Hate to break it to you but it’s probably not the applicant’s fault.
If you have ever said the words “You just can’t find good help these days” then you NEED to keep reading!
Are you a small business owner desperately searching for reliable, competent help these days? If the answer is yes, don’t worry – rest assured that it’s not because there aren’t any good workers out there. The real reason why you can’t seem to find quality employees could very well lie with you. That’s right, YOU!
You’re probably ignoring some of the basic forces motivating qualified people to seek employment in your company and commit to long-term loyalty. According to a Harvard Business Review report, there are four primary elements that would-be employees are looking for from their potential employers. Ignoring even one can mean bad news for your bottom line and lead to countless weekends spent frantically scouring job sites, so read on if you want educated insight into solving this universal issue once and for all.
But, if all you are looking for are warm bodies for low-paying gigs then this article is NOT for you. This is an article about how to attract skilled professionals to help you grow your business.
Still Here? Good, let’s proceed
First, let’s set the table a little. As of March 8, 2023, there are 1.9 jobs open for every person actively seeking employment. That means that it’s a seller’s market in the world of labor. That means that your job opportunity isn’t much of a privilege anymore. The people applying to your opportunity have other options and they can afford to treat you as such. The question you should be asking yourself is not “Why can’t I find any decent people to work for me?” and instead needs to be replaced with “How do I attract the right talent?” The good news is, that’s what the rest of this article is about.
What do employees really want?
According to the Harvard Business Review, there are four main factors that employees consider when deciding whether to join or stay with a company:
- They want to know that the company is reputable
- They want to know that the company will still be there tomorrow
- They want to know that there is room for advancement
- They want to be paid what they feel they are worth
While all of these factors are important, failing to meet even just one of them can significantly hinder your ability to attract and retain good help and it’s up to the CEO to provide the vision and plan to make these things a reality.
The importance of a balanced approach
You might be tempted to think that as long as you offer competitive compensation, employees will be more than willing to overlook any deficiencies in the other areas. However, this couldn’t be further from the truth. According to the Harvard Business Review, “[Y]ou can have 1 through 3 but not 4 and you are dead in the water. And, it’s the same if you have 4 but not 1 through 3.” This means that offering a high salary without providing stability, growth opportunities, and a good reputation can be just as detrimental as offering a low salary with all other factors in place.
The Solution: understanding and meeting the needs of prospective employees
If you want to attract and retain the best talent, it’s essential to understand what your employees want and to make an effort to meet those needs. For example, to address their desire for job security, ensure that your company is financially stable and has a long-term plan in place. To demonstrate commitment to employee growth, create and implement professional development programs and provide clear paths for advancement within your organization. And, of course, offer fair compensation based on industry standards and each employee’s skills, experience, and qualifications. Even better could be to implement a performance pay structure with a built-in safety net.
Putting it all together
As a small business owner, it’s easy to get caught up in the day-to-day operations and overlook the needs of your employees. However, if you want to attract and retain the best talent, it’s crucial to take a step back and assess whether your company is meeting the four key needs outlined by the Harvard Business Review. By committing to providing a reputable, stable, and growth-oriented environment —paired with fair compensation—, you can create a workplace where employees are happy, engaged, and here to stay.
It’s time to stop blaming the labor market and start paying attention to what your staff wants. If you don’t, they will probably leave for someone that will.
