Platinum Unplugged #11:
Plenty has been said about the “War for Talent”. By now you know it’s a candidate’s market. I’ve written about this as well: It’s a Candidate’s Market: What You Need To Know!
It’s hard to find enough good, available and interested people right now. It’s a pain point for a lot of companies.
But, we’re flipping the script for a moment.
(Below is the written version. I also did a FB Live if you prefer a short video. “Like” our Facebook Page!)
Employers: What About the Talent you DO HAVE?
Finding good people is only half the battle. If you can’t keep talent, you’ll always be in the hole. It’s also a vicious cycle: If you can’t keep your best people, it becomes harder to attract talent to your organization. That cycle can snowball quickly.
Keeping your best people has many components: training, mentor programs, leadership development, advancement opportunity, environment, financial incentives, benefits and many other reasons.
For This Blog Entry?
External Hires:
- Offers: Employers are offering lucrative salaries, occasional sign-on bonuses and other perks.
- Interview & Hiring Process: Employers are recognizing the need to be efficient with hiring processes, shortening the length from initial contact to offer. They’re making interviews a scheduling priority.
Internal Talent – Common Frustrations:
- Minimal raises: If you’re offering 3% raises to your best employees, you’re just asking for them to be recruited out. Your best employees can get 10% to 20% raises if they leave. Sometimes more. Money isn’t everything. But, let’s be honest. It’s important. Also, less than stellar raises, several years in a row, creates a much bigger gap between what you’re paying and what they can get elsewhere.
- Slow w/ Promotions & Raises: Many employers suggest these can only happen during the performance review. That is understandable from a “protocol” standpoint. That said, having flexibility for your best people might make sense at times. Don’t let process and bureaucracy get in the way of doing the right thing for your best employees. Don’t wait until your best people resign.
Employers are being competitive and flexible in pursuit of external talent. As they should. But, in many cases, they are asking their best employees to be patient and promising a raise and/or promotion “next year”.
I’m not suggesting everyone deserves a raise. Employees will come and go. Some turnover can be good.
But, your best employees? Don’t forget about them! Otherwise, you will always be behind in the “War for Talent”.
I leave you with these 2 questions:
- Does someone on your team deserve a raise?
- Have you been promising a promotion or raise but haven’t delivered?
If so, consider acting on this. Before they resign.
Thanks for reading! As always, welcome any feedback. The best compliment I can receive is sharing this blog or the social media post it came from. Thank you.