On Wednesday, May 4th, our founder and CEO, Nad Elias, was the keynote speaker for Gallagher Insurance’s most recent event – Austin the Boomtown.
During his presentation, Nad discussed different tactics and strategies companies can utilize to attract and retain employees in today’s job market. Below are three main questions on how to tackle today’s job market that Nad answered during his keynote speech.
#1. What Are Some of the Top Drives of Attracting and Retaining Top Talent in the Austin’s Marketplace?
Right now, the #1 driver of attracting and retaining employees is their direct manager. Candidates are starting to place a focus on growing their career and finding mentors that will help them get there.
Below are other tactics that will help you attract and retain top talent.
Top Strategies to Attract Talent in Today’s Job Market:
- Write a clear job description that sells your company, not your open job.
- Keep the hiring process short and efficient. The hiring process will tell the candidate a lot about your company.
- Case a wide net when looking for your candidates. With relocation easier than ever, don’t narrow your search to candidates that are only in Austin.
- Engage your hiring managers throughout the entire recruiting process. Since they are the #1 reason why candidates take new jobs, finding the right candidate needs to be a priority for them.
- Read this Forbes article to learn what candidates are currently looking for in the market.
Once you’ve attracted and hired your most qualified candidates, you’ll need to switch your focus to retaining your top talent.
Top Strategies on Retaining Employees in Today’s Job Market:
- Realize the difference between company culture and company environment, and make sure it’s communicated clearly internally
- Have 30-day 1 on 1’s with managers during the first 90-day period of employment for continued alignment
- Utilize survey tools to collect data on the habits of your high performing employees
- Establish a company culture the provides the feeling of a higher purpose and sense of belonging for your employees
- Implement company core values and emphasize the importance of these values to create alignment through the entire company
- Check out this Texas CEO magazine article to learn more about retention strategies
#2. Are Wage Increases Changing Due to Inflation?
The simple and short answer is yes. Because services and materials are costing more, businesses are having to raise their price to accommodate the inflation. And as prices rise, should so salaries.
In Austin, we are seeing wage increases happening across all industries. Right now, it is more expensive than ever to live in Austin. The suburbs outside of the city are continuing to grow and provide cheaper housing options, but the lack of public transportation makes it difficult to communicate into the city for work.
Check out this article from CNBC to learn more about inflation and wage increases around Austin.
#3. What Are The Current Leadership Pain Points in the Austin Market Around Their Talent?
Right now, the Austin Market is tight. The competitive pool of top talent that resides in Austin makes it harder for businesses to attract candidates. To avoid taking talent from one another, business leaders in Austin are looking at alterative solutions to grow their talent communities.
- Focus on growing your company-specific talent community by attracting candidates from other cities to come to Austin.
- Start to outsource for certain functions.
- Prioritize the necessity of providing company-specific learning, development, and training programs to help turn all candidates into high performers.
- Continue to grow and brand Austin as the Center of Innovation. To compete with other cities, we need to collective grow Austin’s ecosystem of innovation.
- Continue to attract executive-level talent
Austin has one of today’s hottest job marketing. These attraction and retention strategies will give your business the right tools to attract qualified candidates and build a positive company culture that promotes retention and growth.
If you are interested in a further discussion, please reach out to firstname.lastname@example.org