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69% of job seekers consider company culture as crucial as the job itself: Survey

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69% of job seekers consider company culture as crucial as the job itself: Survey

SINGAPORE: A recent report by KPMG found that 60% of Asian HR functions are currently adjusting their Employer Value Proposition (EVPs) in response to shifting demands in the labour market. This adjustment comes at a crucial time, as EVPs play a vital role in navigating talent shortages and counteroffers in the region, especially considering that 69% of job seekers consider company culture as crucial as the role itself. 

According to Gartner, an effective EVP can reduce annual turnover by nearly 70% and increase new hire commitment by almost 30%. Despite these compelling statistics, MCG Talent’s survey of over 800 employers revealed that 40% lack a defined EVP, while 48% have one in place, and 12% are actively developing theirs.

Candidates in the job market can be categorised into four distinct segments: Hyper-Active, Selectively Active, Passive, and Settled.

While active candidates (constituting 20% of the talent pool) are readily accessible, passive candidates (also 20%) and settled candidates (comprising 60%), who often possess higher qualifications and are less susceptible to counteroffers, pose a more significant challenge to engage. To entice and retain these candidates effectively, a robust Employee Value Proposition (EVP) is essential.

Insights from the survey of over 2,500 candidates conducted by MCG Talent highlight the importance of company culture in attracting talent. 69% of job seekers consider company culture as crucial as the role itself, with 25% even valuing culture above the specific job. This suggests that emphasising company culture over job opportunities is more effective in capturing the attention and interest of potential candidates.

Another poll of more than 1,300 candidates revealed that 26% prioritise career development above all else. Alarmingly, 71% of respondents cited a lack of career development opportunities as the primary reason for seeking new employment.

In collaboration with The Global Growth Institute, MCG Talent has identified nine critical factors influencing employee retention, drawing insights from the perspectives of over 15,000 managers worldwide.

Notable statistics highlight the significance of “fostering a supportive atmosphere, stretching employee abilities, and celebrating achievements in enhancing retention rates.”

A majority of managers (67.6%) emphasise the importance of fostering a supportive atmosphere for professional growth and satisfaction, while 60.6% advocate for pushing their team’s capabilities to foster investment and reduce turnover. Moreover, a substantial 79.2% attribute higher retention rates to acknowledging and celebrating employee achievements.

MCG Talent is a leading recruitment agency established in 2010, specialising in Marketing, Communications, Creative, Digital, and Technology sectors. With offices in Hong Kong, Singapore, Dubai, Riyadh, and most recently Colombo, MCG is dedicated to connecting top talent with forward-thinking organisations, offering tailored solutions to address the evolving needs of the job market. /TISG

Read also: Jobstreet Hiring, Compensation & Benefits Report 2024: 45% hirers confident of “more active” job market this year

Featured image by Depositphotos

The post 69% of job seekers consider company culture as crucial as the job itself: Survey appeared first on The Independent Singapore News - Latest Breaking News

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