First off give yourself a pat on the back! You've identified a skills shortage in your team and what the ideal person looks like. Something along the lines of business facing, commercially astute, technically savvy, energetic, strategic, strong communicator, upwards trajectory twentysomething unicorn with 5 years’ experience in a technology that’s only been out for two.
Through winning the hearts and minds early in the recruitment process you and your organisation have managed to get one of the best candidates on the market and despite an eleventh hour attempt by a competitor this unicorn of a candidate has signed on the line, will be a great asset and grow with the organisation rising through the ranks to the very top. Bobbing and weaving the advances of those who try to tempt them out of the fold….if only!
Sorry to be the bearer of bad news, but if some of the biggest tech firms in the world struggle to keep hold of their best talent then so will you.
According to a paysa study from 2017, the biggest top tech firms struggle to keep their best employees past 2 years!
Facebook stand ahead of the pack with an average tenure of 2.02 years. Granted there is an argument that top tech talent are headhunted by each other i.e. moving from Facebook to google to Uber to Airbnb, but what does that means for the rest of us?
When I was a teacher my students loved seeing YouTube videos of google offices around the world (fyi Zurich is pretty cool). The free food, massages on your birthday, hotdesking, slides, games, flexible working etc. A lot of the organisations that I work with have adopted similar practices, albeit minus the slides, in an effort to get employees who love where they work, but as we can see from the data sometimes it's just not enough.
So how do you show talent that they are valued and to keep the best?
Challenging work keeps talent
Steve Jobs once said:
It doesn't make sense to hire smart people and tell them what to do; we hire smart people so they can tell us what to do.
This one always baffles me! After finally finding an amazing person for your team, you tie one hand behind their back and limit their potential. I understand that there will always be things that need to be done but think back to the interview process and it was the fresh approach and the bright ideas that attracted you to candidate in the first place! Why would you then concentrate on the BAU work?
Challenge your best talent. Encourage their creativity and inquisitive mindset and dare I say it look at disrupting yourself?
Know them to keep them
Sounds simple enough, but it can take time, this one is about really knowing the people in your team.
By taking the time out to really get to know your team you’re a step closer to getting them to feeling valued. Take the time to find out what’s going on in their lives and what matters most to them, the results may surprise you! Find out what they are looking to achieve and where they feel you can add value.
And for extra brownie points keep the dialogue informal with an open-door policy where you can help with personal and professional goals. If you’ve hired a Rockstar genius, it’s probably a good idea to find out what’s makes them tick and set the foundations to take them to the next level.
Invest in people
If you value the people in your team show them!
Encourage them to develop their skills set and help them with that. Whether that’s with allowing them some time off to complete their CPA exams, allowing them to use the business for their Masters case study or being a soundboard for their ideas. At Morgan McKinley we are seeing more and more organisations financially supporting employees with qualifications/ certifications.
While this often comes with stipulations i.e. stay with the organisation for the next two years or pay us back, it’s a powerful motivational tool of investing and engaging with members of your team.
Remuneration aka Show me the money
I would never say that remuneration is the most important thing, but it deserves proper attention. At some basic level humans have a need for good salary, especially if they see themselves as deserving it or worst still if they find out a colleague is being paid more than them. If a member of your team is doing a great job why wouldn’t you pay them in line with the market?
Flexible working, free breakfasts etc. are becoming more and more common and while you may think that the role in your team is interesting so is the work at your competitors who are also paying more.
But what if you only know what a business analyst, accountant, strategy consultant or data analyst gets paid at your organisation and have no idea of the market? Never fear the specialists at Morgan McKinley have compiled the 2020 salary guide to help you know how to remunerate the latest Rockstar to the team!