The Talent Trap
We’re smack in the middle of a highly competitive labour market.
The challenge of attracting and retaining quality people is the biggest issue for CEOs right now.
Many are following a basic strategy…ask people what they want and give it to them.
Seems simple enough but it can be a disastrous trap.
Conversations tend to focus on immediate needs, like more money, better technology, greater flexibility, and hybrid working conditions.
These are often the easiest levers to pull. Although immediately appreciated, their impact are least enduring and easy for your competitors to imitate.
It’s a race to the bottom.
But wait, there is a better way!
Shift the focus from what employees want in the moment to what they, and the organisation, need to be relevant and sustainable into the future.
It requires a strategic combination of short-term, long-term, individual, and collective focus.
Creating an attractive and holistic employee value proposition of four interrelated elements provides the best chance of attracting the high performers you want.
Benefits – money, flexibility, commute subsidies, technology & other perks.
Development – new skills, job rotation, making them more valuable to the market.
Connection – appreciate and value them, create a safe culture & social relationships.
Purpose – why the company exists, align with their desire to contribute to society.
Benefits are Connection are experienced in the short term. Connection takes time to build, but employees are motivated by the culture they experience now.
Development and Purpose are often experienced over the longer term.
Flipping it another way, Benefits and Development are an individual experience, while Connection and Purpose are generally experienced by the broader organisation.
In this context it becomes obvious leaders should create a more holistic approach to ensure the focus on one area doesn’t undermine another.
For example, allowing your teams to work from home provides flexibility but it can also erode a sense of connectedness over time.
It’s a fit-for-purpose strategy that requires being close to your people.
Ask yourself, ‘what are we doing to develop them?’ and, ‘what are we doing to give them purpose?’
So how do you manage this systematic approach?
Assess what you have, and your employees need – review engagement scores, investigate the causes and what you can do about it.
Change the conversation – don’t just announce the policy, explain ‘why’ and what’s in it for them. Consistent repetition is crucial during onboarding, performance management reviews, and when adjusting policies.
Continually update – employees needs are dynamic so you should assess them regularly and adapt where necessary.
You will reap the rewards of a more committed workforce when you create an environment that helps them reach their potential.
Cultivate Search Group is a specialist executive search and people strategy firm.
It’s what we do best.
Our success is founded on trust, tenacity, and transparency.
We have a personal commitment to achieving a quality outcome, and exceptional customer experience.
We develop bespoke people strategies aligned to your unique corporate culture, leadership dynamics and business purpose.
What’s been your experience attracting and retaining quality people?
We’d love to hear what you think?
If you're looking for a transformative CFO or want to review your attraction and retention strategies, we need to talk.
Check out our website. https://www.cultivatesearchgroup.com/