One common challenge I am hearing daily from CEOs is whether there really are any secrets to getting better talent. In addition, wages are starting to increase as the job market continues to tighten, and you’d better believe that wage inflation will go up. What are some things you can do to win the war on employee talent?
On the employee recruiting front, some companies are having an easier time than others. There are some companies where no matter how much they are willing to offer candidates, they can’t seem to find any. I reached out to some of our best middle-market ($10M to $100M in revenue) clients to gain insight into why they are having better success. A few things we noticed about companies that are able to recruit and retain talented employees:
Contrary to common belief, these companies were paying the average market wage. They found that being a great place to work allowed them to keep wages at a reasonable level.
Candidates were coming from employee referrals. Some companies have decided they would rather give large referral bonuses (sometimes as much as $20,000) to their employees for filling key positions than pay recruiters. This was considered a double play. The employee referrals tended to be better candidates and had a high close ratio.
A critical measurement for leaders in high-performing companies was the number of people leaders were meeting with in the community that could be potential employee applicants. This was a key performance factor on every leader’s scorecard.
Another area for differentiation in companies is developing creative ways to offer something other than healthcare as benefits to your employees. While health benefits have gotten to be an expensive offering, they are just table stakes at this point. In addition, health insurance does not produce healthier and happier employees. However, healthier and happier employees usually lead to higher retention and greater productivity.
Again, we did some research to identify some things you can do that may not cost a lot of money and could have huge benefits toward winning the war on talented employees. Here are a few cost-effective suggestions for retaining top talent:
One of my clients, Sapoznik Insurance recognized this issue several years ago and stopped focusing on just selling insurance. They designed and developed programs that help foster employee engagement. They realized that wellness programs were a great way to do this and had an extra benefit for employers — it could help them reduce costs in their company. Most importantly, companies with robust health and wellness programs find that employees feel engaged and cared for by their employers.
I have worked with Sapoznik for several years and here a number of ways I have witnessed them create wellness programs:
If you are not getting the results you want or are not getting and keeping the talented employees you need, it is time to act! Be creative, and the results will show.
Call Howard Shore, one of the top executive coaches in the United States, for a FREE consultation at 305.722.7213 or contact Activate Group today to see how an executive business coach can help you run a more effective business and become a more effective leader.