How to Attract Top Talent Without Competing on Compensation

Aug 24, 2022 | 0 comments

Attracting Top Tier Talent can be a needle in a haystack situation…

Most of them are already in satisfying jobs.

Or they expect 6-figure or even 7-figure compensation.

 

In this post,  you’ll discover:

  • How to “attract” the right people who love working with you & your team  (We are talking about those who are the first to come with a big smile on their face).
  • Are you making this common mistake that is repelling top-tier talent away from your company?
  • Why creating Win-Win situations can be the future of retaining the workforce.
  • A critical litmus question you should be asking your current team.

Attracting top-tier talent and keeping them can make your leadership development process easy. It’s always better to hire good leaders and make them great instead of swimming against the tide with mediocre ones.

We cover all of these strategies in detail at our COO Alliance meetings.

 

Strategy #1: Use Your Vision® as A Talent Magnet:

Start with a strong foundation.

You have a Vivid Vision®, right?

If you don’t, then read this article now —–> VIVID VISION.

It’s a quick read. Takes less than 2 minutes.

Your Vivid Vision® might look like this:

  • You have a cool cafe in your office, lots of board games, bean bags, and even a sleeping pod.
  • Your team size is 25+.
  • You spend most of your time creating systems & processes. You have delegated all the business operations to your team.
  • Your employees love talking about books, Two & a Half Men, and football.
  • You’re a member of the Young Presidents Organization.
  • Your core values for the company are Autonomy, Freedom, Leadership Development, and a Strong Work Ethic.

Most organizations have very boring vision & mission statements.

Even their top management has no clue what it means.

How many top talents in your city do you think would love to work in a cafe-style office in a bean bag,  sleep if they feel tired, and work with a bunch of people who love books?

A LOT.

Strangely, the more specific you get, the better quality people you attract.

Your job is to advertise this vision as much as you can – so the right people start coming in.

Get the word out. Fly a banner behind a plane if you have to!

 

Strategy #2: Get Rid of Bad Employees:

Let me ask you a question…

Imagine you are traveling on a bus.

Your bus has somewhat decent people coming with you.

The bus stops at a pitstop.

You see another funky bus standing there as well.

People who are traveling on that bus have gone crazy.

They are throwing beer cans at passers.

They are calling everyone all sorts of names.

Everybody is sloppy there.

The driver of this funky bus approaches you.

He asks you if you would travel on his bus instead…

He promises to get you to the destination 3 hours early or your money back.

He even throws in free travel insurance.

And an iPad to keep you entertained on your journey.

Would you take the offer?

Hell no, right?

That’s the same with hiring as well.

Top-tier talent attracts top-tier talent.

If you have a mediocre, or worse, a bad team, that can repel top-tier talent.

You can’t compromise, settle, or scramble for someone who is just “good enough”.

Yes, finding top talent will be hard.

Yes, they most likely already have a well-compensated job.

But that doesn’t mean you should be afraid to poach them.

It’s not immoral – it’s just the way it’s done in business.

 

Strategy #3: Create Win-Win Situations:

Back in the industrial age, all you need to hire & retain employees was simple:

Don’t physically abuse them.

Give them 1 day off every week.

Give your workers bread & cigarettes.

However – we have come a long way since then.

Companies like Google, for example, are known for their jazzy offices, hotel-level daily meals, massage programs, fitness centers, and a lot more.

The cherry on top is their handsome compensations & stock options.

But you don’t need to go that far.

All you need to do is to keep innovating your HR policy as per the needs of the top talent.

You can’t stick to the same 40 Hours of work from the office with 1 pizza party every month.

People will eventually get bored & start leaving.

If the current workforce is looking for a hybrid work setup, then give it to them.

If they would prefer a trip to Bali once a year over a pizza and beer party every month, then give it to them.

If they would like to work on bean bags instead of a cubicle, then…you know what to do.

Keep innovating your HR policy to establish a WIN-WIN relationship.

 

Final Thoughts:

These are my 3 best strategies for hiring top talent:

  1. Use Your Vision as a Talent Magnet
  2. Get Rid of Bad Employees
  3. Create Win-Win Situations.

Comment below your worst hiring story (I read all the comments)

 

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Written By Cameron Herold

Written By Cameron Herold

Cameron Herold is known around the world as THE CEO WHISPERER. He is the mastermind behind hundreds of companies’ exponential growth. Cameron’s built a dynamic consultancy: his current clients include a “Big 4” wireless carrier and a monarchy. What do his clients say they like most about him? He isn’t a theory guy—they like that Cameron speaks only from experience. He earned his reputation as the CEO Whisperer by guiding his clients to double their profit and double their revenue in just three years or less. Cameron is a top-rated international speaker and has been paid to speak in 26 countries. He is also the top-rated lecturer at EO/MIT’s Entrepreneurial Masters Program and a powerful and effective speaker at Chief Executive Officer and Chief Operating Officer leadership events around the world.