The employment tide has turned and once again it is an employee's market, particularly in select industries. With many industries facing negative unemployment, often the best talent in today's marketplace is not on the street but already happily employed. Although established companies may receive a multitude of job seekers; for example, Google receives more than 100,000 applications each month, well-qualified candidates are still hard to find. Whether a company is a recognized brand or just starting up, the best people with the right skills set can be difficult to find.
Companies today need to work just as hard to reach qualified candidates as they do when targeting potential clients. Following are five tips that can help attract, find and retain stellar employees.
Have a Compelling Value Proposition
Ask yourself why someone would want to join your company. Top candidates want to work for companies that have established names; have produced impressive and innovative work; and care about the same things they do. When attempting to land new business, you and your salespeople must understand a prospect's needs and goals, and trigger that buying motive. The same thing needs to be done when enticing top talent to join your firm.
You should be able to explain in 30 seconds why an opportunity is perfect for the right person. The best people are looking for more than competitive earnings packages, thus stressing the learning possibilities and growth potential of the position can be the key to attracting top talent.
Be sure all candidates leave the interview process feeling good about you. Do not forget that each of them becomes a spokesperson for your company. Additionally, a candidate who is not right for today's opening might be perfect for the next opportunity. As part of your recruitment campaign, be sure to stay in touch with these individuals.
Turn Up the Volume
While current and potential employees can provide good word-of-mouth, employing the fundamentals of marketing can create the right "buzz to reach not only new clients but potential employees. While more traditional employee recruitment tools, such as career/job fairs and classified ads are still important, employers need an on-going comprehensive recruitment campaign that helps raise awareness to attract the best.
Often, once someone has heard about a company, they visit the website to learn more, so be sure it is up-to-date and presents your company in the best light, showcasing your commitment to quality, creativity and an employee-friendly work environment. Since a company's lure is often based strongly on the quality of its clients, keep an updated account list and, if possible, provide some case studies.
Publicity can also be helpful in raising a company's profile. Working with industry reporters and trade publications will help position you and your company as industry leaders. Issuing press releases announcing company news, such as new business wins, product innovations and company changes not only keep reporters apprised of on-going developments but can be posted on your website, repurposed into a direct mail piece or revised to included in a company newsletter to ensure that current and prospective clients and employees are aware of positive happenings at your firm.
Pursuing speaking engagements is another way to stay on the frontlines of your industry. Large companies are not the only ones invited to present. Often conference planners are looking for a new and fresh perspective that a start-up might provide. Speaking opportunities demonstrate your knowledge of the latest trends and display a depth of insight about your industry. Sitting on panels and participating in workshops presents your company as a thought leader and expert in the field. Those in the audience may be potential candidates who will think of you when they begin their job searches. In addition to presenting, be sure to maximize your participation by hosting a booth or a reception to increase your opportunity to meet potential employees.
Empower Your Network Top employees know other "best people, so start in your own company. Develop an internal recruitment program that rewards employees for referrals. Not only will they most likely suggest candidates with the needed skills but ones who fit the corporate culture. Call contacts in your rolodex and ask them if they know potential candidates.
If you are not close with the top people in your industry, here's your reason to change. Reach out to gurus who speak at conferences or write for publications like this one. Tell them you are looking to hire smart and impressive people. They may even become personally interested in your opportunity.
While looking to others in the industry is a great way to find hidden talent, great business employees may not be on the street, but potentially on your current payroll. Many companies have excellent people internally that can be trained to grow. Companies who neglect to identify these potential future stars not only miss an opportunity to fill senior spots, but inevitably lose these players to competitors who recognize their skills and recruit them away. Promoting internally can also make for a smoother process primarily because of cultural issues; a smaller learning-curve as they grasp the ropes of their new position.
Offer Fun and Learning
In today's workplace, the perks and benefits can be as influential as salary to job seekers. Many companies offer casual Fridays, summer hours or employee outings to keep up morale, allowing a break from the "day to day. Engaging top talent in new learning opportunities is also important. Candidates who are already happy and successful in their current jobs will only explore new positions if they can learn more and be happier than they are now.
Often identifying the factors that are missing at other companies can be crucial to finding the "key to happiness for potential employees. Understand what someone enjoys at their present position and then ask what would make them happier. Be able to explain why your opportunity can fill what is missing or offer more.
Show the Money
Be competitive when it comes to compensation. Happy and successful candidates are looking for fun and learning but they need to be paid appropriately. Having a clear understanding of salary requirements in your industry for specific positions is crucial when presenting an offer. If your company is unable to top or even match the person's current salary, perhaps you can offer a more aggressive bonus structure or equity.
Once you have attracted top talent, the money issue can play an important role in preventing your employees from looking elsewhere. Many employees looking to change jobs await their year-end bonus and begin looking for an opportunity come January 2. Rewarding people periodically throughout the year can keep employees motivated and invested in their work. Additionally, providing a non-traditional structure by paying bonuses quarterly or even monthly, for example, can eliminate the annual carrot so people do not "eat and run .
Explaining the bonus structure to employees so they know what percent is quantitative versus qualitative and understand what they are working towards provides a greater incentive to reach the goal. Essential to rethinking the bonus set-up is recognizing that one benefits package does not "fit all. Creating a "best-fit bonus practice structured to the time preference of each individual employee is ideal as it demonstrates appreciation for their dedication and commitment to the company.
It is no surprise that company's like Google and Yahoo! share a high volume of applicants because of their business success and visibility to job seekers, causing less branded companies to fight harder for top people. Although a "big name is not imperative to attract great employees, showing potential hires that your company is made up of happy and successful people is a good part of the battle. Your goal should be to demonstrate to candidates that your work environment will contribute to their success. To attract the best you have to prove that your company is expanding and will allow them to grow through clients, salary, benefits and professional development opportunities.
