Getting the “pick of the litter” can change everything for a company.
We all agree on how important top talent is to an organization. But like many other things in business, this issue boils down to dollars and cents. It’s estimated that replacing lost talent can be around 2.5 times the annual compensation – for top talent that number could go up.
That statistic may be surprising for people outside of the talent management business, but the cost of recruiting top executives can be worth the money if you hire a true all-star team. With top talent turning the wheels, businesses are more likely to experience increased productivity, start yielding better financial return, and be more attractive to investors.
It’s a no brainer: the higher the quality people you have in your office, the more productivity and results you get out of that office. Not to mention the fact that top-choice candidates generally need less time training to reach productivity.
So, talent is important. But how do you snag the pick of the litter?
The answer is deceptively simple. Become a company the best candidates intentionally seek out.
To paraphrase Kevin Costner, “If you build it, they will come.” Recruiters and human resources executives should apply that same idea to their individual employment brands, because getting HR brand strategy in line is the first step to becoming a sought after company.
This is a “rich get richer” kind of dynamic. If candidates perceive your company as an ideal employer, more and more resumes will start coming in – and you, savvy recruiter, can begin pulling the top candidates out of that elite group.
Confident and attractive branding is of central importance here. (It is also the area where HR professionals generally have the most control within their respective businesses). A crystal clear employment brand can give your organization a competitive advantage in the marketplace and help you attract, hire and retain all stars.
Some no-brainers: an attractive and easy to navigate employment Web site, brand-right social media presence through Facebook and Twitter, and listing jobs in the places where your target all-stars are likely to congregate.
Fortune’s “100 Best Companies to Work For” list is the gold standard for employment branding – and also a great place to look for inspiration in areas like quality of life improvements and employee morale.
Happy hunting, and if you have any tips and tricks for recruiters kindly share them in the comments section below this post.