Having a pipeline of fresh talent is absolutely essential in order for your business to thrive. Even if you think you have secured a talented workforce, employees can get promoted within the company or leave for greener pastures. You might also need to bring in fresh talent if your company or franchise rapidly expands and starts branching out into new markets.
Tips for Securing Talented Employees
Sometimes hiring managers only see the price of finding fresh talent (background tests, job posting fees, etc.) while turning a blind eye to the price of hiring the wrong person for the job, or not hiring anyone. What is that price? It could be millions in lost annual revenue and a decrease in your overall market share.
In order to make sure this less than desirable scenario doesn’t play out at your company, it’s important to market yourself to potential employees in a way that speaks to them, and makes them consider your company over the competition.
Tip #1: Give the Right Incentives
Find out which mix of base pay and commission is most important to your prospective employees, and tailor your offers to fit those expectations. While you don’t want to make the terms outrageously good, you also want to entice the interviewee enough to transition to your company.
Benefits are another factor that weigh heavily on every potential employee’s mind when considering an offer. The following questions are at the top of the list:
- How competitive is your retirement package?
- Is job training compensated? How long does it last?
- What does your employee health care coverage offer?
Having the right answers to these questions and, especially if your company doesn’t have the same name recognition as your competitors, selling these incentives to prospective employees is critical to reel in good talent.
Tip #2: Cultivate a Potential Talent Roster
Some of the best hiring scouts are likely people already on your payroll who routinely network with potential candidates. Ask around and find out who these candidates are, then send them periodic emails telling them who you are and what your company does.
Developing an active roster of potential hires in this way keeps recruitment costs down and your time-to-hire metric low, especially when you need more talent on deck as your business grows and expands.
Tip #3: Re-check Your Job Description
It can actually be very helpful (and frustrating) to know what isn’t working in your job description. Thousands of applicants may not be enough if your expectations are too high.
You’re looking for a good employer-employee fit, so look over new job descriptions to make sure there isn’t anything turning off qualified candidates, or inviting lousy ones to apply anyway.
Tip #4: Network Efficiently
The best way to reduce your time-to-fill time is by reaching out to real-world candidates instead of holding out hope for the perfect candidate, which may only exist in your imagination.
Knowing where to find these talented, real-world candidates is half the battle. If you’re looking for someone to partner with for a franchise opportunity, or for someone to help run your franchise, then attend an International Franchise Association conference.
Advertising in magazines and journals, or on websites that prospective employees regularly check can put you in closer contact with the talent your business or franchise needs to thrive.
Hiring managers need to know the right questions to ask, as well as which incentives to offer prospective employees. Offering future employees the right incentives from the start, and networking more efficiently will improve your search.