Good employees are hard to find. It may be easy to fill empty positions if you are a huge, well known, firm (like Google), but there is a huge challenge attracting (and keeping) top performers if you are smaller and not 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.
As per chief executives and industry recruiters, who were interviewed for this article, there are three main areas on which to focus: the quality and market position of your product or service, environment, and remuneration.
Innovative technology and a high perception of quality will attract 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 prospects for skill enhancement to remain fresh.
As for top sales people, a strong product means they can earn bigger commissions, and their self-esteem are fulfilled by being on the cutting edge. And top support people are smart enough to know that a quality product makes everyone's job simpler, and it enables them to earn their incentives. For everyone, superior products will earn your company better profits, enabling more reinvestment in R&D, presenting 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 firm:
Environmental factors - the corporate philosophy, the caliber of co-workers, the attitude of your management team, and your physical environment can be crucial in finding and retaining talented people.
Corporate culture is one topic smaller companies have an edge - that "hell-bent-for-leather" stance 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 emphasizes a common commitment, will draw other experts.
Having a smart, talented staff will attract 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 groups 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, flexible work hours, telecommuting, offices with walls - these all help.
Last is the of compensation. The big salary problem is no matter how much you pay; a competitor can offer a little bit more. So in terms of salary level itself, you just have to be at or close to your market rate.
Equity - stock grants, 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 usual waiting period required by public and bigger companies.
What does all this mean in real terms? Even though you are not a Manhattan recruiter, some of the tips in this article are harder to implement than others, and some describe conditions you simply can't achieve. Must you arrange for every item stated above? Of course not, but methodically providing your people with the challenge to be their best, the opportunity to gain knowledge, the freedom to be creative, the incentives to execute and produce, a feeling of ownership, and the esteem as professionals - these are the things that will make top technical and sales people want to join your corporate, and have them continue.
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