In the ever-evolving landscape of business, the pursuit of exceptional talent has taken centre stage for leading enterprises. Yet, in the last half-decade, the recruitment arena has evolved into a labyrinth of complexities.
A convergence of challenging market conditions, marked by a labour deficit and wavering economic confidence, has curbed businesses’ capacity to secure and retain top-tier personnel.
Amidst this multifaceted landscape, a subtle catalyst often overlooked is the indelible impact of the Covid-19 pandemic on the psyche of the workforce. A prevailing sentiment emerged among employees — many seeking a deeper sense of purpose and significance in their professional lives.
This introspective movement led to an unprecedented surge in voluntary career transitions, an occurrence that pundits aptly coined the “Great Resignation.” This phenomenon starkly underscores that the workforce’s aspirations extend beyond financial compensation.
Beyond Monetary Incentives: The Craving for Purpose and Challenge
As highlighted in a McKinsey study, a staggering 60% of employees depart from their organisations due to a “lack of purpose” and the quest for novel challenges or a sense of meaning. A pivotal realisation for businesses is that the tenets of recruitment and retention extend far beyond monetary remuneration.
The workforce’s intrinsic need for fulfilment and impact, particularly during periods of uncertainty, stands paramount. In the current milieu, characterised by economic turmoil and persistent stagflation, this need has assumed even greater significance.
Business Matters spoke to Wai Foong Ng, a luminary in the realm of employee retention and attraction, and CEO of Matchable. We unearth insights into the motives and allure that captivate top-tier talent.
Foong, an authority in employee fulfilment, has graced platforms such as Imperial College Business School and the Evening Standard at Excel. Her brainchild, Matchable, earned the accolade of being a Top 100 company to “Escape to” for three consecutive years—an honour bestowed upon organisations that elevate people, purpose, and the planet on par with profit.
Matchable’s Ingenious Paradigm: Fusing Purpose with Retention
Matchable, under Foong’s stewardship, has ingeniously discovered how the quest for purpose can be harnessed to foster retention and attraction, all while bolstering the bottom line. The approach hinges on engaging employees in noble causes through a pioneering platform.
Foong explains, “Forward-thinking enterprises have long realised that in a fiercely competitive modern landscape, where the battle for both attracting and retaining talent reigns supreme, outplacements and employee volunteering wield significant influence.”
She elaborates on the facets driving this phenomenon: “Several reasons converge to amplify this impact. Fundamentally, it satiates employees’ yearning to contribute to something meaningful. It enhances their perception of the organisation and, crucially, intertwines them with initiatives vital to the organisation’s ethos.”
A Game-Changing Platform: Unveiling a Paradigm Shift
Normally volunteering partnerships are limited to basic and manual activities. However, at the core of Matchable’s innovation lies a user-friendly platform meticulously aligning employees with volunteering endeavours resonating with their skills, interests, and availability.
The platform’s resounding success has redefined the volunteering landscape, yielding outcomes that underscore its efficacy.
Astoundingly, the platform recorded 217% higher engagement than other employee volunteering initiatives. Most notably, businesses leveraging Matchable witnessed an astounding 87% surge in staff retention among platform users.
The platform’s acclaim transcends sectors, finding favour with esteemed financial service entities as well as renowned brands like Dentsu, Primark, Indeed Flex, and Kroo. This acclaim translates into a remarkable 174% year-on-year growth for Matchable.
Empowerment through Flexibility: A Winning Proposition
Foong highlights the distinctive aspect that appeals to volunteers: “Projects can commence with as little as 30 minutes online, making them ideal for busy professionals seeking to contribute during a lunch break. With tailored alignment to their skills, passions, and interests, engagement soars. Even with minimal time commitments, employees perceive tangible impacts on projects they deeply care about.”
However, Ng underscores the broader implications for businesses. “Top-tier talent, alongside customers, increasingly scrutinise corporations’ Corporate Social Responsibility (CSR) and Environmental, Social, and Governance (ESG) practices and strategies.”
She contends, “The business landscape mandates conveying robust messages to the market about a company’s values and mission. This resonance permeates beyond clientele to include potential candidates and existing staff members.”
Foong asserts, “Employee Volunteering isn’t novel, yet, like all endeavours, simplifying accessibility is pivotal. This is the catalyst that fuels engagement, ultimately yielding multifaceted dividends for both employees and employers.”
Enterprises with a Vision: A Fertile Ground for Matchable’s Impact
Matchable appears to have been embraced by visionary companies eager to invigorate teams through novel challenges and experiential learning. The volunteering projects extend far beyond conventional ventures, setting Matchable apart from other platforms.
Foong explains, “Our projects transcend conventional paradigms like painting fences and planting trees. Matchable seamlessly aligns employees with innovative nonprofits, charities, and ethically responsible startups leading the charge in achieving the UN Sustainable Development Goals.”
“For instance, users can volunteer to reforest the Amazon using NFTs, transform ashes into coral reefs to revive marine ecosystems, or propel underrepresented communities into careers through AI-powered platforms. These endeavours foster engagement while upskilling volunteers.”
A transformation in upskilling, retaining, and beyond
Foong affirms, “Several of our clients employ our projects to enhance soft and hard skills, priming their teams for the evolving future of work.”
Matchable’s eye-catching performance arises from its simplicity and user-friendliness. “Ensuring ease of use was paramount to us. Simplifying initiation ensures high adoption rates, facilitating an effortless user experience.”
The platform’s most compelling facet lies in its capacity to quantify direct impacts on a business’s bottom line. It seamlessly demonstrates the value proposition in terms of retention, attraction, and the consequential social impact borne by the business—a symbiotic victory for companies and personnel alike.
Enriching Lives, Enriching Businesses
In the prevailing economic climate, nurturing high morale, preserving key talent, and kindling their enthusiasm while offering refreshing challenges have emerged as paramount objectives. Beyond this, businesses must strive to be beacons of positivity in the global arena.
“The sensation of contributing to a forward-thinking, socially conscious company leaves an indelible mark on employees,” Foong contends. “Moreover, engaging them in volunteering endeavours that resonate, regardless of time availability, substantiates our findings—retention of top talent sees an appreciable upswing.”
The overarching message is simple: nurturing and attracting top talent transcends financial compensation. In this evolving paradigm, the fusion of purpose, challenge, and social impact propels enterprises toward a future where the human element reigns supreme.