IS YOUR COMPANY A HONEYPOT TO ATTRACT TALENT?

For founders wanting to disrupt their industry and achieve bigger, bolder results, a high performance team is essential.?

In fact, a highly innovative and talented team is to a successful company what a powerful, well-oiled engine is to a racing car. They can be game changing for your revenues and growth.?

If we look at the last couple of years though, with the job market becoming candidate-driven, founders have found themselves competing for talent against companies with bigger budgets.?

This can be frustrating, but as I always say to my clients, finding and keeping talent is not all about the big salaries...

It's about creating a honeypot that's irresistible and attracts talented individuals.??

It’s about creating an environment that inspires them to choose your company and motivates them to see what you’re offering truly gives them what they want - beyond money

Why??

Because humans have both extrinsic and intrinsic motivations and it is the latter that creates high performing teams.?

If we look at money - that’s an extrinsic motivator - along with bonuses, prizes, power, fame and other material things.?

Studies have shown that more money doesn’t always increase performance. In fact, extrinsic motivators put too much focus on the outcome alone, without tapping into or satisfying the basic psychological needs that eventually drive our performance. If we are motivated to achieve something just because of an external reward, how can that push us to give our best effort??

On the other hand, intrinsic motivators are those connected to our personal, inner rewards. They motivate us to do something because we find it personally rewarding or enjoyable.?

When employees are intrinsically motivated, their focus and motivation comes from within; they want to achieve the outcome or goal because doing so will be enough to feel naturally rewarded.?

These employees will perform better and feel enticed to learn, improve their skills and be enthusiastic about their work.?

If you want to create a honeypot that attracts and nurtures talent, you might want to focus on those intrinsic motivators, as they’re the reason people will want to join and stick with your business.?

Here’s how:

• Create a company culture based on the values you and your employees share. The type of environment we work in is important for many of us, - that’s why showcasing to your employees that there’s a shared outlook on life can be a great way for them to feel they’re in the right place and that they’re contributing to something they actually believe in.??????
• Focus on the attitude, more so than the skill during the hiring process. Skills can always be honed, trained and learned. Attitude on the other hand can be much tougher to change! By looking at how someone embodies your values, how they act and how their personality best fits within your company, you can be sure to create an environment where people can harmoniously coexist and perform from similar points of view. This alone would make collaboration skyrocket.?????
• Understand that every person has different motivators and how you can play to them. If someone on your team is being poached by a competitor, rather than just thinking about how to shuffle budget to give them a pay raise, try to consider what else you could offer them (eg. training, career development opportunities, better work-life balance) that would satisfy them intrinsically.?
• Get potential employees to understand how they fit into the team. Once you know someone is a great fit within the company culture, it’s important to help them understand why their role is important, how they belong and the ways they can feel fulfilled in their job. According to several researches from Harvard University, as well as from websites such as Glass Door, employee retention is often related to how satisfied and recognised by others someone feels. That sense of belonging to a team or to something bigger and being rewarded for a good performance are all intrinsic motivators that can make the best employees stay.????
• Last but not least, great talent thrives when challenged - and that’s where you play an active role as a leader! By being a Multiplier, you can learn how to stretch and healthily challenge your team, so they can perform at their best and showcase greater innovation. Focus on asking them the right questions, on coaching them, rather than just telling them how to do things, and soon you’ll start to see the beginning of a transformation.??

If we were to sum it all up in a few words, it’s really about shaping an environment where talent can grow, be inspired and intrinsically satisfied. It's about making everyone within your company feel that they’re actively contributing to a bigger vision.?

That’s what makes a honeypot for talented individuals, who will never want to leave your side ever again!

???? What changes do you need to make today to attract and retain the right people who will take your business to the next level?

Have a great rest of your day,?