Every once in a while I happen across a thought leadership piece that causes me to pause and think, “Wow, these folks really get it!” A recent white paper titled “The 2019 Hiring Guide” did just that. We included it in our last newsletter and since I know most of you are struggling with this, I am including a bit more info.
Published by TalenTrust, a professional services firm that helps companies find, grow and keep great employees, the premise of the report – that workers have the upper hand during recruiting wars – isn’t particularly earthshaking. Anyone who has been paying attention knows that unemployment rates remain low while the demand for talent is sky-high. However, the paper’s approach to recruiting and retention represents a radical departure from traditional practices.
I always caution about the dangers of “we’ve always done it this way” thinking. Now more than ever, companies need to jettison their assumptions and beliefs that don’t align with the realities of today’s employment landscape. To address the fact that job candidates have the advantage over employers, TalenTrust recommends six strategies for successful recruiting, hiring and retention.
- Make human resources a strategic function, with a seat at the C-level
- Build a winning employment brand
- Make engaging with employees a strategic imperative
- Use technology to streamline your hiring process and improve its accuracy
- Change your recruiting paradigm: start treating job candidates like customers
- Invest in social enterprise, the process of integrating social impact into your business operations
When employed as a unified strategy, these principles will empower a much-needed transformation in the way companies go about hiring and retaining their most important asset.
Engagement as a Retention Tool
As I read through the report my second thought was, “It’s about time!” For years I’ve been talking about the importance of having a clear vision of and a focus on winning. And now here’s a company that specializes in talent acquisition talking about integrating this philosophy into your hiring and retention strategy.
They don’t use the same terminology as I do. But their message starts with the same fundamental notion that people want to win. They want to be part of a winning organization. They also want to know that the time and energy they invest in supporting your business makes a difference in the world. That doesn’t mean you have to cure cancer or create world peace. It does mean your product or service needs to help companies and people solve problems and improve things in meaningful ways.
I also like the report’s emphasis on engaging employees. These days, business leaders have so many things on their plates it can be easy to take employees for granted. Especially the top performers who can be counted on to produce results. But lack of engagement exacts a steep price.
When people don’t feel engaged or aligned with where the company is going, most will show up for work and do the minimum required. Yet, as soon as a better opportunity comes along they’re out the door, especially your best performers.
People change jobs more often than in the past, especially younger employees. Constant turnover hurts morale. It puts an additional burden on those remaining. It makes it harder to provide consistent service to customers. And replacing departing workers costs time and money that could be better invested in other areas of the business.
Make Candidates Want to Choose Your Company
If you think employees aren’t in control of the recruiting process, consider this eye-opening stat from the report: three out of every four job seekers research a company’s reputation and employment brand before applying. If they don’t like what they see, they will reject you before you even get a chance to recruit them.
That’s why developing a winning employment brand – the public perception of your business as an employer and a place to work – is so important. Here’s what TalenTrust recommends.
Start by identifying your purpose and values. Why does your business exist? Where is it going? How do your values guide you in getting there? Then practice your core values throughout the entire employee life cycle – from the time job candidates contact you (or vice versa) to the time employees leave. Keep in mind that people want to join organizations where the culture and values match the pre-hire promises. Merely claiming to be an employer of choice won’t cut it. To have a winning employment brand you must live it.
When you look at this approach, developing a winning employment brand isn’t that different from building a winning business. You start by setting a clear and compelling destination. You communicate it with passion and purpose. You set up systems, processes and ways of working that keep people focused on winning every day. Then you engage employees and empower them to make decisions that are good for your customers and your business.
You can continue selecting and retaining people they way you’ve always done, which has about the same odds as playing the one-armed bandits in Las Vegas. Or you can stop thinking that you select employees and start getting used to the fact that they select you – a paradigm shift that will lead to acquiring and keeping the talent you need to win.
