“We can raise the talent bar, but you have to do something different. You can’t do what you are currently doing today.”—Lou Adler, CEO of the Adler Group
We all know the importance of having the right people working for you in order to grow your business. That’s why employers, whether big corporations or small business owners, strive to improve their recruitment and retention strategies.
Statistics show that:
Pandemic or not, workers today look for companies that will offer them good benefits, autonomy, and opportunities for personal and professional development. According to statistics, the most important factors in accepting a new job are compensation (49%), professional development (33%), and a better work/life balance (29%).
We keep hearing that “millennial workers are entitled,” or “Gen Z employees want it all,” but the desire for these three things, especially autonomy at work, isn’t limited to the younger workforce.
During the past two years, we’ve seen that working remotely or having flexible work hours does not negatively impact productivity. In fact, companies have seen relevant improvements in overall performance and productivity when their employees are given some form of freedom and flexibility.
Most researchers attribute it to the fact that empowering employees and giving them the freedom to choose the where (remote or hybrid work), when (flexible hours, asynchronous work shifts, compressed work days, a 4-day work week, etc.), and even the what (self-selection of tasks over traditional managerial allocation) helps boost employee motivation, engagement, and commitment.
In fact, employees today value autonomy as much as a 10% pay raise.
This proves that the time when good pay and benefits were enough to attract talent is over. If we want to attract the “best talents” to our business, we should focus on creating processes that will make them want to work for us. So how can we hire for success?
First, identify what your company needs. Before you start hiring, figure out what kinds of skills or specializations will help your company move forward. Clearly define the role, job description, and requirements you are looking to hire. Once you have more or less a clear picture of who you need on your team, it is time to post that job ad.
In fishing, you need to know at least three things: where the good spots are to cast your line, the proper bait to attract the fish, and how to properly reel the fish in. The same is true for hiring.
You need to know which channels to put your recruitment ad in, what offer is competitive and attractive for the candidate you want to attract, and you need a good recruitment, onboarding, and training process in place.
I found this great LinkedIn article about the top 100 hiring statistics we had in 2022, and it might give you helpful insights on your hiring process. Of course, it doesn’t stop at recruitment. You also want to focus on your retention efforts. After all, it is costly to keep losing/firing and hiring the same talent, and it is time-consuming.
Once you’ve hired the right person, focus on how to build their talents. As Richard Branson, founder of Virgin Group, said, “Train people well enough so they can leave; treat them well enough so they don’t want to.”
Thanks for reading “A Brilliant Tribe.”