Mergers & Acquisitions Advisory

A Neumann & Associates, LLC

December 30, 2015

How to Attract and Keep Great Talent

By Achim Neumann

One fundamental truth of running a successful business is keeping profits high, and costs low. Softer aspects of workplace culture such as recruitment and talent retention have been overshadowed as a result, but that doesn’t mean they are any less important.

By getting the right people and hanging on to them, profits, and both client and employee satisfaction will be considerably more impressive than those that allow too many average employees to exist in their organizations, and A players to slip away to companies that value them more.

Let’s review several ways businesses can make themselves more attractive to the best talent on the market…

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Make your careers page attractive to A players

The average job seeker is only looking for a paycheck, but alpha employees that take companies to new heights are more interested in companies that present themselves as an agent of growth and change.

They also seek out workplaces that reward success and have a true team atmosphere, so be sure to communicate these qualities effectively.

Is the best candidate on the other side of the country? Reel them in with a relocation stipend…

Recruiting star talent can be an arduous task. When you do find the perfect fit for a position, don’t let financial and logistical difficulties stand in the way of sealing the deal.

If they live on the opposite end of the country or the globe, providing financial assistance that will help the deal with the significant costs involved in a move will help them get off the fence and into a role where they are badly needed.

Allow franchise players to have a long leash when it comes to creative control

Beta employees often need to be actively managed in order to get an acceptable amount of production out of them, but A players can often be trusted to get the job done on their own.

Additionally, they often come up with innovative processes on their own that will benefit the company when their boss resists the temptation to micromanage every aspect of their work day.

Let them tap their superior talent with only a few restrictions, and the business will be better off for it in the long run.

Give employees time flexibility so they can establish a favorable work/life balance for themselves

The best talent is very effective when it comes to how they use their time. When A players get more done in a few hours that takes a B player all day to accomplish, it makes sense to reward them with flex time that permits them to balance their careers with their family and social life.

While there may be some that worry about such an approach, the potential for abuse is low when this privilege is granted to high achievers, making it a net gain for the company, as time flexibility is a policy that will keep them happy.

Grant employees financial incentives and time allowances to develop their skills

Alpha employees aren’t just looking for top-of-the-line compensation, they also want the ability to develop their skills and stay on top of their field.

Employers that grant their employees time off and financial assistance to take courses and obtain designations and continuing education will enjoy greater loyalty and productivity from their team. It shows that an investment in their future is not only important for the business, but them as well.

Celebrate employee successes and the attainment of company goals

Workplaces are viewed by its best contributors to be a team that moves towards goals. When companies recognize and grant rewards, the victories won via the collective efforts of its employees creates a positive feedback loop that motivates them to achieve even greater objectives in the future.

About A Neumann & Associates, LLC

A Neumann & Associates, LLC is a professional mergers & acquisitions and business brokerage firm having assisted business owners and buyers in the business valuation and business transfer process through its affiliations for the past 30 years. With an A+ Better Business Bureau rating, the company has senior trusted professionals with a deep knowledge based in multiple field offices along the East Coast and has performed hundreds of business valuations in its history. The firm’s competitive transaction fees are based on successfully completing transactions. For more information, please contact A Neumann & Associates at 732-872-6777 or info@neumannassociates.com

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