According to the
2015 CIT Voice of the Middle Market study, more than 70 percent of participating middle-market executives expect the size of their workforce to increase over the next 12 months, and approximately 65 percent cite the ability to hire and retain talent among their top concerns.
Although offering extravagant benefits and above-market compensation were once considered the best ways to attract and retain talented candidates, that's no longer the case. Today's most popular employers are re-imagining their recruitment and retention strategies and implementing creative solutions to the challenges of finding and keeping a high-quality workforce. Some of the tactics they've employed may work for your organization as well.
A compelling corporate culture is a powerful tool in the recruitment and retention battle for the best employees-and ultimately, a healthy bottom line. According to the
Great Place to Work Institute, a workplace-consulting firm, "Our studies of the 100 Best Companies show that great workplaces enjoy significantly lower turnover and better financial performance than industry peers. Case studies of specific workplaces demonstrate additional, industry-specific benefits, including reduced shrinkage, improved track records on safety, higher patient satisfaction, better quality job applicants, and more."
Trying to outspend the competition is not a viable long-term strategy for attracting good employees; there will always be an organization with a benefit program and pay practices that are more generous than yours. Instead, consider complementing your existing plans with low-cost, high-value perks. For example:
The options are limited only by your imagination.
Many middle-market companies offer referral bonuses to encourage employees to recruit job applicants. But very few actively lobby their highest-performing employees to tap into their professional networks. Enlisting the help of the members of your workforce who are making the greatest contribution to your organization improves the odds of finding candidates with equally strong skill sets and work ethics.
To expand your candidate pool even further, hold special events for professionals in your industry-panel discussions with thought leaders, webinars on market trends, private parties at conferences. A number of IT companies post technical challenges in online software development forums. Members of the technical community are able to interact with the company's current employees and participate in friendly competition with their peers to solve the challenge; recruiters and hiring managers are able to evaluate potential candidates' technical abilities and problem-solving skills without even having to schedule an interview.
Whether you opt to focus on building a strong corporate culture, expanding your offering of unique perks, taking novel approaches to recruiting or implementing an entirely different set of recruitment and retention strategies, keep this in mind: When you take care of your employees, they'll take care of you.
WSJ. Custom Studios is a unit of the Wall Street Journal Advertising Department. The Wall Street Journal news organization was not involved in the creation of this content.
Middle market companies account for one-third of private sector GDP and employ 25% of the total labor force.
While less visible than both small and large caps and vastly undersupported, middle-market companies are a signi