Are you disappointed by the response to your new job openings? Have you not received as many CVs as expected? Or are you not attracting the right type of candidate?
Then it could be time for you to review your company mission statement.
In this article, we take a deeper look at how a company mission statement can affect recruitment, how it influences your hiring process, and how you can write your own in just a few simple steps.
Why do you need a company mission statement?
Whether you’re just starting up, or you are an established business, a company mission statement can help you in several ways. By defining your goals, culture and values, you can clearly outline your business’ direction to key stakeholders.
Employees for example can see where the business is headed, which can make them feel more committed to their work, engaged and motivated. This can lead to more sales and ultimately higher profits. However, a company mission statement can also help to resolve any conflicts between owners in regards to the direction of the business, as this information is noted down in black and white. Plus, for customers, by having your mission statement visible (such as on your website), this can remove any ambiguity and make it clear on exactly what your business provides and stands for.
How can your company mission statement influence your hiring?
Although leaders often talk about a company mission statement, one area that is often overlooked is the impact that this vision can demonstrate to potential candidates.
Here are 3 ways it can shape your recruitment process and benefit your business:
1. Attract top talent - As a business, you can use your mission statement to promote your positive brand values, which can interest potential candidates. Keeping your mission statement refreshed with your latest business goals and ambitions can also help to attract more top talent to your business. In fact, research from PwC shows that Millennials in particular are motivated today by much more than just money, and will often choose to work for a company based on the values and goals promoted.
2. Recruit compatible people – If you’re looking for your next hire, you can ensure you are hiring the right employee by keeping your company mission statement in mind. At every interview, ask yourself, “Will this candidate be able to help fulfil the business’ mission?” By doing this, you will be able to reduce the wasted time and costs (which can reach hundreds and even thousands of dollars) of hiring someone that has good qualifications but is a bad fit for your company and its culture.
3. Retain talent – Having a shared set of goals to work towards can help employees feel like they’re part of the bigger picture. This can make them become more motivated and likely to stay working for you. This is important in an era where employees are moving from one job to another much more quickly than in previous generations. This not only ensures that talent and knowledge stays within your business, but also helps you to reduce future recruitment costs.
How do you formulate a powerful company mission statement?
If you don’t already have a company mission statement, there’s no time like the present. To get started, try answering these 5 key questions:
- What does your business do?
- What do you want your business to achieve?
- Who does your business serve?
- How does your business help customers?
- What company culture do you aim to create for employees?
Now you have some ideas, start pulling the best of these together, to really explain what your business is and what it aims to do. Remember to keep your mission statement short and concise - one or two sentences will help to keep it impactful.
Your mission statement should reflect your brand's personality, so read it back and make sure this clearly comes across. You could also circulate it amongst your team for additional feedback.
Once your statement is complete, don’t just save it in a word document on your computer and never look at it again. Make sure it’s visible to stakeholders, such as by adding it to your website and internal newsletter. It should also evolve as your business does, so review it regularly and revise it where appropriate.
Does your business have a company mission statement? Have you considered its impact on your recruitment? Leave us your comments in the box below.