[3 min read]
“If you hire people just because they can do a job, they’ll work for your money. But if you hire people who believe what you believe, they’ll work for you with blood and sweat and tears.”
― Simon Sinek
Imagine running a company of employees who want to work for your dream just as hard as you. They’re not interested in the dangling carrots offered by recruiters and other hungry founders behind the scenes.
Not enticed by the allure of offers you’re largely unaware of, these employees refuse to jump ship because they share the same affinity for your vision.
In Silicon Valley, we call these golden nuggets: Retained Employees.
In the market today, retained employees are more and more of a rarity.
The market has become so competitive — it’s a dream for founders and hiring managers.
Your time. Your hiring team’s energy is valuable.
I’ve worked with some of the leading founders and hiring managers in the world. Even they didn’t know where it all started when we began working together. If you don’t know where to begin, don’t worry, you’re in the majority.
Especially in the early stages, most hiring leaders find themselves confused or frustrated at some point. The complexity of the hiring process makes them unaware of how their bottom line is sabotaged by what they don’t know about hiring and retention.
So where does retention really start?
No matter if you are a company of two people hiring your next two, 35 hiring your next 12, or a mid-level company of 150 onboarding your next 100, the ROI of a baked-in strategy, where hiring and retention converge, grants you a more than 89 percent possibility of making retention a reality.
Through years of experience, I’ve discovered even during the hiring process, and attempting to retain thousands of candidates, retention doesn’t just happen on its own.
Retention is logic-based and quite simple actually. It begins before the interview, before the job description, and especially before you get your hands on any resumes. Any result can be traced to where it all began, its “point-of-concept” (PoC). It’s here where a leader chooses the path that their hiring efforts will take.
Some tips for you to take action now:
- Strategize first. Resumes and interviewing second: Optimize your hiring strategy to be in partnership with your retention goals.
- Systematize your process: Make it repeatable and align all of your hiring leaders as teams.
- Define your culture: Defining your culture is one of the optimal steps to hire the right fit.
- Let perks be the icing on the cake: Although times are changing, many hiring leaders still weight appraise the most obvious areas, like the interview or perks. Make your company shine before you sprinkle on the icing.
- If you have had turnover, look back and take inventory: When the Navy Seals want to see how something went wrong, they rewind the events that took place and evaluate the decisions that were made.
Don’t start in a deficit.
The ramifications of integrating a retention strategy any later than the point-of-concept to hire, are more than likely, dire. Talent strategy becomes vulnerable to breakdowns, costly impacts, and ultimately, success, from an early stage.
These companies are at a deficit before they even begin.
Some of the adverse implications include disempowered and misaligned hiring teams, under-performing and low-quality candidates, higher turnover, and increased struggles to produce revenue. Customer engagement is sacrificed, and where companies are hit where they see it last, and often, too late.
It does not have to be this late in the game. We have the opportunity to learn from the past 20 years of innovative technology, hiring tactics, and methodologies to create a new avenue for companies, even if they’re just starting.
It is never too early to consider retention.
In the game of talent acquisition, where so many teams expend unnecessary resources, risking organizational failure by adopting a reactionary and scarcity-driven “shotgun model” for talent acquisition: what do you have to lose?
What is possible to gain by an early investment into creating and integrating a retention plan that aligns your hiring strategy and organizational goals?
It is possible. But only if you know where retention really begins in the hiring process.
It starts with you. Leader. Investor. Dreamer. Innovator. How badly do you want it?
Written by Alana Fulvio, Pendulum Founder.