Everest Group delivers powerful, integrated, fact-based published research, backed by custom decision-support analysis, to help clients find solutions to their most difficult business problems. They aim to to provide employers with insights and expertise across the strategy, execution, and optimization of talent acquisition, starting with the basics: employee experience and engagement.
“A better employee experience and increased employee engagement are at the core of our value proposition,” says Vishal Gupta, Practice Director at Everest Group; however, this is no easy feat, especially when you consider today’s workforce is comprised of four different generations of workers and the nature of employment itself can often vary across one enterprise organization. It’s unsurprising that talent is the single biggest source of differentiation.
Employers across the global are focused on candidate attraction above all else. Vishal says that since unemployment is at an all-time low, especially in the US, it’s becoming really difficult to attract quality candidates, especially the high-skilled, hard-to-find niche roles. As a result, employers are investing in developing a stronger employee branding, in developing stronger technology capabilities to attract these candidates.
Rewards and Recognition Programs
An area of investment that employers are taking another look at are Rewards and Recognition programs. Everest Group recently released a study on R&R and the results were eye-opening.
Vishal says, “From our recent study, what we unearthed is that a lot of organizations are still facing several challenges in implementing their R&R (Rewards and Recognition) programs. These challenges include: adapting to evolving technology; lack of effective branding; emerging needs in the form of variety in rewards and recognition programs; and the changing needs of the workforce.”
In order to be successful, R&R strategies should meet the requirements for all these different generations and different kinds of talent and that includes both salaried employees and contingent worker.
There’s a huge opportunity for those that recognize it. “These challenges abound in the space but we also feel they present a golden opportunity for the R&R outsourcing service providers. They can jump in and help enterprises by tailoring their offerings to evolve by need. That means deploying next generation R&R solutions that includes advanced analytics, chat bots, mobile responsive solutions that can touch each and every aspect of the employee experience,” says Vishal.
Transformation of RPO
Another trend Vishal is seeing has to do with RPO. According to recent research, buyers or consumers of RPO services have become more demanding—they want their RPO providers to become their strategic partners. They no longer want them to just be a vendor who helps source or find talent for them, rather, they want them to be their strategy partners. Vishal says, “They want them to look at additional services like employer branding which would help expand their brand in the market; building talent communities where they can source not only active but passive candidates as well they want them to provide analytics, workforce planning forecasting solutions.”
Because of these demands, competition in the industry has really intensified. While there are new players entering this market each year, there’s also been significant investments from the existing well-established RPO service providers in an effort to expand their solution offerings or their service delivery locations. Vishal believes that this will not slow down any time soon and share his thoughts as to why with Michelle.
Tune in now to hear more details about the transformations the industry is undergoing and what employers are doing to capture market share.