Today’s talent pool is shallow. Minnesota unemployment is holding steady at 3.2%, which means unemployment is nearly zero and it’s likely the talent you need is already working. Use these simple strategies to find the best talent for your team.
1. Pay to Play. Probably the biggest shock to employers currently is the rise in wages. To get the best talent to leave their current roles, you’ll need to offer a top-notch package. Talented employees aren’t willing to leave for $5,000– $10,000 anymore. Starting salaries for talent in our industry have risen by as much as $20,000 over what they were a couple of years ago. Yes, we know it’s crazy, but true. Talent is looking for more than money. Be ready to offer flexibility, a great culture and a nice benefits package, too.
2. Level Set. Paying higher salaries for new talent can backfire if your current rock stars find out. If Jill has been killing it at your company and finds out Jack comes in with less experience and a higher salary, you’re in trouble. Make sure to evaluate your current staff compensation and packages before you make offers to new hires so you don’t lose valuable talent and knowledge in the process. We can help you assess your current salary structure and make recommendations.
3. Work Differently. We understand you don’t have an infinite budget for giving raises and hiring new talent. Consider using consultants and contractors to fill your talent needs. While there is a shortage of full-time employees, we’re seeing growth in high-level talent leaving the workforce to work in consulting. Clients are finding they can hire these new consultants for less than a new employee, and the consultants can come in and hit the ground running. Our company did a soft launch last year placing “fractional leaders” and found that our clients can’t live without these resources who work anywhere from four to 40 hours a week.
4. Take Action. The old way of interviewing is no longer relevant. Days, weeks and even months of interviewing and “wait and see” means you’ll likely lose out on top talent. The talent you are interviewing is interviewing with other companies. Know what you need, make sure everyone is on board, budgets are approved and you are ready to make an offer when that right candidate comes along.
5. Don’t Settle. Yes, trying to find the right talent right now is frustrating. Trust us, they are out there, and you can find them. Make sure the talent you hire is right, and you have the resources ready to go to make it a success. Not sure how? Ask us. We can help. We know where the talent is that you want and what they want to make a move.
HEADQUARTERS: Edina, Minnesota | YEAR ESTABLISHED: 2008
NUMBER OF EMPLOYEES: 31| CONTACT: 612.860.3079