7 Ways to Attract and Retain Talent Without Having to Compete on Salaries

"The attitude around here is that the floggings willmemory of a loved one." Replacements Ltd., like many
continue until morale improves." laughed my friendorganizations, encourage staff to be involved in the
Tony. His company, an old-line manufacturer, wascommunity and give them time off to participate in
facing a number of problems. They had a militant union,community projects. This volunteering, in partnership
managers were being forced to work long hours,with the organization, gives both their lives and their
burnout was high and turnover was constant. "We arecareers deeper meanings.
the meat on the sandwich." he further confessed.3. Build career entrepreneurship
"Below us we have staff who could not care lessWhen you provide career entrepreneurship, you are
what we have to say and above us we havemoving from the ' loyalty' to a commitment mindset. In
management who has no idea what we do." In spitea 'loyalty' mindset, people are rewarded for simply
of some of the best wages in their industry, thisbeing there a long time. In a commitment culture,
company was dealing with high sick leave and wasOrganizations clearly define what the individual is being
struggling to retain good people.offered in return for their services and provide internal
Everybody knows the data. Boomers are retiring, therecareer coaching to empower people to manage their
are four generations in the workplace and there is aown careers. How do you build career
shortage of talent. This is becoming critical in all sectorsentrepreneurship? Allow people to set their career
of the economy, especially the public sector, wheregoals, provide them with the tools to reach those goals
there are strict limits on what people can be paid. So,and let them measure their accomplishments. Helping
what do people want? How can you attract and retainpeople set their own roadmap and then allowing them
the best talent, especially if you are limited in howto succeed will ensure that people are engaged.
much compensation you can offer? Before we4. Create a flexible work environment
answer these questions, take a moment and thinkWork-life balance is consistently rated as the one of
about yourself. You are the very person that anythe most important aspects for attracting and retaining
organization would want to keep.talent. One U.S. federal agency had a turnover rate of
You have a choice between 2 employers.close to 20% a year. Many people would work for this
Organization 1 offers you a great environment. Youagency and after about 3 years leave to go to the
are respected and are given flex time when you needprivate sector where they would earn almost double
to handle personal matters. You believe your work hastheir salary within the government. Unable to compete
meaning and your opinion counts. Organization 2 isin terms of wages offered, this agency started
very negative, full of unbending rules and unwrittenallowing people to work at home, create flexible hours
norms. Nobody really cares or wants your ideas andand even introduced subsidized daycare to staff. The
your peers see you as a threat. The only advantageresult? Turnover fell to slightly less than 5%.
Organization 2 has over Organization 1 is that they are5. Understand and embrace Real Diversity
willing to pay you $10,000 a year more. When youReal diversity means going beyond issues of gender,
answer that question for yourself, then you willethnicity, or age. It means embracing people who not
understand from a deeper level how our 7 ways toonly look different but THINK differently. Many
attract and retain talent works.organizations are looking for people with industry or
1. Understand Your Current Culturecorporate experience. There are a lot of very talented
There is the culture you have and the culture you thinkpeople who have had their own businesses, work in
you have. Does your current culture accept differencedifferent industries or have experience outside our
in others? Is there flexibility? How does current staffborders. The fit that an organization should be most
feel about working there? How are people promotedconcerned with are whether the person believes in the
and/or rewarded?values of the organization.
An important element in understanding your current6. Streamline the hiring process
culture is the idea of values versus ethics. ManyThe decision making process for most organizations is
organizations write wonderful mission statements thatnow taking several months. It seems that everybody
have great values in them. However, values are onlyhas to be part of the interview and decision-making
words. Ethics are actions. You may say that you valueprocess, even the janitor! People respond positively to
innovation, yet when people are promoted for keepingthe organization when you streamline the process and
their heads low and not rocking the organization thereget back to people quickly, even if they did not get the
is a clear message that the organization valuesposition. Also, moving quickly gives you a significant
conformity.competitive advantage over your competition.
2. Meaningful Work7. On boarding
Nobody ever goes to work and says to themselves inOnce you have brought somebody into the
the morning, "Gee, I want to be really mediocre today."organization, you should have a 100 day plan worked
Recognition is an important component to meaningfulout for them even before they start. Some effective
work. When you recognize people for theirtechniques are providing them with a mentor/buddy
accomplishments, they feel that their work haswho can help them adjust to the new workplace. A
significance.number of studies have shown that the first 100 days
Replacements Ltd., a company out of Greensboro,are critical for helping people feel 'part of the team'
N.C. sells replacements for china and silverware setand, when they do, they are both more engaged and
pieces that go missing or get broken. They believe thatcommitted to the organization and its goals.
their efforts are not just about selling old dishes so theGo back to the question we started with about where
company makes a profit. "Our people believe thatyou would want to work? I can quote numerous
when we find missing pieces to complete antique chinastudies, but the ultimate test is common sense. When
sets we are helping people create links to their past.you create a culture where people are recognized,
These pieces represent somebody's life, their history,"engaged and they believe in what they are doing,
comments C.E.O. Bob Page. "We have seen peoplepeople not only stay with the organization but attract
cry because this represented the last remainingothers there as well.