SUCCESSFUL FIRMS WIN THE WAR ON TALENT

TO WIN THE TALENT WAR Embrace a talent mindset Craft an “attracting” employee value proposition. Rebuild your recruiting strategy. Become a people development culture. Differentiate and affirm your people.

EMBRACE A TALENT MINDSET Leaders understand that developing talent is an integral part of their leadership that impacts all of their interactions with employees and clients. This active commitment reflects a passionate belief that business results will be achieved because of talented people.

CRAFT AN “ATTACTING” EMPLOYEE VALUE PROPOSITION Talented people want exciting challenges and great development opportunities. They want to be in a great firm with great leaders. They want an open, trusting, and performance-oriented culture. And yes they want substantial wealth- creation opportunities. Create your story of what you have to offer and then sell sell sell.

REBUILD YOUR RECRUITING STRATEGY Aggressive companies are using new methods to find candidates. Looking for talent requires a constant awareness of performance in others. Talented candidates may not be looking for another job. REMEMBER: High Performing leaders must be the key recruiters who are always searching. The internet is a rich resource, exploit it. Pump talent in at all levels. Break the compensation rules.

BECOME A PEOPLE DEVELOPMENT CULTURE Development is critical to attracting and retaining people. Highly talented people will probably leave if they don’t feel they are growing and stretching. Development is way more than training. It includes a combination of stretch jobs, as well as coaching and mentoring with leaders who are good at it. Talented people when weighing job opportunities will frequently choose a firm with a development program over higher compensation.

DIFFERENTIATE & AFFIRM YOUR PEOPLE Develop criteria to identify your “A, B and C” players. Reward the best performers with fast-track growth and pay them substantially more than average. Develop and affirm your solidly contributing middle performers, helping them to raise their game. Remove your weak players.

“It’s the system, stupid ” All 5 of the previous actions must be done simultaneously to successfully win the talent war. If you remove weaker players without rethinking your recruitment strategy, you will be short on people. If you are able to hire new talent but do not have an aggressive development plan, they will very likely leave. If you do not affirm and develop your B players, they will feel threatened by their A counterparts and underachieve.

PRESENTED BY Suzanne Sisson, Senior Consultant Square Lake Trail Stillwater, MN