4 Proven Strategies to Win the War for Talent in 2023 was originally published on Ivy Exec.
The best business leaders know that the success of their organization is driven by the talented people who work with them. They are also acutely aware that the highest-performing professionals on their team are vastly more productive than everyone else.
In fact, according to a recent McKinsey study, high performers in jobs with a high degree of complexity are 800% more productive than average performers.
However, high-performing talent is scarce, and competition in the war for talent is fierce. According to McKinsey, almost one-third of senior leaders cite finding talent as their most significant managerial challenge.
But all hope is not lost! This article will outline four proven strategies to help business leaders attract and retain the best professionals in the war for talent.
Improve Your Hiring Process
High-performing individuals are in demand – and they know it. They are not competing for a position in the same way that an average worker may be. Valuable talent wants to know what a company can offer them immediately, and they may be evaluating more than one offer or organization to determine the best fit for their personal and career goals.
In order to win the war for talent, companies need to streamline their hiring process to appeal to high-value candidates by catering to their needs.
This might include strategies such as:
- Faster processing times for high-value talent
- Deploying recruiters over job posts
- Better interview experiences
- Clear and immediate description of compensation, benefits, and other perks
It’s Simple – Pay More to Win the War for Talent!
While money isn’t everything, particularly to high-performing individuals, it is still a large part of the decision-making process.
According to a recent survey conducted by Zippia, 52% of surveyed candidates claim that competitive compensation packages are the most attractive element of a job offer.
Leaders need to understand that high-value talent needs to be attracted with a high-value offer. Particularly in competitive industries, it’s more than worth the cost to bring in the right players, considering how much more productive they can be, as well as the opportunity cost of them going to the competition.
This does not solely need to be based on salary but can also include other perks such as:
- Better health & wellness benefits
- Professional development support
- Vacation time
- Other creative perks, such as company retreats
Clearly Define How You Provide Work-Life Balance
According to Zippia, after compensation and professional development, 29% of candidates consider work-life balance as the most important factor in accepting a new job.
While many companies share lofty promises of work-life balance through policies such as “unlimited vacation time,” the reality of the workday may not actually permit someone to take even limited vacations throughout the year.
The best talent are highly intelligent individuals, and they will very quickly realize any dissonance between ‘company policy’ and ‘company reality.’
It’s important to clearly define how your organization provides work-life balance so that expectations are met. For example, rather than saying “unlimited vacations,” which is a vague and overreaching promise, organizations can dictate that every employee has to take a minimum mandatory amount of vacation each year, which is a clearly defined policy.
Demonstrate Upward Mobility Within Your Organization
If you want to attract the best talent and, more importantly, retain them within your organization, then leaders need to clearly demonstrate future opportunities within the company to candidates.
The best-performing talent is constantly growing and improving as their career develops, and if there is no opportunity within an organization for them, they will begin to look elsewhere. Stagnant companies run the risk of their talent outgrowing their roles, and upon their sudden departure, this can leave a big hole to fill.
Companies can demonstrate upward mobility to candidates by sharing success stories from other employees who have built careers within an organization or by laying out professional development plans that can help advance their careers through programs such as equity shares, performance evaluations, incentives, and promotion opportunities.
The War For Talent Wages On…
Hiring the right talent for your organization is only the first step. The truth is that retaining talent and keeping employees engaged is an ongoing battle that must always be considered by senior leaders.
High-performing individuals can easily become bored in a role or frustrated when they are held back from achieving success. The risk is that after all the hard work of hiring and training the right professional, they might quickly leave if an organization fails to meet their needs or expectations.
Strong company culture and talented human resource support should always be at the top of the priority list for leaders who want to build sustainable and successful organizations.