In today's business climate, companies are constantly on the battlefield of the war for talent. In boardrooms across the world in this global economy, the greatest minds are trying to find the best way to attract, find and keep their most valuable resources: the coveted employees. In today's world of instant gratification and diminishing company loyalty for both employees and employers, the company's goal is to hire the best and brightest minds they can identify, figure out what it takes to engage them and ultimately keep them. Companies have spent billions of collective dollars on finding the magic bullet, whether it be the latest personality testing, applicant tracking systems, AI for business, social media recruiting tools or aggregators. From my years of experience in the world of recruiting, I know all those things are great and can add value when utilized correctly, but in the end, it goes back to the basics: What do employees look for when going to work for a new company, and do you offer it?
I have found that it takes three things to identify, attract and retain the best employees. Companies that offer their employees these three keys time and time again end up as the winning team in the war for talent:
- The ability to both earn and learn
- A culture and sense of being part of a winning team
- A competitive benefits package
Breaking it down
The first of these needs is to find a company where there is the ability to both earn and learn. High potential candidates (HiPos) will most likely have multiple options, and the first thing they are looking for is the combination of earning a competitive wage and the ability to grow and advance their careers. This is a priority for both hourly and salaried employees. As of recent times, companies have not been allocating pay increases as freely as they did in previous cycles. The strategy of "we don't have enough" was prevalent when the market was down. Now that the market is up, the war for talent is on. The HiPos have started to look around for the companies who take care of their employees financially, as well as give them the ability to grow their skillsets and stretch their capabilities as they traverse their career path.
HiPos are driven and at the top 15 percent of their fields of expertise. They expect more than to simply go to work and earn a living. They are looking for a great place to work, and "good enough" does not cut it for these highly sought-after candidates and employees. The companies that offer a winning culture and stop to celebrate the wins and the people that got them there are able to find, attract and retain the best talent.
Finally, the best and brightest candidates are looking for a competitive benefits package. It has been proven over time that a company does not have to be at the tip of the spear on pay if they also offer a competitive benefits package. A comprehensive benefits package is one that offers the candidate/employee options. Everyone has different needs, and the days of a one-size-fits-all benefits offering are no longer relevant in attracting the best talent and retaining the best employees. Offering multiple medical plan options, flexible schedules, a work/life balance, employee assistance programs, a competitive 401k or retirement plan, and discount plans and programs are just a few ways to go from average to being the employer of choice.
The most successful companies either already have figured this out or are in the process of figuring this out and are making adjustments accordingly. It has become a cultural mindset. They are offering a place where candidates and employees can earn and learn, where they have a sense of being a part of a winning team, and are providing a competitive benefits suite. Not only that, but they are constantly asking themselves how they can improve in these areas. These companies are ultimately going to be winning the war for talent by providing peace of mind to their employees that they are valued and appreciated.
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