In our more than 45 years of executive search, we have never seen an environment like the current one with respect to recruiting talent. And that’s at every level—whether it’s at the c-suite, the director and manager level, or for more junior employees. Among the things that employers are doing include:
- Offering candidates the ability to work from home, even contrary to their overall policies.
- Increasing referral fees paid to employees who suggest candidates.
- Offering extremely generous counteroffers.
As a result, employers should rethink their recruiting and retention strategies in a time of crisis. Here are some suggestions:
- Articulate the case for your company, firm or organization.
Too often, employers can tell us why they need the person, but often have difficulty telling us why anyone would come. Despite what you may be hearing about today’s market, studies continue to show that compensation is not the primary consideration for candidates. As a result, it is incumbent on you to explain the benefits of both your organization generally and the specific opportunity.
Along those lines, employers often point to their culture as a differentiator. However, you need to be very specific about what that means, using specific examples. Just saying the buzzwords “collaborative,” “collegial” or “entrepreneurial” won’t cut it.
- Be very specific about your organization’s remote vs. in-the-office policy.
Nothing tells candidates more about your culture than your policy concerning returning to the office. It is no secret that most employees want flexibility, and while most employers are emphasizing that in their policies, the devil is often in the details. Both with regard to your organization’s general policy and in your interaction with candidates, the articulation of your policy is as important as the policy itself.
- Make sure you are addressing implicit bias.
Virtually all organizations have declared a strong commitment to hiring and retaining diverse talent. But often the consideration of diverse candidates is viewed through a white male prism, where perceived shortcomings of those candidates are often magnified. But there is another form of implicit bias that is widespread and often shoved under the table—the bias against older workers. Now is the perfect time to consider and recruit experienced candidates who have the ability to get up to speed in a hurry.
- Don’t get boxed in by outdated and often superficial salary surveys.
Compensation is increasing across the board. Too often, we speak to employer representatives who rely on outside surveys in setting the salary ranges for their positions. Not only are most of the surveys out-of-date and don’t reflect today’s overheated talent market, but their methodology is often flawed in the way they mix companies in different markets and of different sizes. More than ever, employers need real-time data from their market and their peers.
- Use a search firm rather than a staffing agency.
The preference these days for many organizations is to utilize multiple recruiters, often in conjunction with their own efforts, in a virtual free-for-all for talent. That may work to get candidates in a hurry, but that also results in your limiting the pool to candidates who are “in the market.” Some of these candidates may be valuable, but don’t you want to hire the best people available, not just those who “are looking to leave?” A search firm dedicated to reaching out to all of the best candidates and articulating your story (see point no. 1) can be more successful than a bunch of “agencies” who are working on multiple similar assignments at the same time. Moreover, a search firm can provide real-time data that is much more valuable than any salary survey.
- When you get excited about a candidate, jump!
Even when employers get excited about someone, they often hesitate about moving the process along because they want to see more candidates. In today’s competitive environment, you can’t afford to do that. A delay will not only reduce momentum and excitement, but it will give a valuable candidate the chance to look at other opportunities. While due diligence is still critical, employers can’t afford to sit back and wait.
- Get ready for counteroffers.
Despite overwhelming consensus among talent consultants that taking a counteroffer from an existing employer is inadvisable and dangerous, candidates today are more likely to consider counteroffers. Not only are their employers more likely to match or even exceed the compensation on the table, but they often are adding promotions to the mix. As a result, it’s important to discuss this possibility with leading candidates — either directly or through an outside recruiter.
- Invest effort in onboarding and integration.
Given today’s talent frenzy, candidates are more willing to consider opportunities even just months after starting a new position. A misstep in onboarding and integration can lead to candidates rethinking their career options. Again, this is where a valued executive search firm can be particularly helpful. The recruiter who coached a candidate through his or her acceptance and resignation process.is often in the best position to advise candidates how to resolve issues that come up in the early months of their tenure.
- Be proactive with your retention strategies.
This is now an opportune time for employers to evaluate whether they need to make their top performers virtually immune from outside entreaties, through compensation increases, title changes, or other benefits. Given the overheated market for talent right now, employers can’t afford to wait until the anniversary date to reward their stars.
This article was adapted from an article written by TMG Executive Principal Steve Nelson for Attorney at Work, published on December 6, 2021.
