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. Last Updated: 07/27/2016

Attracting and Selecting Young Talent for Leading Companies

UnknownVera Voloskova
It is quite simple. An organization needs to know whom it needs to implement its business strategy. The organization goes out into the market, finds these people, and brings them on board. It is the dream of every CEO and every HR professional.

International organizations are not novices to globalization, economic developments and changing legislation. These factors directly affect their markets by creating constant challenges and threatening their success. The Russian market is no exception.

It may seem like a crisis, but leading international organizations do not view it as such. They see today's world as an opportunity. Organizations striving to excel in today's tightening competition know only too well that traditional processes do not support constant change and that their competitive business strategies must include exceptional and innovative HR strategies for talent acquisition, development and retention. And the three cannot be regarded in isolation.

Most companies build their recruitment strategies on young talent acquisition to further nurture and develop this talent for business leadership. Who are the young people of today, this Generation Y?

Gen Y's have been strongly affected by globalization, technology, and TV culture. They are flexible and comfortable with gender equality. They value relationships, work to live instead of live to work, seek to learn new skills, have high expectations and short attention spans, and they are generally optimistic.

In other words, today's students and tomorrow's employees know their worth. They are ambitious. They think they can conquer the world easily. They want it now, although they don't always know what exactly they want and how to get it. And they are smart.

The Russian market makes it particularly easy for them. The economy is booming, while they are a scarce resource for which companies compete. The Russian population, especially the young Russian population living in the capital, has the power of choice, and they grasp opportunities.

In the continued war for talent, leading organizations understand candidate and employee preferences and define them in transparent and open Employment Value Propositions.

An Employment Value Proposition, or EVP, is a set of attributes including opportunities, work, people, organization and rewards that the labor market and employees perceive as the value they gain through employment in the organization. The Corporate Leadership Council, an international consulting organization, conducted a survey of 58,000 employees from 90 organizations across 20 industries in 2006. As a result, it reported that EVP drives both attraction and commitment (or retention) as long as it is managed effectively. The council's research reveals somewhat expected but still stunning findings. While only an 11 percent increase in compensation is needed to attract candidates to companies with an attractive EVP, a 21 percent premium is expected to be paid by companies that are relatively unattractive in the labor market.

One more important aspect to bear in mind is that organizational stability and compensation are strong drivers of attraction, while manager quality and collegial work environment are top drivers for retention. Development opportunities, future career opportunities and respect are critical for both attracting and retaining employees.

So, by having a defined, transparent HR strategy realized into a strong EVP, leading organizations can have a high degree of success in attracting enough candidates to afford to choose the talent they need.

There are dozens of definitions of what talent is. Each organization may require unique technical competency and expect various skills application. But every organization with a strong and forward-thinking HR strategy will agree on a very similar set of qualities that they would expect from their employees. These organizations will look for intelligent people with excellent interpersonal skills. They will need highly engaged employees who are emotionally and rationally committed to the job and to the company at large, and who are prepared to walk that extra mile that is called proactiveness. The organizations want to have employees who aspire to prestige and recognition, who want and like to advance and be rewarded for their great contributions, who would be willing to trade off work/life balance, but who will gain overall enjoyment from doing their job and from contributing to the organization of which they are a part.

The more such people a company has succeeded in employing, the more successful it will be tomorrow. These will be the future leaders of that company, and they will know how to win in tomorrow's competitive world.