Leading businesses understand that securing and retaining exceptional talent is pivotal to their success. Nonetheless, the hiring landscape has grown increasingly intricate over the past half-decade. Challenging market conditions, characterised by labour scarcity and diminished economic confidence, have hampered companies’ abilities to recruit and retain top-tier professionals.
One often underestimated factor in this equation is the influence of the COVID-19 pandemic on workers’ mindsets. Many employees expressed a desire for more meaningful and purposeful work following a period of introspection prompted by the pandemic. This introspective shift led to a surge in career transitions, a phenomenon frequently referred to as the ‘Great Resignation.’ It underscores the fact that employees seek more than just monetary compensation.
A recent study by McKinsey revealed that 60% of employees depart from organisations due to a ‘lack of purpose’ and the desire for ‘fresh challenges.’ What companies have quickly come to realise is that recruitment and retention entail far more than economic incentives. All employees possess a need to experience fulfilment and significance, particularly during uncertain times. This is particularly pertinent today, as we grapple with an economic downturn marked by persistent ‘stagflation’—that is, stagnant growth coupled with high inflation rates.
We spoke to Wai Foong Ng, an authority in the realm of employee retention and attraction, and the CEO of Matchable, about what companies can do to counter the Great Resignation mindset. Foong is an expert in employee fulfilment, having served as a guest speaker at Imperial College Business School and represented the Evening Standard at Excel. Her company, Matchable, has received the honour of being named among the Top 100 companies to ‘Escape to’ by Escape the City for three consecutive years. This list recognizes organizations that prioritize people, purpose, and planet on par with profit.
Foong’s venture, Matchable, has not only identified how to harness the drive for meaningful work to enhance retention and attraction but also how this can positively impact businesses’ bottom lines. This transformation comes in the form of an innovative approach to engaging employees in worthwhile causes.
“For quite some time, forward-thinking businesses have recognised that, in today’s competitive marketplace where the battle for attracting and retaining talent is paramount to business success, outplacements and employee volunteering can yield significant benefits,” notes Foong. “There are several reasons for this, but in essence, it fulfils employees’ desire to make a difference. It elevates their perception of the organisation, and most importantly, it involves them in a significant endeavour that aligns with the organisation’s values.”
Matchable has developed a user-friendly platform that efficiently matches employees with volunteering projects that align with their skills, interests, and availability. The platform’s success has been nothing short of remarkable, effectively disrupting the volunteering landscape, with the results speaking volumes.
Data indicates that Matchable’s platform has achieved 217% greater engagement compared to other employee volunteering initiatives. Remarkably, companies utilizing Matchable have witnessed an astonishing 87% increase in staff retention among employees who use the platform. It’s no surprise that numerous leading financial service firms, banks, and well-known brands such as Dentsu, Primark, Indeed Flex, and Kroo have adopted Matchable, contributing to the platform’s impressive 174% year-over-year growth.
Foong adds, “What entices many volunteers to join is the fact that projects can start in as little as 30 minutes online, making it feasible for busy professionals to participate during a single lunch break.” “Because the platform aligns projects with their skills, passions, and interests, engagement levels are exceptionally high. Even with minimal time commitments, employees feel they are making a tangible impact on projects that resonate with them.”
However, what Foong emphasizes are the broader advantages for businesses.
“Top-tier talent, as well as customers, are increasingly scrutinizing businesses’ Corporate Social Responsibility (CSR) and Environmental, Social, and Governance (ESG) credentials and strategies,” Foong observes. “Successful businesses understand the importance of conveying strong messages to the market about the company’s values and purpose. This resonates not only with clients but also with potential candidates and employees.”
Foong explains, “Employee Volunteering is not a novel concept, but as with anything, simplifying and making it accessible is key. This is what drives engagement and, ultimately, delivers multifaceted benefits to both employees and employers.”
Matchable has gained particular favour with forward-thinking companies seeking to invigorate their teams through fresh challenges and experiential learning. This is because the volunteering projects offered extend beyond the typical offerings found on other platforms.
Foong points out, “It’s not limited to routine tasks like painting fences or planting trees. Matchable connects employees with innovative nonprofits, charities, and ethically responsible impact startups that are at the forefront of achieving the UN Sustainable Development Goals.”
“For instance, users could volunteer to aid reforestation in the Amazon using NFTs, transform ashes into coral reefs to rejuvenate marine ecosystems, or support underrepresented communities in building careers through an AI-enabled platform. This approach ensures that the projects are not only engaging but also contribute to upskilling the volunteers.”
Foong adds, “Many of our clients utilise our projects to enhance both soft and hard skills and prepare their teams for the future of work.” This is where Matchable distinguishes itself in the sector. “Simplicity and ease of use were paramount to us,” says Foong. “Ensuring high user adoption rates by making the platform user-friendly was crucial.”
“Moreover, the platform allows us to gather data demonstrating its direct impact on a business’s bottom line. It effectively showcases the value for money in terms of retention and attraction, in addition to the positive social impact delivered through the business. It’s a win-win scenario for companies and their staff.”
“In the current economic climate, maintaining high morale, retaining key employees, and keeping them engaged yet refreshed have been top priorities for our clients,” Foong reflects. “Furthermore, all businesses should aspire to be a force for good in the world.”
“Giving employees the sense that they work for a forward-thinking, socially responsible company leaves a profoundly positive impression. Furthermore, once they engage in volunteering for a project that holds personal meaning, regardless of the time they can devote, we have demonstrated that the retention of top talent within the organization significantly improves.”
The overarching message is clear: retaining and attracting top talent goes beyond financial compensation.
