Human Resources
Getting a hold of the best talent is a tough, involved process, with tight negotiations. If you’re an HR executive or hiring manager who made several rounds in the boardroom, you know that there is a war for talent. Securing the best talent is a competitive advantage, and the competition is tough.
Being a top-choice employer allows your company to hire top-tier talent in your industry, and more importantly, retain them. That status is a massive boost to company image and productivity.
A proactive approach to hiring people is a good starting point to get ahead of the competition, especially if you have budget and time constraints. Here are some tips to make your company a top-tier employer that attracts great talent.
For decades, employers would have the upper hand in choosing employees. There were fewer job options, so employers often had a large pool of candidates to choose from.
Today, the power has shifted. Many jobseekers have multiple options and competing job offers. The idea of a desirable job is also different today, as people look for work-life balance, flexible working hours, benefits, and other perks in choosing their preferred employer.
Naturally, the hiring process has also become a two-way street, and you have to offer potential candidates a competitive proposition. The sooner your organization realizes this change, the easier it is to negotiate in a way that satisfies both employer and the new employee.
Core values are constantly emphasized by companies. They put elaborate lists on their website, marketing collateral, and props on-premises. As an employer, you must demonstrate your core values, with “demonstrate” being a keyword.
As the saying goes, “Actions speak louder than words.” And core values define the culture around which your company operates.
It’s important for a candidate to fit in with the values set by your company. A good practice is to engage in a conversation with a candidate about their own core values and your own to see if they’re a good cultural fit.
By demonstrating your company culture, you also strengthen your hiring (and firing) terms. You set an early benchmark for employee progression.
If there is a misalignment between your stated values and visible actions, people will avoid your company. This inconsistency will also make it difficult to find someone who may be a good cultural fit. Remember, consistency between words and actions keeps your end of the street open for those willing to navigate it.
Identifying your company’s unique culture and what makes it stand out from the competition is the first step to becoming a top-choice employer. You can begin by asking employees what makes your company special and how they feel about the leadership, systems, and processes. This will help you identify what’s working and what you can improve to become a more desirable workplace.
Related: Three Key Steps to Find the Right Employees Online
No one joins a company to stagnate. Many employees expect their employers to expand their roles meaningfully and nurture their careers. And if they don’t get those opportunities, they will leave their current employer to find a chance for learning and growth.
There are myriad benefits for your company for fostering employee growth. You will have a motivated individual working in your team who’s committed not only to their own role, but to the larger company objectives.
Your employee will also have opportunities to learn from their experiences, which improves the quality and efficiency of the work they do in their role.
You should create growth opportunities from within your company. This means focusing on growing talent from your current employee pool. The search for new talent is then less about external hiring as it is about how well you’ve invested in your own people.
It is equally important to give a voice to company employees. Many organizations suffer from a problematic culture in which junior employees fail to share their concerns about a project. In these cases, they are afraid of being ridiculed or even punished by leadership.
A culture like this stifles proactivity and innovation, not to mention that it can severely restrict the company’s ability to avoid a crisis or adapt to change.Allowing employees at every level to share their concerns and opinions will also open everyone up to new ideas for problem-solving. By understanding that their input is valued, new employees will feel empowered and will be inclined to stay where they are recognized and appreciated.
To facilitate this process, create a safe space for employees to speak up and share their perspectives. Use feedback from new hires to learn from any mistakes and improve your onboarding processes and company culture.
We’ve already mentioned that negotiating with a potential employee is a two-way street. A big part of this interaction is the compensation and benefits package. This process is the most obvious example of the “give-or-take” nature of the hiring and retention process.
Today, people are looking for more than just a paycheck. They want different benefits to supplement their earnings and protect their health and wealth in the future.
Rather than seeing benefits packages as overhead expenses, HR managers should consider them as strategic expenses for employee well-being. Taking care of your employees will ultimately pay big dividends in the form of a healthy and productive team.
Some of the most desirable benefits include:
The basic benefits package includes several of these benefits, but some companies today offer more perks like gym memberships, discount coupons for retailers, or subscriptions to apps for stress management to improve work-life balance. These perks should always be treated as secondary perks, not the whole of your benefits package.
Along with providing benefits, you will need to educate employees on all the benefits to ensure they make sound decisions for their future. For example, jobseekers just entering the workforce may not know how to choose a healthcare plan. Putting time and effort into educating them shows that you care about their well-being and want them to succeed.
Through open and transparent communication about benefits, you can improve trust between you and your employees and ensure they’re getting the most out of their plan.
By fostering a culture of employee value, you can attract and retain the best talent. For example, Silicon Valley companies have become famous for lavish employee perks like free gourmet lunches and rock climbing walls, which are given along with healthcare, 401(k), and paid time off. These perks reduce employee stress and improve overall profitability.
Related: Attract and Retain Employees
Most progressive companies are good at hiring and retaining talent. But they will always face increasing competition from companies that understand the motivations that drive people to choose an employer.
By understanding the 4 core actions we have outlined in this article, you can give a competitive and intriguing offer to prospective employees, while also retaining your top performers. If your employees are satisfied and stick around, word eventually gets out, and your company could become a talent magnet.
Frank Mengert continues to find success by spotting opportunities where others see nothing. As the founder and CEO of ebm, a leading provider of employee benefits solutions. Frank has built the business by bridging the gap between insurance and technology driven solutions for brokers, consultants, carriers, and employers nationwide.
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