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Human Resources Expert Expert: Margaret Lobenstine
Retain quality employees
Q: My partner and I just started a small investment banking broker–dealer and we are beginning to hire professionals in our industry. My question is, besides good salaries, good bonuses, good benefits, and equity are there other creative ways to attract and secure the best talent in the respective business that we are in?
A: I suggest that before you even finalize your figures in the four basic areas you mentioned (salary, bonus, benefits, and equity), you and your partner separately put yourself through the following exercise:
Imagine that you are working for a company such as yours that pays offers a good salary/bonus/benefits/equity package. You are excellent at what you do and therefore you receive satisfaction from doing it. What could someone else offer that would motivate you to go through the upheaval of leaving your present position?
Consider your location. What are the pluses and minuses of your area? Can you build the former into your ad and offer creative solutions for the latter, i.e., stress good school system and offer housing subsidy in addition to salary if talented person is leaving a relatively low cost rental area to come to you?
Think about the personalities of you and your partner. What might draw people to prefer working with you? A shared alma mater? A love of sports? How can you build on that into your recruiting plan?
Then get together with your partner, review your answers, and see what they tell you.
If you and/or your partner are in a committed relationship, ask your "better half" what would be a big enough motivational pull to make them encourage your moving?
Look at what other big companies are doing such as providing benefits to partners, regardless of legal marital status; flexible hours; leave for childbirth, adoption, and care of elderly parents; telecommuting; season tickets available to sporting events; company car; country club membership and see which of these fit your company's budget and temperament.
Remember, you are trying to find good people who will stay with you. It might not be the best move to rely on highest salary, unless you are ready to constantly participate in bidding wars. After all, the person who jumps ship in response to your top dollar may do so again as soon as someone else offers a little more.
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