How to Recruit and Retain World-Class Talent
Written by Todd Liles
Every professional sports team knows that it takes world-class talent to produce consistent results. That’s why Number One Draft Picks are so prized. A world-class talent could potentially take a team to titleship status.
In your organization, one world-class talent can change your entire business game. The right hire could set a “new” standard for success, and guide the path to amazing growth and profitability for the rest of the team. I’ve seen this happen to dozens of companies in our consulting business that we have the privilege to coach.
At this years’ Service World Expo, I’m going to be speaking on this exact topic. The event is October 16th through the 18th. My presentation will be on October 17th from 3:15 pm to 4 pm. I hope that you will join me as we unpack these six key points to recruiting and retaining world-class talent.
6 Keys to Recruiting and Retaining World-Class Talent
#1: Defining “what” world-class talent means to your company.
It’s important that every company defines what world-class talent means to their organization. This definition provides you with the guidelines for hiring. Internally, we’ll refer to the standards as KRA’s. KRA stands for Key Result Areas.
KRA’s act as boundaries. Hire inside the boundary, and you’re going to have success. Hire outside the boundary, and you’re going have failure.
#2: Knowing why a “slow” hire is critical to having successful hiring.
A fast hire is usually a response to some negative occurrence in your company. Fast hires happened in emergency situations and those emergencies blind you to problems.
Inside of your company, you need to incorporate key steps that your potential hire must complete before they become a team member. Think of these steps as speed bumps in the road. Each step forces you to slow down and pay attention to your definition of world-class talent.
At Service Excellence Training, we utilize a seven-step approach. This approach slows us down and ensures that we make a good hire. It’s the same approach that we teach our clients.
(I’ll review this approach at the next Service World Expo.)
#3: How to pay above the market; and provide the best benefits.
Top talent wants the best pay. Top talent will also receive the best pay, even if they have to go somewhere else to get it. That’s why it’s important that you are able to pay above the marketplace and provide the best benefits.
Paying above the market requires that you have a smart business plan that includes:
- A profitable pricing model
- A successful service and sales training system
- A solid marketing system
#4: Why money is not the only thing world-class talent desires.
Money is not the only motivator for world-class talent. It’s not even first place. For most top talented individuals, they assume money is a given to their skill set. Therefore, they look for companies that match up to their world-class mindset.
For top talent, culture and teamwork is the key to long-term success and happiness.
#5: Utilizing bonus programs to boost recruiting and retention.
Highly successful individuals need to feel like they are achieving. They are accustomed to winning in their life and receiving rewards and recognition.
The best bonus systems utilize the psychological persuasion components of reward and recognition. While both are important, you may be surprised to find out that recognition is more critical than the reward.
#6: Creating an “ownership” mentality in your culture.
The ownership mentality is one of the critical key differences between world-class talent and average producers.
World-class talent thinks about every opportunity and the impact that has on the company. The consideration of others is part of their team nature. Cultivating this mindset inside of your company can help reduce such problems as:
- Material waste
- Time theft
When your people begin to think like shareholders in your company, then headaches go down and profitability goes up. Retention and recruiting also become much easier.
Hiring world-class talent is within your reach. With a little bit of adjustment to your recruiting and hiring system, you can add that talent immediately to your labor force. Just think about what that could do for your business!
In your organization, one world-class talent hire can change your entire business game. The right hire could set a “new” standard for success, and guide the path to amazing growth and profitability for the rest of the team. I’ve seen this happen to dozens of companies in our consulting business that we have the privilege to coach.
Hiring world-class talent is within your reach! We would love to help you create your new recruiting and retention system inside of your company. One of the easiest ways to make that happen is at this years’ Service World Expo. I hope to see you there.
Toss Liles is the CEO of Service Excellence Training
Service Roundtable is dedicated to growing your bottom line and helping your business maximize its full potential. These group of contractors work together to assist you with marketing, sales, business, and so much more. Twice a month, seminars around the United States and Canada are held to network and further assist your business. Visit Service Roundtable.com to see if there are Success Days in your area!
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