Attracting and Retaining Talent In An Increasingly Challenging Market

Any company’s success is tied to its people. But it seems that finding and hiring high performers is getting more difficult. Learn what’s causing these challenges and how you can always find the perfect team. 

Where Have the Qualified Candidates Gone?

From the Great Resignation to shifting workplace values, finding and holding onto strong talent has never been more complex. From remote hiring challenges to a glaring candidate shortage, CEOs have their work cut out when hiring a new candidate. 

•       74% of employers are worried about finding talent with the proper qualifications.
•       75% of workers who can work remotely will be demanding it in the coming years.
•       77% of job seekers have been ghosted at some point in the hiring process, leading to a lack of trust and growing discouragement.

With stats like these, it can be difficult to imagine finding anyone qualified for your team, much less the perfect fit. 

Strategies For the Modern Hiring Techniques

Not all hope is lost. Your company can adopt key recruitment strategies to utilize the best hiring techniques as you enter the hiring process. 

Beer and Barbeque: Establishing Your Employer Branding

44% of young workers are highly invested in company culture. A staggering 80% consider work-life balance when mulling over a job offer. Having a team of people who get along with one another is vital to attracting top talent. This is where programs like an employee referral program or holding networking/info nights can be instrumental. 

More than that, it leads to a cohesive team that can work together to make magic happen. When looking to hire someone, ask yourself if you would sit down for a beer or coffee with them. Consider your company barbecue and decide if they fit in with your culture. 

 When people like their coworkers, they are excited to come to work. That’s when they put in their best effort and become the right people for the job. 

Communicating Your Company Values

When a company’s values align with the values of a potential team member, it leads to some pretty spectacular benefits, including 

•       Bolstered Teamwork
•       Increased Communication
•       Job Satisfaction
•       Less Turnover

Having clearly defined values and baking those into your day-to-day operations (including hiring) will solidify your corporate “personality” and make a company that qualified talent is excited to get to know. 

Tackling The Skill Gap 

With the talent pool getting younger and more inexperienced candidates entering the workforce, companies must be willing to take risks in hiring. Finding someone with drive and passion could be just as successful, even if someone doesn’t have the formal training or experience you’re looking for. 

Your hiring team should consider innovative hiring practices like 

By accepting the potential skills gap in hiring and working around it, you can find your diamonds in the rough. 

Retention Strategies for High Performers

So, you’ve managed to attract a strong pool of high-performing talent. Your next challenge: ensure you retain and help them grow

These individuals are often the driving force behind innovation, productivity, and competitive edge. To ensure their continued contribution and satisfaction, it is essential to focus on effective strategies for their retention.

1. Conducting Performance Reviews for High Performers:

Performance reviews for high performers should be a constructive process.. Unlike traditional performance reviews, which often focus on areas of improvement, reviews for high performers should highlight their contributions while gently guiding them toward even more significant accomplishments. Regular, constructive feedback is critical. This should include acknowledging their successes, discussing their career aspirations, and setting challenging but achievable goals. Balancing positive reinforcement and meaningful challenges is essential to keep them engaged and motivated.

2. Providing Opportunities for Growth:

High performers are typically ambitious and seek continuous professional growth. To retain these valuable employees, organizations must invest in their development. This could be through opportunities for skill enhancement, such as professional certifications, advanced degrees, or participation in industry conferences. Additionally, they can be highly motivated to provide challenging projects that stretch their abilities and allow them to lead initiatives. Tailoring these opportunities to align with their personal career goals and interests is crucial. This personalized approach demonstrates the organization's investment in its future, leading to greater job satisfaction and loyalty.

3. Addressing Work Environment Concerns Promptly:

High performers are often more sensitive to issues within their work environment that may hinder their ability to perform at their best. Organizations should strive to create a culture where high performers feel comfortable voicing their concerns and feedback. This includes maintaining an open-door policy and addressing their concerns promptly and effectively. Addressing these issues quickly can prevent dissatisfaction and disengagement, whether it's about resource allocation, team dynamics, or organizational changes. High performers value environments where they feel heard, respected, and part of decision-making.

4. Recognizing and Rewarding Achievements:

Recognition and rewards play a significant role in retaining high performers. This only sometimes means financial incentives; often, high performers value recognition of their hard work and achievements. Personalized recognition can be highly effective, such as awards, public acknowledgment, or opportunities to present their work to senior management. Organizations should ensure that their recognition programs are tailored to what motivates their high performers, as this varies from individual to individual.

 By focusing on these areas, organizations can ensure that their top talent remains engaged, motivated, and committed to their roles, thereby driving their success.

Unleashing the Potential of Your Organization

Modern hiring is a challenge, but it’s not impossible. If you take the time to discover what top talent is after and how you can mold and shape potential team members into the perfect candidate, you’ll have the ideal team in no time. 

If you’d like to learn more about building the perfect team or other ways you can take the more straightforward path to creating a great business, connect with us or consider attending one of our upcoming leadership events.