Episode 28: What You Need to Become a Talent Magnet with David Velie
Your company’s culture and success all start from the same place: hiring the right people in the first place. So how do you attract the right people and recruit exceptional employees to your organization or venture?
That’s the subject of today’s show with the CEO of AMEND Ventures, David Velie. Mike and David talk about what it takes to not only hire the right people, but transform yourself into a talent magnet.
- What are the challenges that companies face with today’s workforce? David shares how companies with accelerated growth often struggle to maintain momentum and progress. The irony? We're currently living through an economic boom. So why are we facing this particular challenge in a growing economy? One possible explanation is that many companies seem to believe that there's a shortage of viable workers in the industry. But this shouldn't be the case, especially when considering how close we are to the lowest American unemployment rate ever since 1976.
- Where do you start to retain great employees and attract the right people for your organization? David says you've got to hire the right people first. Once you have them onboard, you need to figure out why they chose your company in the first place. Ask your key team members' open-ended questions to help you narrow down the possibilities. Remember: it isn't always about the money. Uncover what the other considerations are and how you can include it in your hiring strategy.
- Employees will eventually leave - this is a reality of any business. They either move up the corporate ladder or exit. So how are you going to control what they say about your brand long after they've moved on? Mike and David talk about the importance of building a culture of commitment and loyalty.
- While you can't always help it if an employee has to exit the company, you can make their stay with you so positive that they only talk about how amazing working for the brand was after they leave. The brand of your corporate culture is either made or broken by the personal views of the people who currently or once worked there. They know what goes on inside your company. They've experienced the company culture, leadership, and processes first hand. Your employees are your brand ambassadors — whether you like it or not!
- David talks about the importance of creating compelling reasons why people should choose your company. "What does your company stand for?" "What can you offer that will improve your employees' well-being?" It's not just about how big the paycheck is. Sometimes the non-financial factors bear the most weight in a candidate's decision to join the company. These competitive advantages are what will attract talent and retain them.
- These competitive advantages evolve when a business decides to be more flexible. The hurdle here is the mindset that being flexible will cost more money — there are always ways to be more flexible and still achieve stellar returns. It can be something as simple as offering a transportation service, or something more innovative like recruiting from untapped talent pools. This flexibility is what removes the barriers that most companies struggle to overcome.
- Organizations who invest in their people and company culture are far more successful than those who don't. Your workforce is comprised of people with goals, dreams, and families. When you provide them with the flexibility they need to do their job, they will do their job well. The bottom line is that people prefer working for businesses that take care of their employees and make them feel valued. Invest in your employees. The easiest place to start? Ask them what they need — and listen!
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