2021 Resolutions, A Scorecard Last year I shared how I came up with resolutions to meet my business and personal needs in my blog post, New Year's Resolutions, Once More Unto the Breach. I broke my 2021 resolutions for 2021 into three areas and scored them as follows:...
Five Ways to Attract Prospective Employees
Like many of my clients, if you are experiencing significant increases in business, you’re noticed that there is a War for Talent! That is not surprising. There are approximately 9.3MM job openings and 9.5MM unemployed, so demand is about equal to supply. So how do you find employees? Without getting into political arguments about the lack of employees, here are five ways to attract prospective employees better.
If we take the business model that I have outlined before, which I believe can be applied to many situations, e.g., Recruiting employees and the collapse of the Superleague. So, I will examine attracting employees through the lens of:
- Value Creation
- Core Customer
- Brand Promise
- Value Delivery
and the fifth item is “Spread the Word.” You don’t want to be the unknown greatest secret among employers!
Value Creation in hiring refers to Why Should I Work for You?
The first part of this is the company’s mission, or as Patrick Lencioni puts it, “Why do you exist?” Articulating a reason for existing that will resonate with the prospect is critical. There is much research by McKinsey and others that shows that if the employee can identify with the organization’s mission, they are more likely to stay and be more productive. Thus, know your mission! It needs to be succinct and easy to understand. But the entire organization needs to know it and express it the same way so that the prospect believes that you believe in it.
Second, you need to explain why the prospect should work for you. Having asked many CEOs, the following hypothetical.
You are interviewing a candidate, and they are “It.” They are an “A” player, exactly what you need and want, and you about to offer them the opportunity. Still, before you do, you ask if they have any more questions. The candidate looks are you and asks, “Why should I work for you?”
To date, not a single CEO or business owner answers this question in a way that would attract the candidate. The most common answers I get are, “We are a great company,” “We offer employees great opportunities,” and “This is an exciting place to work.” If these are your answers as well, consider the following. Do you think when the candidate asks your competitors the same questions, the responses are:
- “We are an awful company.”
- “This is a dead-end job where employees’ careers go to die.”
- “This company and position are boring beyond belief, and nothing ever changes. There is no excitement or challenge.”
Of course not! They provide the same answers as you.
What to do? Consider the question and have a response ready that is supported with details and stories.
- If you are a great company, explain how in a way that resonates with the candidate.
- If you offer opportunities, tell stories of how employees have had great opportunities at all levels and how they have progressed.
- If you are an exciting place to work, show how and make sure the energy is reflected in your tone and attitude.
Being able to articulate this is more critical than many CEOs, and C-Level people realize. Prospective employees have many options. If you want “A” players to take your organization to the next level, you have to stand out from the rest and show them why you are the best choice. Being the “Tallest Pigmy” is not going to cut it.
As with Customers, we determine our Core Customers, so we know how to market and sell to them. With employees, we need to determine who is our “core employee.” As Jim Collins has often said, culture is more important than skills as the job will change, but having people with the same values is critical! Also, you can teach skills much easier than you can teach culture. Hire for core values! Ensure that all the people involved in the hiring decision can determine that the prospect has the correct values. Finally, if you hire them, ensure that your onboarding process makes those values a habit!
Because Core Values are critical, companies that permanently rely on temp agencies are making a mistake. Temp agencies provide you with someone who can fog a mirror and do the job, but there is no test for culture. So, they don’t last, and if you have to get a new temp in who needs training. The cost is high, and productivity is low. Finally, the temp agency is competing against you. If they have another client who will pay the employee more, your temp employee is gone. While temp agencies may solve a short-term problem, they are not the solution many think they are.
As with customers, you have a brand promise to convert prospects into customers; what is your promise to your employees. What are you offering them other than a salary? A CEO once told me that he couldn’t keep employees, but when we discussed it, the only thing he could say that he offered was a salary, which was in line with the market. No wonder none of his employees stayed. What you offer is not just a salary, but you need to consider things like:
- Career advancement and development;
- Further education and training;
- Other opportunities; and
- Feeling part of something bigger.
It reminds me of Cameron Herold, who, on the first-day offer that an employee joined the firm, used to celebrate to welcome them to the company. At this party, the new employee had to prepare their bucket list. The company used to commit to helping them realize an item on it during their first year. Helping didn’t mean paying for it but instead finding a way to work with the employee to realize it. Doing this gained a tremendous amount of company loyalty.
More recently, a client was telling that her daughter had just joined a new company during COVID. A few days after accepting the offer, her daughter received a laptop and a large computer monitor to help her work. The daughter was so excited about the monitor. She felt that the company cared about her and her performance, increasing her loyalty to the new employer.
How do you measure value delivery with customers? NPS scores. Well, do you get NPS scores from your employees or get them to complete Gallup’s Q12 Employee Engagement Survey? I do these for my clients. Doing these things will enable you to understand if you deliver on your promise and show that your employees are engaged. You can use this as recruiting materials. (If you are interested in having an NPS and Gallup Employee Surveys done, don’t hesitate to get in touch with me.)
Get employee testimonials from employees at all levels. The strongest recommendation you can have is from your employees in their own words. Get them on video so that prospects can see how strongly your employees feel about the company and how you deliver your brand promise to them.
Spread the Word
Finally, most companies have no information on their website about any of these things. At best, a few websites ask you to submit a resume without even listing any jobs. Why would an “A” player do that? If this is the best you offer, you are not attracting them. Your website needs a section in the top menu for employment opportunities. It needs to tell prospects:
- Why You Exist
- Why Someone Should Work for you
- What Your Core Values Are
- Your brand promise to your employees
- Your value delivery in terms of NPS score and Gallup Engagement.
- Employee testimonials
- What jobs are available and written to attract “A” players.
So, attract them.
While the above is not a guarantee to fill your empty positions, it will help great employees find you and be interested in working for you. If someone applies and appears to be a great candidate, but you have no role for them, find a place for them or keep them in a talent file for when a need arises. As with selling, if you don’t get the message out that you have a great product, meet your brand promise and have the data to prove it, you need to do this with hiring. Failure to do so will limit your success. Just because you are a company, realize you are now fighting for employees, and you need to work harder!
Copyright (c) 2021, Marc A. Borrelli
Resolutions, Here We Go Again.
You need to take an extended vacation. No, seriously, you do.
COVID has taken a toll on all of us. If you have not taken an extended vacation in a while where you disconnect, you need to now. You and your business will benefit.
A small Scottish company shows how being famous for something works
I recently discussed how you must be famous for something. If you're famous for something it is easier to: focus on what you can be the best at, find your "tribe," tell people what you do, get referred, and define your core customer While we all know of companies...
Are you optimizing Your Cash Conversion Cycle for growth?
Companies need cash to grow. If your cash conversion cycle is too long, you may not be able to finance your growth. Here is how to reduce it.
You Have to be Famous For Something
In a meeting last week, one of my Vistage members discussed his expansion into a new business area and how to price his services. The way he described the new market was comprehensive. As usual in Vistage, this lead to a great discussion challenging his assumptions...
How do you price your products and services?
Many businesses do not take full advantage of the value they offer to price effectively. Many struggle to price at a point that makes them a great margin. Here is a way to look at it see where you can price to improve your business.
Do you know your Profit per X to drive dramatic growth?
I recently facilitated a workshop with several CEOs where we worked on the dramatic business growth model components. One of the questions that I had asked them beforehand was, "What is Your Profit/X?" The results showed that there this concept is not clear to many....
Five Ways to Attract Prospective Employees
There is a war for talent. How do you attract talent to your company and have them apply for jobs there? You have to show why they should consider you, who you want, what you offer, and how your current employees feel.
Are you killing your firm’s WFH productivity?
Productivity remained during WFH with COVID. However, further analysis found that hourly productivity fell and was compensated for by employees working more hours. What was the culprit – Meetings. Want to increase productivity, have fewer meetings.
EOS is just that, an Operating System
For those of you who are not aware of EOS, it is the Entrepreneurial Operating System. It seeks to improve businesses by getting six components aligned to enhance business operations. The six are: the vision the people the issues traction - meetings and goals...