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Hiring And Retaining Top Employees
Good employees are hard to find. It may be easy to fill unfilled positions if you are a huge, reputed, firm (like Google), but there is a great challenge attracting (and keeping) best performers if you are smaller and less well known. As a New York Recruiter this is a challenge I face on a daily basis, particularly since I compete with other Recruiters in New York.
According to chief executives and industry recruiters, who were interviewed for this article, there are three main areas on which to consider: the quality and market condition of your product or service, environment, and remuneration.
Cutting Edge technology and a high vision of quality will lure top technical and design people, salespeople and support people, all for different reasons. Technology people relish the challenge of designing something new, plus they need ongoing chances for skill enhancement to remain updated.
As for top sales people, a powerful product means they can earn bigger commissions, and their self-esteem are fulfilled by being on the cutting edge. And top support people are sharp enough to know that a quality product makes everyone's job easier, and it enables them to earn their incentives. For everyone, superior products will earn your company better profits, enabling more reinvestment in R&D, offering challenges and adventure for your technical people, and more and better product for your sales and marketing people.
The following factors play a large role in the preference of an employee to join a firm:
Environmental factors - the corporate philosophy, the caliber of co-workers, the outlook of your management team, and your physical environment can be pivotal in finding and retaining talented people.
Corporate culture is one topic smaller companies have an edge - that "hell-bent-for-leather" approach makes it exciting and challenging to come to work, and there are not much layers of bureaucracy people find so suppressing. Real teamwork, where success is shared and the team emphasizes a common commitment, will draw other specialists.
Having an intelligent, talented staff will captivate more smart, talented people. So will a collegial atmosphere which values the views of the rank-and-file along with open-management policies keeping the teams informed on the state-of-the-company.
A training plan, designed career paths and professional conference attendance are other ways to attract and keep people. Other small but important options include dress code, flexible work hours, telecommuting, offices with walls - these all help.
Last is the of compensation. The big salary problem is regardless of how much you pay; a competitor can pay a little bit more. So in terms of salary level itself, you just have to be at or near your market rate.
Equity - stock awards, options and equity-like phantom stock - is a great way for smaller companies to enchant people at all levels. Plus, smaller companies can allot equity without the normal waiting period required by public and larger companies.
What does all this mean in real terms? Even though you are not a Manhattan recruiter, some of the suggestions in this article are harder to implement than others, and some illustrate conditions you simply can't accomplish. Must you arrange for every item stated above? Of course not, but scientifically providing your people with the challenge to be their best, the opportunity to learn, the freedom to be creative, the incentives to execute and produce, a feeling of ownership, and the respect as professionals - these are the things that will make talented technical and sales people want to join your corporate, and have them continue.
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