Mining is a cyclical industry by nature with a lot of activity when commodity prices rise, and aggressive cost containment when prices fall. Given this reality, shorter-term investment horizons don’t always align with long-term development and return objectives – that’s the case for staffing and recruitment.
As prices recover, there is an increasing gap in the supply and demand of qualified candidates. Currently, this growing gap has made attracting and retaining the right employees a top priority. Employers are struggling to deal with wage wars, increased turnover and high recruiting costs, resulting in the hiring of candidates with the right technical capabilities but who do not embody the desired values and behaviours that ultimately support an organization’s long-term vision.
An organization’s employer value proposition, when thoughtfully articulated, can end the cyclical scramble for talent. It translates an organization’s unique purpose and values into a set of clear and compelling benefits for employees. It guides organizations as they shape their culture – aligning and inspiring employees and focuses on creating a meaningful and sustaining change rather than short-term communications. An employee value proposition plays a pivotal role in identifying the right talent, as opposed to attracting all talent.
“All things being equal (compensation, benefits, etc.) it is the culture and what your brand stands for that will be the make-or-break decision for good talent to stay or go.”
– Gina Jardine, Senior Vice President of HR, Kinross
Data shows that organizations with strong EVPs decreased annual turnover by 69% and increased new hire commitment by 29%. The EVP also serves as a tool to allow candidates who are not aligned with an organization’s goals and culture to self-select out of the recruiting process, ultimately helping to decrease turnover.
With the strongest brands built from the inside out, mining companies have an opportunity to harness the power of their brand to help recruit and retain top talent and balance shorter-term industry demands with long-term strategic objectives.