HOW DO YOU STOP LOSING YOUR TOP TALENT?

  By Barb Bruno  |    Tuesday April 26, 2022

Category: Columns, Expert Advice, Productivity, Recruiting



Where is all the great talent?  Your people are only your greatest assets when they are the right people.  Are you just filling assignments, contracts, and job orders, or are you placing the best talent for each opportunity?  The workforce and workplace have changed and traditional methods of sourcing and recruiting top talent simply don’t work.

The other challenge you’re facing is losing your internal team to other Staffing and Recruiting Firms, having them open their own company, or going to work for a much higher base salary in Corporate America.  

According to LinkedIn, companies spent $2.5B on job board ads and website postings in 2021. Both of those recruiting methods only attract 15% of the talent pool which represents individuals conducting an active job search.  This “posting and praying” method is just not working.  

Some of the best and free resources we have utilized to find top talent were identified during interviews.  People are more networked than ever, and most are not willing to pay for resources they might utilize in a job search.  As a result, they identify free resources that are effective, and you can utilize those same resources.

Where does the top talent you need to hire hang out?  When I owned a light industrial temp firm years ago, three of my greatest resources for top talent became the American Legion Post, Moose Lodge, and bowling alleys. We attended their fish fry every Friday night, sponsored bowling teams, became an active member, and recruited remarkable talent.  

Identify the industry events they attend, the publications they read, and the associations they support.  Attend the same events, have an article published in the publications they read, and support the same groups.   Encourage your team to hang out where their potential candidates and clients hang out.  Be willing to pay for memberships to clubs and associations.

Teach your recruiters to stop pitching a specific job to a prospective hire. The common perception is that you don’t really care about what is important to this person, you are just trying to fill a job with them or the next person you call.

The war on talent is over – talent won! Candidates know they are in demand, confident if they leave they will find a better paying job, and they are being approached by recruiters trying to entice them away.  So, why should they consider working for one of your clients?  Share the company brand and culture of your clients with your candidates.

 

TIP:   Set up Google alerts on your company to see what others are saying about your clients online.

 

CURRENT CANDIDATE REALITIES:

 

· Over 50% of the workforce are Millennials and Gen Z

· By 2025 over 70% of the workforce will be Millennials and Gen Z

· They know they are in demand

· Put a premium on personal and professional development

· Need to know how their work helps achieve company goals

· Least engaged workforce in history

· Often continue to interview after accepting an offer or even starting a new job

· Will quit without notice

· Often quit their manager vs. the company

· Look for an environment that promotes DEI (Diversity, Equity, and Inclusion)

· Wants to know what “causes” are supported by the company

· Will change jobs more frequently that prior generations

 

RETAIN YOUR INTERNAL TEAM

There are five strategies you can implement that will help you engage and retain your internal team. They include your employee referral program, orientation, mentorship, stay interviews, and personal and professional development. 

Strategy Number One is your Employee Referral Program.  A reliable statistic to monitor is the number of employee referrals you obtain.  If your employees love your company, culture, values, and their career path, they will refer other people just like them.  Your employees are either your “army of recruiters” or they are being recruited away by your competitors.

Strategy Number Two is your Orientation Process. In this competitive market, many candidates continue to interview after they’ve accepted your offer. They will also receive a counteroffer from their current employer.  Have one of their new co-workers or managers take them to lunch, send them company swag, have them fill out paperwork, and keep in touch during their two-week notice.  

Strategy Number Three is Mentorship.  Whenever possible, appoint a mentor to every new hire, who is not in a supervisory role.  So often during casual conversations, small issues can be resolved before they escalate to major problems that cause turnover.  Mentorship is also a great way to develop leadership qualities in the person who is selected as the mentor.

Strategy Number Four are Stay Interviews.  Too often companies only conduct two interviews.  The first is the employment interview and the second is the exit interview.  Stay interviews are conducted with employees to assess their job satisfaction as well as why employees are “staying” with your company. Your goal is to learn what makes your company a great place to work and what you may need to improve to increase retention.

Strategy Number Five is offering Personal and Professional Development.  Your employees want to continue to develop, learn and improvement their marketability which will help them advance in their career.  During stay and performance interviews uncover what areas they feel need improvement. When your employees continue to develop and advance within your company, they will become an engaged and retained employees.

If you implement any of the ideas I’ve shared with you today, you will not only place the best talent you will prevent your current internal talent from walking out the door!


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