Companies have to fight for human talent head-on to increase productivity and strengthen their competitiveness in an increasingly dynamic and diverse market. Thus, attraction and retention strategies are essential to increase engagement and minimize job turnover.
There are many strategies to achieve an effective policy of attraction and retention of human talent. In this interview with Joe Jedlowski, MBA, MHA, previous President and Owner of Milestone Retirement Communities, LLC. and current Chairman and CEO of Distinctive Living, will be sharing 5 tips for attracting talented team members to support your business. Don’t go anywhere!
Why is talent vital?
A recent study of above 600,000 politicians, researchers, entertainers, and athletes shows skilled performers are 400% more productive than their average counterparts.
Surprisingly, as the job role becomes more complex, the gap widens significantly. It is safe to say, in startups with active software developers, or IT professionals, high performers are about 800% more productive.
What does this fact tell you? Excellent talent is worth much more than the average ones and gives a high ROI to organizations.
Joe Jedlowski, most entrepreneurs think great talent is scarce. Is this true?
The perception of the lack of talent was ignited during 1997 – 2001 when McKinsey’s Steven Hankin released his book: War for talent.
Rightly, there was a time when the competition for employee attraction and retention was very fierce. At the said time, only a few workers were available to replace the baby boomers.
Over time, this perception evolved into the war for jobs. Talent is scarce, but the scarcity can be relieved when the company goes the extra mile to get the best team members.
What’s your opinion about companies’ recruitment processes? Do they get it right?
“Many startup owners aren’t good at finding great candidates for the job.” Joe Jedlowski claimed.
Can you believe 82% of companies don’t think they hire highly skilled people? For organizations that do, only 7% believe they can retain them. Sadly, only 23% of managers key on talent recruitment conversations know their current acquisition and retention strategies will work.
The downside to this teary revelation is that companies who lack the expertise to attract and retain good team members will lose out on talents that would eventually be hand-picked by organizations that take their work seriously.
How can companies attract talented team members?
Quickly, I will share 5 strategies to attract and retain the best minds in your organization.
Firstly and importantly, define your employer brand, and find channels to communicate these unique values and qualities to attract the needed candidates to your company.
Secondly, figure out your employee value proposition (EVP) and constantly adapt it to suit the current age. The EVP could be incentives, discounts, benefits, or bonus schemes that your team gets for giving their value.
Thirdly, optimize your hiring process for diversity and inclusion.
Fourthly, deliver a lofty recruitment journey. The more memorable your recruitment process is the higher your chances of attracting even stronger talents.
Finally, create an impactful recruitment advertising strategy. The benefit of this can not be overestimated.
Any advice to startups?
I will be dropping this secret tip most entrepreneurs do not know. In a world of limited resources, companies should focus their prima efforts on recruiting the few 20% talents that bring in about 80% ROI. This few 20% have the highest impact on companies’ progress and must be preserved at all costs.
Relatable insights, Joe Jedlowski. Thank you for being sharing these incredible insights today.
And it’s a wrap!