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Recruiting And Retaining Competent Workforce
Good workforce 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 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 face on a daily basis, particularly since I compete with fellow Recruiters in New York.
According to chief executives and industry recruiters, who were interviewed for this writeup, there are three main areas on which to focus: the quality and market position of your product or service, environment, and remuneration.
Leading edge technology and a high insight of quality will attract top technical and design people, salespeople and support people, all for different reasons. Technology people relish the challenge of developing something new, plus they need ongoing opportunities for skill development 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 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 incentives. For everyone, superior products will earn your company better returns, enabling more reinvestment in R&D, providing challenges and adventure for your technical people, and new and better product for your sales and marketing team.
The following factors play a large role in the decision of an employee to join a firm:
Environmental factors - the corporate culture, the caliber of co-workers, the mindset of your management team, and your physical environment can be crucial in finding and retaining talented people.
Corporate culture is one area smaller companies have an edge - that "hell-bent-for-leather" attitude makes it exciting and challenging to come to work, and there are fewer layers of bureaucracy people find so stifling. Real teamwork, where success is shared and the team emphasizes a common commitment, will draw other top professionals.
Having a bright, talented staff will attract more smart, talented people. So will a collegial atmosphere which values the opinions of the rank-and-file along with open-management policies keeping the troops 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 significant options include dress code, flexible work hours, 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 salary level itself, you simply have to be at or near your market rate.
Equity - stock grants, options and equity-like phantom stock - is a powerful way for smaller companies to enchant 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 real terms? Even if you are not a Manhattan recruiter, some of the ideas 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 systematically providing your employees with the challenge to be their best, the opportunity to gain knowledge, the freedom to be creative, the incentives to perform 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 company, and have them continue.
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