By: Susan Ruhl
Attracting and retaining talent. It’s the battle cry of today’s marketplace. With unemployment low, it’s hard to find quality recruits to join our companies. So how do we attract talent when jobs are aplenty, the talent pool is shallow and people entering the workforce have different expectations of work than just a few years ago?
Of course, most people think, ‘offer more money’ but there is very little correlation between salary and job satisfaction. In fact, according to Journal of Vocational Behavior, Tim Judge et al, 2010, after reviewing 120 years of research spanning 92 quantitative studies, there is less than 2% overlap between job satisfaction and salary.
If money isn’t the best motivator, what do people want when looking for a job? Well, think about it from your own perspective. You are the candidate of choice for two companies. Company A has a great environment, offers flex time, great benefits, etc. but the salary is $10,000 less than Company B. You’ve done your research and know that Company A’s culture or environment is “churn and burn.” What is more important to you, a healthy work environment or money? For most people, the answer is work environment.
As employers are working to attract the right talent, culture is a critical piece. Examine your company’s culture. Is there idea sharing or is it command and control? Do your employees feel that they have a voice even if they don’t have a vote?
Step away from the values written on the walls. What would you say your employees think your company’s values are? Often, we work with clients whose values look amazing on the website and yet they put up with poor behavior from employees because they are making money for the company. So, what are the real values that go unstated? These are the values that leak out to the community and affect a company’s ability to attract talent.
With today’s workforce demanding great culture and meaningful work, attracting talent has become much more than competitive pay and a 401k. We must strive to provide the culture that employees seek out. At ICC we work with many people in search of their next job opportunity. When our coaches guide them in assembling a target list, they often start with the companies that are listed in the business publications as being a top company in the region. Who wants to work for a company with bad culture?
What do you think are the important aspects to attracting talent in this competitive marketplace?