Good employees are hard to find. It may be easy to fill empty positions if you are a huge, reputed, corporation (like Google), but there is a tremendous challenge attracting (and keeping) talented performers if you are smaller and not well known. As a New York Recruiter this is a challenge I deal with 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 focus: the quality and market condition of your product or service, environment, and compensation.
Leading edge technology and a high insight of quality will attract top technical and design people, salespeople and support people, all for a variety of reasons. Technology people relish the challenge of designing something new, plus they need ongoing chances for skill enhancement to remain fresh.
As for top sales people, a powerful product means they can earn bigger commissions, and their egos are fulfilled by being on the leading edge. And top support people are clever enough to know that a quality product makes everyone's job simpler, and it enables them to earn their rewards. 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 team.
The following factors play a large role in the preference of an employee to join a company:
Environmental factors - the corporate culture, the caliber of co-workers, the mindset of your management team, and your physical environment can be essential in finding and retaining talented employees.
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 fewer layers of bureaucracy people find so suppressing. Real teamwork, where success is shared and the team affirms a common commitment, will draw other top professionals.
Having a bright, talented staff will attract more smart, talented people. So will a mutually respectful 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 more ways to attract and keep people. Other small but important options include dress code, flextime, telecommuting, offices with walls - these all help.
Last is the issue of compensation. The big salary problem is irrespective of how much you pay; a competitor can offer a little bit more. So in terms of pay level itself, you just have to be at or near your market rate.
Equity - stock grants, options and equity-like phantom stock - is a great way for smaller companies to entice people at all levels. Plus, smaller companies can grant equity without the regular waiting period required by public and bigger companies.
What does all this mean in actual terms? Even though you are not a Manhattan recruiter, some of the suggestions in this article are harder to implement than others, and some describe conditions you simply can't accomplish. Must you arrange for every item mentioned above? Of course not, but systematically providing your employees with the challenge to be their best, the opportunity to gain knowledge, the choice 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 top technical and sales people want to join your corporate, and have them stay.
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