People are the backbone of any successful business, and business owners across all industries have difficulty finding qualified talent to fill open roles. No longer will people put up with toxic work environments or dead-end jobs; they want more for their future.
In this episode, Marty Kirshner, Partner with Gray, Gray & Gray, Doug Woosnam, a Consultant with Cetane Associates, and Champ Rawls and Clayton Latiolais, succession planners with The Rawls Group, discuss strategies to recruit, retain and motivate employees.
Specifically, Marty shares that it is a new world out there, with remote work and flexible work hours being the norm. Marty goes on to share three strategies to attract and retain top talent.
- Provide career paths for them to grow within the organization.
- Develop incentive comp plans, such as Golden Handcuffs, to reward loyalty and/or performance metrics.
- Create work schedules to support work-life balance
Champ Rawls adds, think about how you can create a company culture people want to work for in contrast to your competitor. For example, recruiting and retaining employees is like recruiting and retaining customers. Why would an employee work for you versus a competitor or a company across the street in a completely different industry? Furthermore, promote your culture and intrinsic value of being a part of your company wherever possible.
Each employee has their wish of who they want to be and what they want to do; listen to them and create pathways to keep them as part of the team. Doug Woosnam shares that we need to rethink the relationship between owners and employees to retain employees in this market. Share with employees how the business is doing, headwinds & challenges it is facing, organizational goals, and the thought process behind significant decisions. Historically, owners are reluctant to share information with employees. Still, if you are more open and forthright, you can educate your employees, and they can understand the influences on the business today.
Finally, Clayton shares that creating partnerships with trade schools provides the opportunity to invest in the development of students through apprenticeship programs and an avenue of recruitment. Apprenticeship programs create loyalty as students see that you invested in their development.