How to Find, Hire and Retain Your Dream Team Pt. IV
How to Hire the Best Employees – Conversion
How do I convert my candidate into an employee?
As frustrating as it may be to find great people to fill the roles in your company, there is something worse…
Finding the perfect person to fill that role and being unable to get them across the finish line to come and work with you.
Make sure if you find that person you show them that you are the best company to work for and that you will make all their professional dreams come true by working together!
How do I create a Compensation & Benefits package?
It’s a confusing time for employers right now.
COVID has changed the world completely when it comes to benefits and there are several more layers to consider in terms of flexibility and pay.
The best place to start is to understand what other people in your market are offering. This will give you an idea what you need to offer as well as where there are some opportunities for you to stand out.
There are numerous websites and resources available to you to allow you to accomplish this. Some of these are FREE and others are for a FEE.
Start with Google: “benchmarking compensation and benefits”. Also, business associations in your industry typically have this type of information available or know where to get it. Lastly, talk to other businesses in your space. It is most important to understand the local market.
Benefits like flex-time and working from home is something you need to offer in the current market because if you don’t, you can bet that your competitors will.
That doesn’t mean that you have to cede complete control to your employees and let them do whatever they want, but make sure you take the time to understand your potential employee’s situation before slapping certain restrictions on them.
Growth and Development
If you are hiring Millennials and Gen Z’ers, this may be the single most important piece to finding and converting an employee that will stay with you.
Make sure you are offering growth and upward mobility opportunities, and that they are clearly defined and understood by your candidates because this can really excite them.
Have several different tracks and show them exactly how they can grow into exciting roles as they progress in their careers.
This needs to be clear on how long, what they will need to accomplish (production goals, continuing ed etc.) to get there AND how you are going to support them in doing it (mentoring, paying for seminars).
Ask them what they want!
Whether you see their eyes light up when you describe the role or not, ask them what they want for a growth and development track.
There may be something that you can accommodate that you haven’t thought of before that no one else has bothered to ask them about.
Opportunity Cost vs Acquisition Cost
The easiest way to explain the correlation between these two is this:
How much is it costing you monthly in profit to not have this position filled (i.e. lost production, overtime pay, etc.)?
How much are you paying in monthly advertising, wages, your time to fill this roll?
Taking that into consideration, what are you willing to pay to get someone to start working for you RIGHT NOW.
A generous sign-on bonus can get candidates excited and running across the finish line to come work for you.
Make them an offer they can’t refuse!
The same way client testimonials can give people piece of mind from buying from you, employee testimonials can as well! (Hint, trickle these in as people go through your GATES to build momentum)
This should be an ongoing task for you…when employees have great things to say about you as a manager or about your company, capture them while they are in the moment.
This can be as simple as taking your phone out and recording them.
Assuming this doesn’t happen tomorrow… you’ll probably need to go ask this time around.
**Above all else, make sure you understand what the carrot is… what makes your candidate tick? Discover that and show them how you will continue to move them towards their goals and give them the lifestyle they want, and you will have them signing on the dotted line in no time!**
- Benckmark the positions you are trying to fill
- Identify & Create Growth and Development Tracks for the roles you are looking to fill
- Understand your Opportunity Cost vs Acquisition Costs
o From there determine what you’re willing to offer to get people on board
- Get employee Testimonials
o Get a few you can use right now!
o Make it a continuous practice when you have employees singing your praises