was only founded in 2016, demonstrating a high-level example of the potential returns from success.
    What we did
    I truly believe that retention begins at the recruitment stage. In competitive sectors, the reality is that applicants will have interviews with multiple businesses simultaneously. For cash-strapped startups, a great culture can be their secret weapon.
    Interview stages are just as much about the candidate liking you as you liking them, so, we prioritize honesty and transparency over expectations. I also ensure I personally meet all final-stage applicants to ensure that they are a good fit culturally for the team. And that the people we onboard are aligned with the ethos and mission at Vestd.
    Establishing this trust leads to more fruitful relationships between colleagues at all levels. Startups benefit from less obvious hierarchies, but the fact that ideas from lower down have fewer hoops to jump through doesn’t always mean that they will filter up. By providing safe spaces, through catch-ups and one-to-ones, startups can quickly nurture an open culture where people feel free to contribute.
    At Vestd we also have invested in twice-yearly in-person meetups. As a remote business, our company retreats are a time for team building and connecting with one another on a human level. On top of this, it shows our staff that we are willing to invest in experiences and their self-development, as well as performance.
    And, of course, we give equity to all our employees.
    For startups, tight on cash and time, getting the most from building a good culture can make all the difference. Implementing an equity scheme is a great way to not only supplement liquid cash for incentives but also incentivize staff to make the most of longer tenures, resulting in unbeatable work culture.
    By Ifty Nasir, founder and CEO of Vestd.
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      in Talent Acquisition

      The 6 Core Values to Attract Applicants

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      It’s no secret that UK firms across multiple sectors are struggling to find the right candidates. There are many reasons for this, including long-term skills shortages, but something that firms can do to stand out from their hiring competition is understand what motivates candidates and make sure their recruitment messages communicate what candidates want to know. What was important to employees previously is less so to many now. Our recent (November 2021) Monster Survey found that support and care for employees is the number one criterion for choosing and remaining with an employer in the UK, and we believe that the pandemic is at least partly responsible for this focus.
      Our study shows a positive and caring working environment is more important to candidates than higher pay to UK jobseekers. Quality applicants are discerning, assessing each company according to six core values. Businesses that can show they care and provide a stimulating environment have a competitive advantage in the battle for top talent. Those who fail to act, or communicate effectively, are at risk.
      The pandemic has changed priorities and fundamentally altered our relationship to work, according to the Monster survey. A healthy pay packet may have been the priority in the past, but today, organizational values are now most important to employees of any age. An incredible 60% of employees want to know what a business stands for before applying for a role.
      The accelerating economic recovery has intensified recruitment urgency, and employers must act. Our research suggests that what you say to potential candidates, how you say it, and when will significantly impact your success at attracting and retaining talent.
      In the post-pandemic world, a larger pay packet isn’t enough. Companies must learn to communicate effectively and authentically, creating a positive employer brand for their business that employees can believe in.
      Six core values to attract applicants
      Our study ranked the six workplace values that candidates use to judge current and future employers. These are the questions applicants want answers to before they take the first step.
      As an employer, ask yourself, are you doing enough?

      Care. Is it clear you care for your employees as well as your customers? Do your benefits and workplace culture show that you support your workforce and go above and beyond to make sure you have a healthy and vibrant workplace?
      Interest. Do you offer a stimulating, interesting work environment matched with innovative employment policies and procedures? How does what you do add value to society?
      Social. Does your employment atmosphere promote teamwork and camaraderie? Do people collaborate on cross-departmental projects? Does the company host social events and family days?
      Economic. Economic values are more than just salary. Is your business financially secure? Is your pay competitive? Do your benefits offer value?
      Development. Do you invest in upskilling your employees, recognize their achievements, and provide opportunities for career enhancement? Are there clear paths to promotion?
      Application. Can candidates use their skills and knowledge to contribute to the company beyond their job description? Are employees encouraged to bring ideas in an open forum? Is innovation rewarded?

      These values apply across generations, with care being the most important factor for Gen-Z, Millennials, and Gen-X. Boomers, approaching the end of their careers, are understandably motivated by money, but care comes a close second.
      Working environment, employee experience, and employer engagement are critical factors for workers of all generations in deciding whether to apply for a new job – or stay where they are.
      Be vocal about values
      In a market with over a million open UK vacancies candidates have a wider choice of roles than ever before, it’s too late for employers to leave discussion of essential issues until selection starts. In today’s economy, candidates are in the driving seat.
      Applicants want to know the attitude of potential employers to these criteria before they will even consider working for them, but employers are failing. Many aren’t living up to the values and practices employees want to see and are unable (or unwilling) to communicate what they are doing authentically and effectively.
      Our study has demonstrated that the problem isn’t necessarily with the business but the employer brand.
      Your company’s actions must embody your values, and your employer brand must express them. Monster research has found that 69% of job candidates say they would not take a job with a company with a bad reputation – even if they were unemployed.
      Employers must positively promote their culture and values. Communicating with them must become a core part of the recruitment process and a strategic priority. Why? Because job seekers are consumers. Faced with several businesses saying the same thing, they’ll seek our brands with shared values.
      The survey results establish that authenticity is key. A strong employer brand needs to be more than virtue signaling. In a world where businesses and brands are increasingly keen to take an active social stance, just 42% of staff felt employers should share a public viewpoint on an issue, with 58% preferring a neutral approach. Polarising topics such as Brexit have caused significant societal friction, and it’s perhaps understandable that employees prefer businesses to remain silent.
      Your employer brand can humanize your company. Stripping out the corporate messages and communicating your core values will make the difference.
      Putting it into practice
      Monsters Chief Human Resources office, Claire Barnes summarizes the key issues, what employers can do, and what steps Monster has taken.
      “The Pandemic has, of course, been hugely stressful with much uncertainty for many people. People have had very different work experiences. From frontline workers who worked the whole way through to those furloughed for months at a time. Many being able to work from home and, of course, those who lost jobs due to redundancies or businesses closing. It’s no surprise that people’s experience, how work made them feel, is shaping their attitudes. It is a valid question for candidates to ask of a company “how did you support your employees during the pandemic?”
      One of the vital lessons we must learn from the pandemic is that we can’t assume we know our employees’ feelings. Instead, we must recognize a gap between what we, as leaders, believe and what we know.
      We’ve faced the same challenges in engaging existing employees and attracting the best talent at Monster. So we’re putting wellbeing at the center of our human resources strategy and approach. In practical terms, we’re offering employees the freedom and flexibility to work how they want. We’ve changed our benefits and policies to support the shift and focused on the importance of self-care for everyone.
      We’re a business and brand that lives its values, but we’re always searching for ways to improve what we do and how we do it. In the battle for the best talent, we’ve reviewed, refreshed, and refined our brand to appeal to jobseekers – and we recommend other companies should consider doing the same.
      By Rod McMillan, Marketing Manager, Monster UK
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      in Talent Acquisition

      Why Successful Recruiting Has Become Harder in the Past Five Years

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      The debate on labor market changes and transformation has been ongoing globally for years. Yet, most organizations are still suffering from a lack of good quality candidates in the recruitment pipelines.
      In a recent study of over 200 HR professionals, most organizations are suffering from a lack of good quality candidates, even if 43% of companies are investing more into recruitment than previously. Despite increased resources, 55% of the interviewees said that recruitment has become more difficult in the past five years. Less than 20% of the companies have been able to increase the number of quality candidates.
      The effectiveness and costs of different recruitment channels are not monitored
      Recruiters are largely unaware of which advertising channels work best. This is due to the rapid growth in the importance of marketing in recruitment and the lack of attention paid to measuring the effectiveness of these channels. In general, there is a shift in recruitment advertising from traditional advertising channels to digital channels. Digital recruitment marketing allows the effectiveness of channels to be measured so that decision-making and recruitment development can be based on data with confidence.
      The direct cost of recruitment campaigns in terms of capital invested into visibility and reach varies from less than a hundred euros to over 1,000 euros. The most surprising finding in the study was that a whopping 28% of the respondents didn’t know how much money was spent on their recruitment campaigns.
      Digital tools and channels make it possible for much more detailed data gathering than traditional channels, like newspaper ads. Even so, almost 40% of the organizations couldn’t name their most effective recruitment channels. In the worst-case scenario, this leads to more investments into ineffective channels, making recruitments unnecessarily expensive and heavy for the companies.
      Of those who buy social media publications, 46% report that most of their leads come from social media. Less than one-fifth of those who buy paid job boards said that job boards are the largest source of job seekers. The vast majority of service providers direct candidates from social media ads to their own employer job board, which partly skews the estimate. A third of organizations use direct search services for recruitment.
      The importance of marketing in recruitment is highlighted, but the effectiveness of marketing is not measured. This leads to an increase in costs because it is not known which measures are working. In the worst case, this leads to organizations investing in ineffective measures, resulting in higher costs.
      Challenges vary between industries
      One of the hardest industries for recruitment is the healthcare industry, with a crippling 93% of organizations feeling that recruitment has become more difficult. Another hard-hit industry is IT, with 83% of the organizations finding it hard to recruit suitable candidates.
      Internal vs external recruitment factors
      Based on the responses, the factors influencing recruitments can be divided into two main categories: internal and external factors. The internal factors describe the organization’s own activities, while the external factors are external influences.
      Around 69% of those who experienced a negative development attributed the cause exclusively to external factors. The most common external factors influencing recruitment are industry attractiveness, the influence of Covid-19, and political and economic factors.
      External factors can have both a positive and a negative impact on organizations in the sector at the same time.
      Communicating with candidates
      The survey shows that less than 58% of respondents reported that their organization managed recruitment through a recruitment system.
      Candidate communication plays an important role in the success of recruitment. It is the candidate’s first contact with a new potential employer and has a strong influence on the candidate’s perception of the new employer. The main purpose of candidate communication is to inform the candidate about the recruitment process and to guide the candidate through the different stages of the recruitment process.
      From the candidate’s point of view, the best processes provide candidates with interim information on the progress of the recruitment process and any delays. In addition to this, candidates who are not selected for the post will be informed in person.
      Bottlenecks in the application process hinder hiring top talent
      Employer brand development is often sparked by a lack of quality or quantity of candidates, but the main bottleneck is often in the application process. Application processes have been built over time to attract active job seekers, so that today, when sectors are suffering from labor shortages, it is not possible to attract talent already in employment elsewhere.
      Less than half of organizations have optimized their application process for modern times. Recruitment processes are often designed from an employer’s perspective, which means that the fast pace of modern life and the value of effortlessness are not sufficiently taken into account for candidates.
      Approximately one-third of the interviewees in the study said that they had developed their recruitment processes. However, most of these had developed their process to be organization-driven, meaning that organizations are trusting their brand to be strong enough to get the best candidates into their pipeline instead of smooth application processes and modern recruitment marketing strategies.
      Companies that emphasize the candidate’s experience and develop their company brand to support that are more successful in getting qualified candidates.
      To receive applications, companies should emphasize a smooth application experience, and ensure that it can be done with all mobile devices. The use of mobile devices has exploded as a tool to access various services and applications. Making the experience nice and effortless for the candidate usually demands a complete restructuring of the current process.
      Challenges with applications being made on mobile phones include open text fields and the requirement of attaching a full CV into the application, for example.
      Almost a third of respondents indicated that the application process requires separate registration in order to submit an application. From the candidate’s perspective, separate registration makes the application process more challenging and discourages in particular passive applicants. The requirement to register was particularly prevalent in the public sector.
      To sum up
      Companies that are not ready to radically change their ways of working will face major challenges in their recruitment efforts. Those that have been willing to evolve their practices to respond to market changes have been able to turn the situation around.
      With efficient candidate marketing tactics, following metrics and cost-structures of different channels, and fixing the broken process, many organizations can fix the issues in their recruitment.
      By Henri Nordström – CEO, Jobilla.
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      in Workplace

      8 Out of 10 Employees Feel Overwhelmed and Overworked

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      For most, work looks and feels different today than it did just a few months ago—and we’re not talking about working from home. A new study by VitalSmarts shows 58.6 percent of employees have experienced either a reduction or a restructure that changed the dynamic and size of their team. And the impact of these […] More

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      in Workplace

      Searches for ‘Remote Work’ Increase Significantly During Covid-19

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      Covid-19 is changing people’s work preferences with many now looking for roles that give them the flexibility to work from home. New data from LinkedIn, the world’s largest professional network, finds that job searches for remote work have increased by 60% globally since March. Companies will need to adapt to existing policies and offer greater […] More