Spring 2022 Talent Tip Roundup
The “War for Talent” rages on. This has been a hot topic for the past year and will likely continue to be one for the foreseeable future. Everyone wants to know how to gain an edge with both recruitment and retention. To help you on your quest, I’ve shared a partial list of tactics gathered from the “front line” of this war below. Consider adding some — or all — to your bag of tricks.
Strategies for Recruiting and Retaining Top Talent
1. General Pay and Financial Incentives Tips
Higher Pay and Raises
Handing out raises is something that everyone does, yet there are nuances to consider.
- Match market rates.
- Exceed market rates.
- Exceed standard cost-of-living increases.
- Provide increases targeted by position classification.
- Increase overtime pay.
If a raise doesn’t make sense, consider a bonus. Furthermore, don’t hesitate to split that bonus into two or three separate incentives, spaced over several months.
Tuition Reimbursement and Education Subsidies
Think about how you can further your employee’s skill set. Are there college-level courses or technical skills training to help your team members advance their industry knowledge or on-the-job proficiencies?
Student Loan Debt Assistance
What keeps your employees up at night? One of their concerns might be difficulties paying their student loans.
This is a touchy subject for many business owners. However, it’s worth considering for higher-level talent that you can’t live without.
2. Work Flexibility Tips
Remote Work Policies
Let’s dispense with this right out of the gate. There are a million variations on remote work policies out there. Here are the two best I’ve seen — as they’re simple and self-explanatory.
- “Work appropriately.” – Mary Barra, GM
- “If you get your work done, that’s all that matters.” – Dan Price, Gravity Payments
Remote Work Definitions
“Remote work” doesn’t have to be all or nothing.
- 100% remote – Essentially, this means the company doesn’t need you “in” the building. This offers maximal flexibility for employees.
- Partial remote – Some days you’re “in” the office, and some days you’re “out.” This is more of a moderate flexibility-type arrangement. In this scenario, some organizations mandate specific office days (or a set number of “in the office” days) and let employees choose where they spend the remainder of their time.
- Discretionary remote – This variation boils down to “We have a building. You may come here or not come here. The choice is yours.”
The idea of compressing five days’ worth of work into four days in exchange for long weekends may appeal to many employees.
This interesting concept isn’t a universal fit for all environments. Yet it can work in some situations.
Sabbaticals aren’t just for professors and educators. More organizations are allowing sabbaticals, both paid and unpaid, for their workforce – especially for team members in high-value positions with a higher potential for experiencing burnout.
3. Recruiting Tips
Showcase your core values and what qualities attract people to work at your business.
Awareness via Vehicle Wraps
Consider displaying your employment opportunities on vehicle wraps that advertise you’re hiring every time your company vehicles are out and about.
Referral and Signing Bonuses
Give existing employees an incentive to spread the word about open positions at your company and sweeten the deal for prospective candidates.
Elevated Recruiting Website Page
Imagine if your organization treated the hiring process with the same level of scrutiny afforded to sales. Phrased differently, what if you treated potential employees with the same deliberation you devote to acquiring potential customers?
- The “30 Second” application – Streamline your initial job application to get the minimal amount of information necessary to screen individuals before scheduling them for their initial interview.
- Hot link – Use QR codes that link directly to your 30 Second application.
- FAQs – Provide answers to frequently asked questions you often field from job candidates.
- Video – Create videos that highlight the jobs at your company.
- Feature employees – Highlight employees in job categories you need to fill.
DEI (Diversity, Equity, Inclusion) Lens
Expand your candidate search beyond the traditional pools you have always fished.
Streamlined Hiring Cycle
Strive to shorten the process for screening, interviewing, and making offers. You’re likely losing candidates to organizations moving more quickly than you.
4. Grab Bag: Work Culture and Philosophy Tips
Standardized employee benefits and “rewards” have traditionally been the norm. Increasingly, though, organizations are recognizing the “one size (or two sizes) fits all” approach doesn’t work. Many are now allowing employees to select which benefits and rewards they prefer from a menu of options.
Credentials and Training
Does your organization reimburse employees for professional development? If yes, do you direct them to the development options, or do they get to choose for themselves?
Automate. Outsource. Eliminate.
Determine which portion of someone’s job really grinds their gears. Then eliminate or significantly reduce their time on that portion of their work.
Wait-Period for Benefits to Kick In
Consider waiving or shortening the eligibility period for certain benefits to become active for new hires.
Results vs. “Clock-punching”
Is your organization focused on results or tracking time? Does it really matter if one person can do their job in 25 hours per week while another takes 40? Furthermore, what are your expectations for how the highly efficient employee spends their “surplus” 15 hours per week?
Win the War for Talent
I have seen all the above tactics and ideas used successfully by middle-market organizations like yours.
Want to brainstorm some other ideas? Drop me a line! I’m always up for a spirited discussion on recruitment and retention.