In today’s dynamic job market, organizations need constantly innovative strategies to attract, retain, and develop top talent. One such strategy that has gained prominence is talent segmentation, which involves grouping employees based on characteristics that are relevant to the employee experience such as career preferences, demographics, work-life preferences, or benefits and potential contributions to better align them with suitable opportunities within an organization. By recognizing the unique needs and attributes of international students and new graduates and implementing tailored segmentation strategies, organizations can attract top talent, foster engagement, and drive performance outcomes.
The importance of talent segmentation:
Picture this: when you shop online, you often encounter suggestions for similar products based on your browsing and purchasing history. This strategic approach to understanding customer preferences is akin to the concept of talent segmentation. Just as businesses analyze consumer behavior to tailor their offerings, organizations can leverage talent segmentation to better comprehend their workforce and target prospective candidates more effectively.
- Saving in recruitment and selection: According to Forbes “A new hire can cost over $4,000 even before wages and salary, which includes the cost to advertise on various job sites, among other hiring expenses”. By segmenting talent, organizations can target their recruitment efforts more precisely, focusing on candidates who possess the specific skills and attributes needed for success in particular roles or departments, reducing the hiring cost and actually targeting your exact audience.
- Enhanced diversity, equity and inclusion: Effective talent segmentation promotes diversity and inclusion by recognizing and valuing the diverse backgrounds, experiences, and perspectives that individuals bring to the table.
- Increases retention: Did you know that approximately 42% of your employees are actively looking for a job and 41% are not actively looking but are open to a job change if presented with a good offer? So, the big question is how to retain talent. Talent segmentation facilitates retention efforts by enabling organizations to tailor their strategies to specific preferences and aspirations of different employee groups, thereby enhancing job satisfaction and loyalty. As an example, work-life balance is a deal-breaker for most employees younger than 21 years, but on the other side, the top priority for millennials is financial compensation.
- Improved performance and development: Matching individuals with roles that align with their skills and interests can lead to higher job satisfaction, productivity, and performance outcomes. Additionally, it can help to tailor development programs and career paths to meet the unique needs and aspirations of different employee groups.
Talent segmentation for international students and new graduates
International students and new graduates represent a unique talent pool with distinct needs and characteristics. To effectively segment talent in this demographic, organizations can consider the following strategies:
- Identify key segments: Segment international students and new graduates based on factors such as academic background, skills, work experience, and career interests.
- Tailor recruitment approaches: Customize recruitment strategies to attract international students and new graduates, leveraging channels such as Post Secondary Education (PSI) partnerships, career fairs, online platforms, and targeted marketing campaigns. At Wayble we have over 29 partnerships with PSIs across all Canada. Additionally we know how to target different generational groups through social media, events, info-sessions, and/or our inside scoop podcast.
- Develop structured onboarding programs: Design customized programs to facilitate the smooth transition of international students and new graduates into the organization, providing training, mentorship, and networking opportunities.
- Design compelling compensation packages: Engine competitive compensation packages that not only offer attractive salaries but also include benefits such as tuition reimbursement, professional development opportunities, flexible work arrangements, wellness initiatives, and the possibility to work remotely for a specific amount of time.
Incorporating talent segmentation into talent acquisition and retention plans is and will become more critical for organizations looking to thrive in today’s fast-paced business environment.
