Tricks Used by Talent Poachers and How to Stop Them
One of the most important assets of any business is its talent—if only it’s that easy to find and hire the best ones.
According to the 2015 Talent Shortage Survey conducted by ManpowerGroup, talent shortage is at an all-time high globally—peaking at 38%, which is a two percent increase since 2014. It is likewise at its highest since 2007.
Among the hardest jobs to fill, skilled trade workers are at the top. Also included in the top ten, though, are management executives, accounting and finance staff, office support staff, and IT staff.
The top five key reasons stated for the difficulty in filling these jobs include lack of available applicants or no applicants (35%), lack of technical competencies/hard skills (34%), lack of experience (22%), lack of workplace competencies/soft skills (17%), and looking for more pay than is being offered (13%).
These numbers are quite a concern because talent shortage impacts a business’ ability to serve their clients’ needs. And with this, companies continue to struggle to find and keep quality employees, thus, talent poaching occurs.
So, if you’re looking for the best talent for your business, how do you compete?
Tricks by Talent Poachers
The Philippines is not immune to this talent poaching dilemma. The competition for local talent is cut-throat, especially in the BPO industry, wherein firms are known for their aggressive recruitment strategies, luring employees with a high starting pay, and a signing bonus to boot.
The Towers Watson Global Workforce Study 2012, which surveyed 1,000 employees from Metro Manila, Cebu City, and other local areas, reveals that “employee retention is one of the primary concerns facing globally competitive organizations today as talent poaching becomes rampant.”
It also reveals that “organizations with highly engaged employees are more likely to leave their current employers within the next two years, as compared to only 28 percent globally.” For this reason, companies must stay vigilant about strategies that threaten to poach their valued employees from them.
Below are some of the most common strategies talent poachers use:
Contacting Talent Through Sites Where They Share Their Work
LinkedIn is one the most popular sites where recruiters go to recruit talent. However, the smarter companies veer away from LinkedIn and instead search for them through sites where talents usually share their work, such as their own blogs.
Offering Higher Compensation and Better Benefits
The Towers Watson study reveals that 47% of Filipinos considers base salary as the most important reason they would leave their current employer.
In a country with such a young population, the lure of higher pay and better perks can be irresistible. BPOs are offering fresh graduates with not just a starting pay of about PHP 15,000, but a signing bonus as well. What more for already experienced employees?
Luring Them with Their Corporate Culture
Employees nowadays also consider corporate culture important, as they want to work somewhere fun since stress and heavy workload can cause employees to leave their present companies.
An employer that lures employees with activities and programs that will help them achieve work-life balance will be hard to say no to.
Presenting Them with an Opportunity to Work on Attractive Products or Services
Employees like being a part of something amazing. Learning that a successful company that has interesting products wants to make them part of the team is extremely alluring. It can be so attractive that some might be willing to accept even a lesser pay for the job.
Build a Poach-Resistant Staff
If you already have a fantastic staff and want to protect them from being poached, here are some tips you can follow:
1. Learn what matters to them.
Employees like it when they see that you are genuinely interested in them. By learning what their personal and professional goals and priorities are will show them that they matter to you.
2. Lay a clear path for career growth.
Employees need to know that they’re going somewhere within the organization. Laying out a career plan will help them feel that you’re invested in their growth as an employee and you’re willing to help make it happen.
3. Encourage healthy workplace relationships.
Healthy workplace friendships cultivate a sense of belonging and identity, which affects an employee’s happiness in the organization. Promote this camaraderie by providing opportunities for employees to bond, such as outings and team building activities.
4. Make them proud to work for you.
Employees also need to feel proud not only of their jobs but of the company they work for. They want to be able to tell everybody else how much they love working for you. Continue giving them reasons to be proud by sharing with them the company’s achievements and letting them know how they helped you make things happen.
5. Recognize and reward hard work.
Everybody appreciates validation especially if they have worked so hard to achieve something for the company. Don’t be stingy with your compliments. Better yet, develop a rewards system that will provide incentives for employees.
The truth is, at the end of the day, it will take more than the salary to retain your employees. Making employees feel valued, giving them a rewarding job that they can be proud of, as well as an enjoyable working environment, will keep them happier and more likely to stay.