Hiring And Keeping Competent Employees
Good employees are hard to find. It may be easy to fill unfilled positions if you are a huge, reputed, corporation (like Google), but there is a great challenge attracting (and keeping) talented performers if you are smaller and not well known. As a New York Recruiter this is a challenge I encounter 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 consider: the quality and market condition of your product or service, environment, and compensation.
Cutting Edge technology and a high insight of quality will attract top technical and design people, salespeople and support people, all for various 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 egos are fulfilled by being on the cutting 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 bonus. 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 option of an employee to join a company:
Environmental factors - the corporate philosophy, 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 not much layers of bureaucracy people find so holding back. Real teamwork, where success is shared and the team affirms a common commitment, will draw other specialists.
Having a bright, talented staff will attract more smart, talented people. So will a friendly 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 noteworthy options include dress code, flextime, telecommuting, offices with walls - these all help.
Last is the aspect 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 close to your market rate.
Equity - stock awards, options and equity-like phantom stock - is an impressive way for smaller companies to entice people at all levels. Plus, smaller companies can allot 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 illustrate conditions you simply can't accomplish. Must you arrange for every item mentioned above? Of course not, but scientifically providing your employees with the challenge to be their best, the opportunity to gain knowledge, the independence 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 talented technical and sales people want to join your organization, and have them stay.
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