15 Strategies To Help Companies Find And Keep Good Talent

“The war for talent” is a term that’s been circulating since the late 1990s to describe how challenging it can be for organizations to recruit and retain the best talent.

What is standing in the way of businesses finding good talent today? With the “Great Resignation” currently underway, companies are feeling the heat more than ever, and many may need to reexamine and improve their approach to survive and thrive.

Below, 15 members of Forbes Coaches Council discuss how companies can change their recruiting, hiring and retention strategies to move past this obstacle.

1. Strengthen The Workplace Culture

Now that we’ve figured out remote work, candidates have a lot more organizations to choose from, so don’t rely on the standard levers of salary, benefit and job descriptions to attract or retain them. Instead, double down on strengthening your workplace culture, which your competitors can’t “match” as easily. Your best people will be very hesitant to leave a strong culture for an unknown one. - Jamie Notter, PROPEL

2. Reach Out To More Universities

First, expand the number of universities you’re reaching out to. There are a lot of talented and committed people in community and state colleges. Second, hire for talent and potential, not for experience, and train people up. Create internship programs to pre-qualify potential employees and give them a great experience. But most importantly, train your managers to be good managers and coaches, not technicians. - Debra Russell, Debra Russell Coaching, LLC

3. Focus On Magnetic Attraction

“War” for talent is the wrong metaphor. Think magnets. How can we magnetize our existing talent to stay and attract the talent we want? Don’t go to war—focus on attraction, which requires you to think about the needs of both the organization and the talent. - Kevin Eikenberry, The Kevin Eikenberry Group

4. Interview For Markers Of Success

Organizations have to identify their most prevalent markers of success and interview for them by asking the right questions. They also need to model a culture that evinces truth in advertising and is inclusive and (especially in today’s competitive market) flexible enough to attract—and retain—that talent. - Kathy Morris, Under Advisement, Ltd.

Forbes Coaches Council is an invitation-only community for leading business and career coaches. Do I qualify?

5. Redefine What ‘Talent’ Means

Talent is hard to come by because we often define it incorrectly. Most recruiters are looking for skills, which we improperly equate to talent. In reality, the hires we make that we treasure most are the ones with the proper values and talents that are hard to teach: humility, drive, positivity and the ability to learn. Skills can be taught. True talent lies in the intangibles we often filter out. - Jim Vaselopulos, Rafti Advisors, LLC

6. Understand What Leaders Value

Since the 1950s, we’ve seen a significant shift from a work culture that values loyalty and believes it will be rewarded to one that praises proactive growth, adaptability and change. In light of a culture that now practically encourages turnover, the best way to attract and retain top leaders is to truly understand what leaders value most and deliver those elements with unwavering consistency. - Christy Charise, Strategic Advisor

7. Maintain A Shared Leadership Culture

Collaboration, partnership and mutual respect still attract talent. Companies with effective, shared leadership cultures don’t have the same problem of “finding good talent.” They grow their talent among those who are passionate about their products, services and values. Their talent capacity defines their growth capacity, instead of forcing rapid scaling when it is not sustainable. - Jessica Hartung, Treelight Leadership

8. Hire Based On Company Values

Companies are not hiring based on core values. They’re looking for skills and experience, but not considering if the candidate is a good fit for their culture. As a result, they end up with disengaged, low-performing and unhappy employees. To find and retain good talent, they need to start hiring based on company core values and do more to invest in their employees’ overall development. - Ryan Stewman, Break Free Academy

9. Develop A Solid Employment Brand

It’s all about marketing. Develop a solid employment brand, build a robust candidate experience, then parlay that into an employee experience that allows your people to show up as their best selves. HR needs to market to job seekers the same way marketing communicates to prospective customers. Companies need to learn to sell themselves to those seeking work, and even to those who may not be! - Ed Krow, Ed Krow, LLC

10. Offer Flexible, Family-Friendly Policies And Programs

Companies should focus on becoming employers of choice. Offering flexible, family-friendly policies and programs is now the foundation for great employers. Consider the workplace and what employees need. Listening to employees through surveys and focus groups will help. Although finding good talent is important, retaining great talent helps even more. Do a deep analysis of your culture as well. - Susan Madsen, Jon M. Huntsman School of Business

11. Study A Successful Foreign-Based Company

During a tour of over ten cities in Italy, I compared and contrasted the economy, culture and religious freedoms of the U.S. to that of Italy. Visiting Tuscany gave me a broader perspective on global affairs including business. In order for U.S.-based companies to compete in the war for keeping talent, we should take a look at foreign-based companies. - Mika Hunter, Female Defender

12. Focus On Value-Driven Hiring

It has always been challenging to find good people; nothing has changed there. Companies can change their hiring strategies by attracting employees who want to work versus have to work. Take the time to understand why they want the job and how it is connected to their purpose. Value-driven hiring is essential for hiring people and keeping them. - Michelle Perchuk, MTV Coaching

13. Invest In And Reward Emerging Talent

Companies can invest in and reward emerging talent, which is slightly different than hiring the “best” talent. Hiring for the right attitude and drive requires employers to train their workforce. It is easier to retain top employees who have been recognized for their effort. Most workers will also stay where there is a positive culture that discourages politics and eliminates mismanagement. - Laura Smith-Proulx, An Expert Resume

14. Declare Your Purpose And Act Authentically

I am in the lucky position of being in two of the right places at the same time—in the boardroom with my C-suite coaching clients and in a university classroom with top-tier Gen-Z talent. A recent straw poll of my students revealed that 100% of them were only interested in joining purpose-driven companies. To win the war for younger talent, companies need to declare their purpose and act authentically. - Leonora Zilkha Williamson, Platinum Rule Advisors

15. Choose Talent Over Virtue

Choosing talent over virtue is key. In the race to find the “most talented” candidates for various positions, companies race to find candidates with the top academic pedigrees and prior experiences—resumés and interview processes highlight these features. It takes some digging and exploring to find employees who will add value culturally because they are humble, hardworking and ready to learn. - Billy Williams, Archegos