Hiring
and retaining the best talent is as tough as it's ever been, with
projections through 2012 indicating that, for the first time in U.S.
history, the number of younger workers entering the labor market won't be
enough to replace those who are leaving. By 2006, one in six workers will be
over the age of 55, while the 25-to-34 demographic will have shrunk by
nearly 9 percent, according to a study by the National
Association of State Auditors, Comptrollers and Treasurers.
Despite
this workforce trend, it's still possible to attract more talent than your
company needs. Consider Southwest Airlines, which, according to one company
insider, recently received more than 50,000 applications for 500 available
positions! Cultivating a company culture that attracts top talent, such as
Southwest's, is just one of five best practices the top 10 percent of U.S.
companies have in common. And it's a practice your company can adapt.
Try
following these tips for creating a desirable company culture:
1.
Put your employees first. Researchers agree that the best way to hire
and keep top talent is to create a company culture where the best employees
want to work, a culture in which people are treated with respect and
consideration at all times.
A
classic, big-business example of someone who used the power of respect is
David Packard, co-founder of Hewlett-Packard. Packard always showed
unfailing respect for everyone who worked for him. He defined the HP culture
and positioned his company as an enduring preferred employer. He also
exemplified the pacesetting leadership style by setting high performance
standards for himself--and his employees followed suit.
2.
Maximize your best employees. Although you may not be able to fill every
position in your company even if you have a strong corporate culture,
researchers say that one sure way to maximize your best employees is to
place them in positions of great influence.
For
example, when unemployment in the Washington, DC, area dropped below 2
percent, David Grissen, Marriott International's eastern region executive
vice president, met with his managers and decided to focus the company's
hiring efforts on front desk employees because of the enormous impact they
have on hotel guests. The resulting "Front and Center" hiring
initiative brought together managers of every Marriott hotel in the region
to improve the company's recruiting, selection and orientation programs for
front desk positions. Potential employees for these positions must now
undergo a minimum of four interviews and achieve a high score on a
standardized evaluation metric.
3.
Stay involved and use emotional intelligence. Research indicates that
one of the worst employment moves a small-business owner can make is
disengaging from the hiring process. After all, it's your culture, your
company and your leadership--why allow someone else to make your hiring
choices?
And
when you're in the process of hiring a new employee, remember to carefully
assess your applicants' emotional intelligence (EI) along with their
intellectual capability. Research shows that an IQ assessment doesn't
predict job success nearly as accurately when used alone as it does when
combined with assessments of the cognitive and social abilities that
comprise someone's emotional intelligence. An EI evaluation offers a strong
indication of how well an applicant may fit into your organization.
Staying
flexible is also important. If an employee you hire proves to be a good fit
for your company but not for the specific position filled, try moving them
to another position that capitalizes on their strengths and experience.
Employees who are a good fit organizationally can be hard to find.
While
there's no guarantee that putting your employees first, maximizing your best
workers, staying involved and assessing emotional intelligence during the
hiring process will fill every open position in your company, solid research
of the top 10 percent of U.S. companies clearly indicates that it's the most
successful way to go.
