Upcoming War for Talent, Are You Ready?
Confidence in our economy is growing. Companies are hiring again. And many qualified people are now beginning to search for new opportunities. We are experiencing a situation that we have not seen since 2007 – 2008, a battle over talented people. Although unemployment is still hovering around 6%, there are a tremendous number of good paying positions at good companies that have gone unfilled for lack of quality candidates. The job market is becoming a sellers’ market! So how will you win the war on talent? Dave Baney, CEO of 55 Questions LLC and a certified Gazelles coach has some great advice …
By Dave Baney, CEO, 55 Questions, LLC
When you think of a company’s top talent, immediately you conjure up thoughts of the people whose performance and actions are time and again outstanding while at the same time aligned with your company’s values.
They are adaptable and responsive, continuous learners and skillful problem solvers…
They can also be scarce, impossible to imitate, and capable of generating considerably more value than other employees.
Customers would pay extra just to do business with this kind of worker and this is the employee that personnel try to imitate and hope to work with.
As entrepreneurs and business leaders these are the type of individuals we strive to have as our employees…
And, now that we seem to have some level of confidence in the economy and are beginning to hire employees again, there are people who have kept a low profile (and stayed in their current jobs even if they weren’t happy) who are now beginning to seek out new opportunities.
We are facing a situation that we have not experienced since 2007 – 2008, a battle over talented people.
I know that the unemployment is still over 6% but there are also a tremendous number of good paying positions at good companies that have gone unfilled for lack of quality candidates that can read, write, do some math and pass a drug screening.
Those people that can meet today’s job requirements (and then some) are in demand and will be so for a number of years. The job market is a sellers’ market!
So how will you win the war on talent…by being a great place to work!
- Competitive salary and benefits
- Clear role and value to the organization of the position to be filled
- Real accountability and feedback
- Exposure to leadership
- Opportunity to contribute to the company’s success
One of the most important components to becoming a great place to work is great people. It can be difficult to find the best…everybody wants them. Here are some strategies for finding the best candidates:
- Networking: Not just LinkedIn or job fairs…remember the best candidates are not always out there looking for a job. You need to go where these applicants are, have conversations and build relationships with them. Let them know about the amazing position you think they’d be perfect for.
- Passion: When people have taken the time to understand your product, and can show they’re excited by it, it becomes clear quickly whether they understand your mission, values, and message. Passion is an important part of what makes an employee truly valuable.
- Stay close to home: You have customers who already know, use, or love your product, and could be a great addition to your team. Don’t forget to share jobs with your community of users, and ask them for referrals.
- Pay: If you want to hire the top talent you should expect to pay a bit more. These applicants have likely been recognized for the work they do at their existing companies, and may be making 10-30% more than their peers. Don’t get too caught up in this, the difference in pay is small compared to the value.
What does it take for your company to attract the best talent?
©2014-2020, Dave Baney. All rights reserved. Reprinted with Permission. Dave is the founder and CEO of 55 Questions, LLC. They help CEOs and Entrepreneurs improve alignment, communication and accountability throughout their organization.