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Boat with a vision leading other boats, hr

Why higher pay won’t win the talent war



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Does your company have an “exciting vision”? If not, you might have a hard time recruiting young talent. According to a survey from KPMG International, 92% of students rank an organisation’s vision as a top consideration when choosing their first employer.

The KPMG Student Career Preferences Survey includes opinions of 4165 business and STEM students studying at some of the world’s leading universities. In addition to an exciting vision, 89% said it is important that their future employer makes a positive difference in the world.

When asked about their preferred professions, however, 43% indicated they expect to go into finance. This could suggest that in the eyes of the younger generations, “making a positive difference” is no longer just reserved for charities and NGOs.

The survey results confirm that when looking to recruit the best talent, it’s all about finding a balance. While competitive pay and benefits remain among the top criteria, 79% said that working for an organisation with a strong sense of purpose was more important than earning the highest salary possible.

So if your company keeps losing talent to competitors despite offering a more than fair remuneration package, it could be time to look beyond monetary compensation, and focus on what else you can offer potential new recruits.

ALSO READ: APAC’s top 10 countries for talent competitiveness

Aside from an exciting vision and making a difference as a company, investing in the personal and career development of your employees will go a long way. 47% identified having the opportunity for personal development and earning professional qualifications as a top motivating factor for selecting an employer.

Gaining experience that prepares them for bigger and better things, mastering a broad set of skills, and learning from great people also named as priorities for the first two years of work.

A final way to attract talent is to make it clear you can offer them an international career path. Students surveyed expressed a global mindset, with 65% expecting to work in between two and four countries in their career, while 27% anticipates working in more than four countries. 84% said they would be prepared to move regularly to different countries for the right job.

Commenting on the findings in a press release, Rachel Campbell, global head of people at KPMG International, said, “Our Student Career Preferences survey is very consistent with what we hear from our university hires. Values and purpose are major drivers of employment consideration and engagement.

Students today expect flexible career paths – whether that means working in multiple countries or across different parts of an organisation. They are seeking careers with meaning and purpose and they are prepared to go where the opportunities take them.”

ALSO READ: Credit Suisse ups bonuses to retain talent

Photo / iStock



Leverage on technology to improve your HR operations and process at HR Tech Interactive. Happening in Singapore and Kuala Lumpur in August.
Request your invite now!

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