Finding Talent that Sticks
Nearly half of all employees in the U.S. intend to look for a job throughout the next year in the aftermath of the COVID pandemic, according to new reports out by workforce experts.
It doesn’t take an expert to realize the catastrophic shock waves this amount of turnover will send through our organizations. Your people are your most valuable asset, after all, and whether you’re manufacturing widgets or preparing tax returns, losing key players will dramatically impact your business.
And besides the business impact, losing great people can sting in a personal way as well. You’ve invested in them, believed in them, and those key players have organizational memory that’s hard to replace.
But as hard as it is, I encourage clients to try to remember it is not as personal as it seems in the moment. Try to use this time of upheaval in your organization to think about how you can create a better path forward—to learn what you need to from the departures—and then to take a step back and determine what you need and how you’re going to get there.
Here are some key elements I’ve found that dramatically make a difference in setting hiring teams up for success.
Determine what (who) you really need.
It’s easy to just try to hire a replica of the person you lost. But doing that will rob you from one of the few benefits of turnover—a chance to start fresh. Take the extra time to interview stakeholders and ask: “If we were starting from scratch, how would you design this role today?” You might be surprised by what you hear.
Matthew Kelly, Forbes contributor, argues that you must be “crystal clear on what you want a person to accomplish in a role. This needs to be defined well before even posting the role.” Clarity produces confidence.
Be intentional in your search for great talent.
The job market (like the housing market!) is only going to get more intense as we return to post-COVID life. Too often, I’ve seen companies settle for the talent that applies to a job posting, missing two crucial pools of talent: employees who already work at the company and what we call passive candidates.
First, take a long, hard look at your current employees. Is there someone who has a latent skillset that you could be developed with some intentionality? Are there rising stars who might be worthy of an early promotion? Josh Bersin released his “HR Predictions for 2021” with survey results that indicated 65% of applicants said “It’s easier to find a new job outside the company than it is to find a new job inside the company.” Wow. What are we doing wrong?
Second, don’t miss out on passive candidates who aren’t applying. Create an active recruiting strategy (hint: we can help with this!) and go after those great candidate profiles, just like you would a great sales lead.
Have a plan for after the start date.
Bringing on top-notch talent without a plan for their continued growth and success is asking for failure. Jenny Blake, in Pivot, talks about “impacters.” These individuals “love learning, taking action, tackling new projects, and solving problems. . . . [They] are allergic to stagnation and boredom.”
As a leader, your job is to keep a pulse on if these team members are challenged and growing. “Impacters,” Blake continues, “are not just asking What did I earn? but What did I learn? What did I create? What did I contribute?” So be forewarned—a plan after the start date is crucial for longevity at a company. And it’s not just for those individuals super-focused on growth.
Harvard Business Review states that “The most effective organizations onboard new hires for the duration of their first year — their most vulnerable period — and focus on three key dimensions: the organizational, the technical, and the social. By using this integrated approach, they enable their employees to stay, and to thrive.”
While finding talent that sticks—and succeeds—is not easy, it’s a worthwhile endeavor. This is the lifeblood of your company. Please reach out if we can help you with any of the above—we’d love to empower your team!