Win the Talent War

MY HR Supplier - staffing company Three weeks ago,  the talent shortage in engineering fields. There are actually talent wars occurring in other fields too, from IT to home building to energy. And companies in these diverse fields are adapting their recruitment and retention strategies to win in the talent wars.

As the Boston Business Journal recently reported, the talent war led one employer to open up an office in Cambridge, Mass., so it would be more appealing to graduates from the area's top colleges. Not content with that, the company moved headquarters so it could double its space and offer employees extra amenities.

Other recent reports in the Harvard Business Review and CBS Marketwatch indicate that talent wars are here to stay. HBR's research in 2012 said that globally, talent wars were greatest in IT and Telecommunications. Marketwatch reported that Wall Street is locked in a talent war with Silicon Valley.

Meanwhile, in other industries, the worker shortage is being acutely felt. Energy companies in Houston are spending more liberally to attract talent, says the Houston Chronicle. And after the talent drain from home building trades in the wake of  the housing collapse, companies in the renovation and building industry are finding it difficult to recruit good employees.

Companies in disparate industries such as the ones above are taking similar steps to win the talent wars. These steps include:

Creating opportunities for employees to advance. Through training, online development tools, tuition assistance and mentoring programs, companies are investing in their employees.

Offering flexible work arrangements. Companies are cheerfully accommodating many employees who prefer flextime to set work schedules.

Using social media and in-person networking to spot the best candidates. Many top candidates don't have resumes posted on popular job boards. Savvy staff augmentation companies and recruiters are connecting with these candidates on social media and in person, cutting off the talent war before it starts.

Extensive referral networks. Almost every effective recruiter has a referral program in place. Referrals from employees, customers and vendors often tap the hidden candidate market and provide great employees. At MY HR, we award $500 to any one whose referral results in a hire.

Paying for talent. Top talent usually goes for top dollar. There's no getting around this. Some employers balk at paying salaries higher than what they see as "reasonable," but others don't mind. They believe that the higher value the right employee delivers easily justifies their higher pay.


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How to Find a Great Employee

MY HR - great employeeTo have a great company, you need great employees. Hiring a great employee is a challenge in any economy, because the best workers are usually employed and aren't always looking to move. Now, with the job market improving, competition for the best employees is stronger.

Here are 6 steps you can take to ensure your next employee is a great one:

Define what "great employee" means to you. The qualities that make an employee invaluable in one company, or one position, may not be the same in another.

Write a good job description. Many employers tend to throw into a job description every little duty the previous incumbent performed. Instead, go light on the minutiae. Paint with large strokes. Make your company sound attractive: ask your employees what they like about working there, and put those attributes in the description.

 Decide compensation. Remember that a great employee adds far more value to your company than he or she costs. Instead of asking, "What is the cost of hiring this employee?" ask, "What is the cost of making a bad hire?"

Cast a wide net. Ask for referrals from your employees and associates. Vendors often know star employees who work in your industry or a related one. Reach out to staffing firms with strong databases of candidates. When you get a lead to a great employee, follow up quickly – you never know who else is courting that person.

Interview smart. Interview for skills, attitude and cultural fit. Have the candidate meet with several employees so more facets of the potential employee's personality get revealed. Everyone is fit and chipper at the first interview. Stars with stamina maintain their energy into the eighth.

Check references. Don't call only the references the candidate provides. Great employees can easily find three people who will vouch for them. Ask for phone numbers of their colleagues and bosses. Check their social media activity.

Hiring a great employee takes time and resourcefulness. But having hired one, how do you keep the employee?

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7 Tips for Retaining Great Employees

If one of your top employees walks out the door, all the work you put into recruiting them goes out the window. Not only are you back to square one, your profits just took a hit. According to the Center for American Progress, the cost of replacing an employee who makes $50,000 or less is about 20% of the employee's salary. The cost of replacing a senior executive? An astounding 213%.

Keep the following tips in mind, and you'll have an easier time retaining great employees.

Give employees challenging work. Saddling a great employee with boring work is wasting an asset. They'll get demotivated and quit. Great employees like to go above and beyond, so give them opportunities to excel.

Show them the big picture. Tell them how their work fits into and supports the company's strategy.

Reward them with money and perks. A great employee expects a competitive or above-average salary. Meaningful perks, like flextime, bonuses, daycare centers and so on help make your workplace more attractive. Things like foosball tables, free lunches and massages can seem novel at first, but don’t affect an employee's decision to stay or not.

Engage with the employee. Drop into their office or cubicle for a chat. Return emails and calls promptly. Say "thank you" and "please." Build a relationship of trust. Above all, communicate, communicate, communicate.

Acknowledge their achievements. Did your department produce extraordinary results? Give credit where it's due – to your team. And when things go wrong, take responsibility.

Give feedback. Ambitious, high achievers like to know how they're doing. Tell them what's good and bad about their performance, and how to improve.

Provide opportunities for training. Being singled out for training tells the employee that you think they're worth investing in.

It takes hard and consistent work to retain great employees. Follow the above steps, and you'll keep your employees happy, productive and loyal.

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How to Answer "Why Should We Hire You ?"

Hire one among many - MY HR"Why should we hire you?" is about the most common question that gets asked in a job interview. Far from being a tough question, it's actually an opportunity to sell yourself in a succinct and memorable way — if you handle it right.

When an employer puts this query to you, what they really want to know is, "How can you help our business?"

The key words in that question are "you" and "our business." When what you offer matches what they need, you get the job.

Prepare for "Why should we hire you?" by finding out everything you can about the company and the job.

Learn about the employer's business, study the job posting, analyze the job description and figure out how that position contributes to the company. See what websites like salary.com and glassdoor.com have to say about the company. Tap your network to see if you can speak to any one who works at or is a supplier to the company.

Take an inventory of your own skills and experiences. See how well they correspond to the job description and what the employer is really looking for. Armed with these analyses, construct your answer.

Your answer to "Why should we hire you?" should follow this outline:

"Your company is looking for someone with ________ (name the qualities the company is seeking). You want this person to help move the company toward its goal of ____________ (fill in based on your knowledge of how this position fits into the company's overall goal). I've helped my past employers with __________ (name a few achievements that are relevant to the position). I learn fast, I stay positive and work well within teams. I have long admired your company and would be proud to work here."

All job interviews come down to "Why should we hire you?" How well you answer this question can determine whether or not you land the job.

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