A dynamic workplace can help you attract top talent, without spending a fortune on salaries. By developing cutting-edge business practices, small and mid-size companies can run stride for stride with larger firms in the race for the best employees. Here's a list of business practices that attract and repel potential hires.
Get Top Talent Racing to Your Door |
They are the companies everyone wants to work for -- the so-called "companies of choice" -- that never seem to have trouble attracting and retaining the most talented employees.
The reason they are special involves more than just pay scales. They create a certain atmosphere.
If you want your firm to be known as a company of choice, here are two keys to help you build an environment where people thrive and drive to excellence:
Involvement. Every first-rate employee wants to "make a difference." Smaller companies often have an edge here because they tend to be less bureaucratic and more flexible. Those conditions let staff quickly become involved in a variety of projects that let them feel they are playing a vital role in the company's well-being.
Working conditions. Talented staff members look for more than a paycheck. They also seek employers who are willing to tailor benefits and work schedules to their particular needs and lifestyles.
The following tables compare business practices that tend to attract talent with those that tend to repel talent:
|
Work Environment/Culture/Ownership |
| Attract | Repel |
| Entrepreneurial environment Relaxed dress code Diverse responsibility Great teamwork Flexible schedules Open feedback and communication Growth opportunities Mentors and coaches |
Structured work environment Formal dress code Repetitive work Poor teamwork ("That's not my job.") "Punch the clock" mentality Information only on a "need to know" basis Limited growth opportunities Managers and supervisors |
|
Employee Compensation |
| Attract | Repel |
| Performance-based compensation Stock ownership Profit sharing and bonus plans |
Time or tenure-based compensation No stock ownership No performance based incentives |
By adopting unique business practices, your company can enjoy decreased turnover and discover the long-term benefits of a desirable work environment. Ultimately, you'll be able to shift your energy away from recruiting employees and toward increasing productivity.
