How do you attract and keep top talent?
More than money — The 3 things top talent are looking for.
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It’s been said that more than vision, strategy, marketing, finance, technology, it is people that ultimately determine an organisation’s success.
It’s no wonder everyone wants more top talent.
How do we build a business that’s so attractive, top talent will be standing in line to work for you, and be willing to stay?
Mark Miller, the VP of High Performance at Chick-fil-A set out find an answer to this question.
Partnering with Aon, one of the world's best HR consulting practices, they conducted a study to discover what should organisations do to keep and attract top talent.
Their findings turned into a bestselling book - Talent Management How to Attract And Keep Top Talent
How do you attract and keep top talent?
The study found that top talent want 3 key things from any organisation:
1. A Better Boss
2. A Brighter Future
3. A Bigger Story
A Better Boss:
Top talent want a great boss that demonstrates competence and care. This might seem obvious, but it’s often overlooked. People don’t leave companies, they leave their bosses.
Great bosses are those who communicate well and, among other things, truly care about the people they manage, investing time to really know their people and help them succeed.
A Brighter Future:
Top talent want opportunities to develop themselves and grow. They want to walk out better than when they came in and leave the organisation in a better place as well.
Installing a growth mindset in your organisation will attract top talent that want to grow their skills, and build confidence. Provide them with opportunities to grow and they’ll stay engaged.
A Bigger Story:
Top talent want to be part of something bigger than themselves. They want to make a difference in the world. To help them achieve that, there needs to be a compelling vision to buy into.
They want to be part of the organisation’s core mission and measure their own progress on that journey. To attract top talent, have a clear vision and compelling mission statement.
So what about money?
According to the study, the “just pay more” approach is short lived. Top talent care about more than just their salary. Sure, a good salary is important — you get what you pay for — but it’s just the start.
Top talent will ask further questions about your organisation, like what opportunities will you offer? What is the company culture and reputation like?
“Cash will attract top talent, but its effectiveness as a retention tool is shaky at best.” - Mark Miller
Want to learn more about recruiting, managing and comphensating top talent?
Watch Business Made Simple’s Talent Management with Donald Miller & Doug Keim. Get access to this event + the full library of on-demand courses to watch — all for $275/year.
💡 Closing thought
What’s your business’s most expensive asset? The answer is: Your people!
Can you afford to gamble with your most expensive asset? Sadly, too many business owners are — and it’s costing them a great deal.
If you want a proven plan for managing your talent, join our one-on-one Business Coaching program where you’ll learn how to hire, retain, and compensate top talent to increase retention, develop your people and grow your business.
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