Growing Careers & Companies Episode 14 | Recruiting & Retaining Talent
14th Episode of Growing Careers & Companies Podcast
Recruiting & Retaining Talent
Welcome to the Growing Careers & Companies Podcast with Allison S. Weiss. Today, we discuss 2 of our favorite topics, recruiting and retention. We talk about where your company fits - from lagging the market to exceeding it - how to determine what’s the most important for potential candidates, employees, and future team members, and how to reflect on your company’s value proposition to retain talent.
For more resources and news visit: https://www.growingcareersandcompanies.com/
“The reason that people join and stay at companies has to do with so much more than just compensation and benefits.”
Recruiting and retention can make or break your business. We’re in the midst of a historic number of job transitions, and moving into the latter half of 2021, we will likely see transitions accelerate. So today, we’ll help you to reflect on your current company's value proposition, and how it can improve to help you both recruit and retain talent.
As we see newer and younger generations entering the workforce, our attitude towards work has to change radically to attract them.
We gathered the 6 most important areas to consider in order to recruit and retain talent. We invite you to rate your company on a scale of -10 to +10, in relation to your competitors and the market:
-10 is being seriously behind
-5 is below market
0 is being on par with your competitors
+5 is above market
+10 is greatly exceeding the market
To determine where you are in the market, we recommend you to talk to your current recruiting team and conduct a competitor analysis process.
1. Compensation
This is the most obvious consideration and can include base salaries or hourly compensation, different types of bonuses, and/or commissions. Not all bonuses are created equal, as discretionary bonuses tended to be less stable during COVID. Some less common but attractive compensation components are stock and/or equity, and deal or fund level participation.
2. Benefits
Other than the usual health/vision/dental insurance, 401(k), and life insurance, there are some new options that can attract early-career candidates. Some creative options can be student loan assistance, wellness reimbursements, or supporting families with adoption benefits, fertility treatments, and child education support.
3. Growth
This could be various programs, mentorship, tuition assistance, or creating a path to partnership. Career path-ing helps those interviewing to envision their long-term opportunity present within your organization, and gives your existing team something to strive for.
4. Freedom
Flexibility in schedule became even more important during this pandemic and it is one of the main reasons we’re seeing people leave their current roles. Work from home options and flexible working hours are desired. The new generation of talent also values freedom to be authentic and express themselves freely.
5. Environment
We should think holistically about our environment. There are a variety of different things that relate to the environment - such as the social aspects, the physical aspects, the space we’re in, and the overall energy of the office. Is it ultimately a place people want to and would choose to be?
6. Purpose
Purpose is being a part of something bigger than yourself and making an impact with the work that you're doing. If you can tie your company's mission, vision, and values and align it with your team members and your prospective candidates, you are going to be that much more successful.
Now, go ahead, if you haven't already, give yourself a score for each of those different areas from -10, -5, 0, +5, +10. If you were lagging or seriously lagging in some areas, highlight them. See how much work you have to do in what areas, and look for solutions related to the areas you’re struggling with as an organization while leveraging your strengths.
We encourage you to think beyond just compensation or benefits, and really dive deep into the compensation, benefits, growth, freedom, environment, and purpose that you're creating within your company.
Resources for the show:
Your Company’s Value Proposition for Recruiting & Retention Guide
CEL & Associates Compensation Guide for 2020
https://www.growingcareersandcompanies.com/
https://www.crerecruiting.com/
The Growing Careers and Companies Framework
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