3 Ways to Attract Top Talent in This Competitive Market

Harvey Hudes, Founder & CEO, Caliber Corporate AdvisersPeople are your company’s most valuable asset. It’s no secret that employees and the quality of the work they produce directly influence a business's reputation and its growth potential. But are today’s recruiting practices helping companies attract and retain the right talent to meet their evolving needs?Within the communications and technology spaces in particular, we’re seeing more and more companies grappling with the best way to find that next hire – regardless of experience level required. This is especially true for more senior talent within niche industries as there is a small, select group of professionals with the relevant experience required to hit the ground running.I'm a firm believer that collaboration among small to mid-sized business owners fosters an environment for growth across the board and makes us all better business owners. Relying on the advice of others has always served me well, particularly in the last 8 years of growing our team at Caliber. We’ve found there to be three key items that have enabled us to attract the right members for our team…1. Standard benefits are table stakes — and great culture wins the jackpot. In 2018, things like competitive compensation, health insurance, and a 401(k) have not been impressing as much as they may have just a decade ago. Businesses hoping to hire the best people for the job must go beyond the basics and offer what employees truly value: a great corporate culture.Cultivating a powerful, positive corporate culture is key to hiring great people — so if you don't have one yet, I encourage you to take the necessary steps to create it. Building a culture that’s genuine and authentic to your business requires a lot of time and effort but is well worth the resources you’ll expend. Once established, be sure to carve out enough time during the interview process to explain your corporate culture in-depth and to allow potential employees to get to know who they'd be working with day-to-day. Taking these steps will help people envision their future working environment — and ultimately decide it's where they want to be.2. Improving quality of life improves company loyalty. Potential hires carefully consider how their job will fit into their lives outside of the office. Major factors that candidates think about as they decide their next career move include the length of their new commute, how much time they have available to take off in case of illness, and what the company vacation policy deems enough time for R&R. If you offer flexibility that improves their quality of life, potential candidates are more likely to accept an offer and stay on longer with the company.Offering a generous PTO package (perhaps even an unlimited policy), one or more dedicated remote work days, and/or full-time remote work arrangements can go a long way toward demonstrating that your company cares about work/life balance. There is a major shift to remote working but what is right for some, may not be right for you. Dip your toe in the water before going all in with a new approach.We've found that when employees' work environment needs are met, and when they’re encouraged to recharge when they need to, they're more empowered to deliver their best possible work product. And that's great for them – and for the business.3. An investment in people is an investment in your company’s future. There's a cartoon about investing in employee development that's been floating around the internet for years. I'm convinced it keeps circulating because it rings very true. The cartoon features two managers talking about their employees. The first says, "What if we train them and they leave?" The second manager replies with a worried look on his face, "What if we don't...and they stay?"Employees focused on continuous improvement tend to excel the most. Consequently, employee development is a key to attract top performers while also driving overall growth. Supporting employee development in whatever way your budget allows will payoff tenfold in the end. Whether by simply granting time off to pursue continuing education opportunities, or by going all out and paying for courses, seminars, and/or conferences, your company will reap the benefits.

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We like to follow the age-old motto of “practice what you preach” and have found these to be the keys to our employee success so far but we’re always looking to evolve these tactics. What are some of your own strategies for attracting top talent?So please do share your own findings on best hiring practices — and best of luck in your talent acquisition endeavors in this competitive environment.