The war for talent has returned, but it’s dramatically changed in the past five years. Employers everywhere see a skills gap between what they need and what candidates have to offer. “Skinny resumes” are the new normal. While there’s no shortage of applicants, candidates in the sweet spot of skills, experience and culture fit are maddeningly scarce. Short-staffed hiring managers cringe thinking about the bidding wars that can erupt over a desirable candidate.
Other than bribing rockstar ninjas with exorbitant salaries, what can you do to attract stellar talent?
According to PayScale’s Gen Y on the Job Report, tech companies are attracting scarce Gen Y tech talent by offering far more than apaycheck. The top five companies chosen by Gen Y – Qualcomm, Google, Medtronic, Intel, and Microsoft, all have been recognized as best places to work.
Tech companies aren’t the only organizations to discover the secret of positive work culture. Healthcare organizations like Dignity Health, Casa Grande Regional Medical Center, and Cancer Treatment Centers of America have given themselves the talent scouting edge by developing strong workplaces, along with large organizations like Charles Schwab.
The evidence for the ROI of company culture has been researched in small and large companies over the past fifteen years by research organizations such as the Great Place to Work Institute. These numbers should impress the most bottom-line focused CFO:
- 95% of leaders in great workplaces saw measurable benefits from being recognized.*
- In terms of stock market returns, Best Companies perform 300% better than the market.*
- Great companies enjoy 50% less than normal turnover.*
- 80% of businesses recognized as top small companies grew revenue share during the recession.**
- 88% of the small top companies added headcount during the recession.**
The evidence is clear. Recognition for workplace culture may have seemed like a competitive advantage in the past, but now it looks to us more like a strategic imperative in the new war for talent. What do you think?