26 Oct Attracting Talent in a Competitive Hiring Market

Every client we work with has one thing in common: they are looking for the best talent money can buy. Most employers assume that the highest wage will bring the highest caliber employees but the savviest employers have realized that while pay and benefits matter (a great deal), there are other key ways to set yourself apart from competition in your industry. These “stand out perks” will not only draw better employees to your company but–even more importantly–will keep those employees from jumping ship when they learn that a new company in town pays a bit more. When you consider that turn-over can cost 30-50-% of an employee’s annual wage, it becomes clear that these creative ways to attract and keep your employees are critical to saving time, money and sanity.

1. Treat People Well.
   It’s human nature: people develop loyalty when they trust that they’ll be treated with fairness and respect. This starts with respecting a job candidate’s time and keeping them informed during the hiring process. It continues by creating and consistently applying fair policies that employees understand. It also matters when your company standard is to treat customers with respect and fairness. After all, how can an employee trust you if they know your customers can’t? Think about ways you can show kindness and concern for your employees. There are no cheats or shortcuts here—treat people well and your reputation will attract the best.
2. Develop a Mentor Mindset and Paths for Continuous Learning.
   Companies with a mentor mindset prioritize their people over their processes. Hire and develop managers that care about their people and take the time to develop the talents and passions of those they manage. This is a top-down priority: if the company owner or general managers mentors his/her managers, those managers will be set up to mentor their employees. Along with the mentoring, set up ways for employees to continue their growth and development—paid seminars, tuition reimbursement, time off for internships, etc.
3. Reach Out to Previous Employees.
   If an employee left on good terms, figure out why they left and what it would take for them to rejoin your team. This only works for a small percentage of former employees, but when it does, it saves you so much time and energy!
4. More than Lip Service to Work-Life Balance.
   Employees do not come to you in a vacuum; they have families, hobbies, and other priorities. When you can give them room to prioritize these other demands on their time, the pay back can be immense. Consider flex schedules, telecommuting, pet friendly offices, wellness initiatives. Ask your employees what would help them create a better balance and be creative in how you can meet those needs!
5. Ask for Employee Referrals.
   Employees that love their job are great ambassadors for finding new hires. It’s always a bit of a risk sticking your neck out for someone, though, so make an offer they can’t refuse! Cash or other incentive programs are one of the best sources for finding quality applicants. Their existing relationship with a happy employee often lands in a job acceptance!
6. Make the Right Tools & Resources Available.
   Notice where and when your employees are struggling or not reaching peak performance where you expect they should and talk to them. What additional support or tools would help them to do their jobs more efficiently or with less frustration? This may involve a special purchase or a day spent shadowing another employee. Think outside the box and ask your employees to do the same as you consider what steps the company can take to make the work happen seamlessly. Taking a beat to step back and think about this will matter to employees, as will listening and acting on suggestions when they come to you.
7. Open Door Policy.
   This circles back to tip #1, treating people well, but with a special nod to open communication and encouraging employees to come to management (or management to come to owners) with ideas, issues, suggestions, concerns and questions. Let them know you are willing to hear and really listen to them and they will feel like a valued, integral part of the company.

You are right—it is a tough labor market and finding and keeping good employees is a constant challenge. As you lament the struggle, take a look at the environment and culture you create inside your company every day and identify 2 or 3 of these 7 suggestions that you can work on today!