How to Attract Other People's Talent

Every day, there is another front-page article on what’s being called “The Great Resignation.” People are leaving their jobs in search of more money, more flexibility, and more happiness.?

A record 4 million workers quit?just in April, and there are certainly more resignations on the horizon. Monster recently released a survey that revealed?95% of respondents are thinking about quitting their current job.?

It’s easy to panic and to think,?“Holy cow! What if this happens in my organization?”

It may, and if it does, you have a tremendous opportunity to staff your organization with better people—that is, if you’re what I call a destination organization.??

A destination organization is a place where everyone wants to go. Think Facebook, Google, and Virgin Galatic, now that Sir Richard Branson and crew have completed their historic space flight.

Here’s the thing about destination organizations. They have significantly lower employee turnover rates than ordinary companies. They also have an easier time hiring staff.

There are many routes to becoming a destination organization. In the interest of time and space, here are three.

Put people first.?Value your people. Too many organizations use a throw-away line like, “Our employees are our most important assets,” while at the same time treating people like they’re disposable assets. Don’t be like them.

Take time to listen to your people. Ask them what their hopes and dreams are and what you can do to assist them in achieving these dreams.

Pay people what they’re worth.?Good workers are worth every dime. My college-age daughter recently quit her job as a barista because she didn’t feel she was being paid what she was worth. She walked across the street, and without even asking, got a significant pay raise at a different coffee shop, plus much better perks.

The cost of employee turnover can be crippling to some companies.

It’s widely believed that employee turnover can cost an organization two to three times an employee’s annual salary. Now compare this number to what it would cost your organization if you were to increase the salary of your most productive employees.

It’s far better to have fewer productive employees paid more than less effective employees paid less.?

Don’t take my word for it. Do the math.

Provide career advancement opportunities.?According to a?recent survey, the main reason employees leave their jobs is a lack of advancement opportunities.?

If this is the case, why not become the place people are flocking to?

Whenever possible, seek to promote from within and when you do, be sure you provide people with the support needed to be successful in their new role.?

A client of mine assigns a coach to?all?newly minted managers to ensure their leaders are successful from day one. Employee turnover in this organization is far below industry standards.

I believe this company’s employee turnover is considerably lower for two reasons.

First, people know when they move into a management role that the organization has their back.

And the second reason is that these managers are becoming great leaders. Their employees are grateful to have a manager who knows what they are doing.

There's ample opportunity to replace marginal workers with other people's top talent in the post-pandemic world.

If you’re ready to go on this journey with me,?drop me a note. Let’s map out a route for your company to become the destination organization.

Last Chance to Sign Up:

Tomorrow, Tuesday, July 20th from 11:00-11:45 AM, ET, I'll be hosting a FREE Webinar on The Great “Refusal to Work” Lie. A recording will be sent to those who ask.

To register, email me at Roberta@matusonconsulting.com and put “Big Lie” in the subject line.