7 Tips for Winning the Talent War
A Leadership Summit Main Stage Event
There is no hiding the fact that there is a shortage of talented labor nowadays. The pandemic has driven away many skilled workers and companies are starting to worry. Jeff Butler, a world-renowned TEDx and fortune 500 company speaker, author, workplace strategist and business owner, gave Leadership Summit attendees seven tips to winning the talent war:
Create a Strong ‘Why’
This generation of talent does not only search for money. Of course, salary is important, but there is so much more. In a descending order (starting at the most important), workers are looking for: personal growth, impact on society, a positive relationship with their manager, culture, brand reputation, and salary. The most important aspect is personal growth because people want to feel that they are growing in their career, not remaining stagnant and bored.
Your company needs to create a strong ‘why’ for the company and even job description, not just a list of responsibilities and expectations. Think about speaking about the role’s growth opportunities, the company’s impact on society, the legendary managerial team, etc.
People who excelled in structured interviews have a 58% chance of being a great employee, those who excelled in unstructured interviews had a 38% chance, and those who were very interested in a job only had a 10% chance. This data suggests that structured interviews are crucial for finding top talent.
A structured interview is where an interviewer has a set of questions that have been arranged in a standardized order. This enables you to collect similar types of information in your interviews with potential employees. Jeff suggests changing the structured interview questions variably, as these questions are regularly posted online.
Butler’s pro tip for hiring great talent: get work samples prior to extending an offer to get a better perspective on that candidate’s ability to excel in that certain role.
Job postings on websites like indeed.com had a 800% increase in viewership when the listing had a video. Also, when video is implemented into job listings, the employees stay 2.5x longer, on average. This data is powerful and highly effective. Videos do not have to be complicated nor high budget to help your hiring process. Just do the best you can. Add a story to the video, walk the audience through a journey, add great music, pull at their heart strings with emotional imagery such as having a successful career and the ability to spend more time with their family, and convey strong branding.
Turn Employees into Recruiters
Employees that are referred have a 45% rate, while employees that go through jobs boards/listings only have a 20% retention rate. Referrals also have a 2.6-6% higher chance of accepting job offers. To get your employees to start referring potential employees to your business, you need to make it worth it. When referring people, employees are risking a lot, such as their reputation with the company and with that specific referral. One great idea is to pay employees when they refer someone who gets hired, and even pay them variably when that referral stays for six months, again at one year, etc.
Optimize Online Presence
Your jobs listings need to be online. That is where people search for jobs in this era. Post a job listing on indeed.com, on your website, and on social media. 91% of professional recruiters use social media, such as LinkedIn, to recruit.
Create Offers They Can’t Refuse
When hiring, create offers that include creative additions competitors might not be thinking of, such as paying for employees’ remote set-up, including their internet bill. People have been statistically proven to prefer when a company pays their internet bill, even more than a small salary increase — as it is a consistently recurring reminder of their company supporting them. Employees are usually thinking, “what have you done for me lately” and this is a small way to consistently show support.
Create an Unforgettable Onboarding Experience
You can’t make a second first impression, so get it right the first time. 33% of employees quit within the first 90 days because the job was different than anticipated. So, make sure the first day is grand; include a planned orientation, create a positive emotional connection to the company, and schedule a meeting with company leaders.
It’s getting more and more difficult to hire top talent, so you must greatly improve your hiring process, to the point that potential employees clearly understand that your company is where they want to be. If your company needs top talent, then your company needs to be top talent.
To take a deeper dive, register for the Leadership Summit Virtual Pass and get OnDemand access to this and other sessions on hiring and retaining talent. Virtual passes are $199 a person and content is available through the end of October.