With unemployment at record lows and tax cuts providing an impetus for growth, there’s a war for talent. Those losing the war will be left with the mediocre, which will make it difficult to achieve ambitious goals.
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“Talent Magnet: How to Attract and Keep the Best People” by Mark Miller (Berrett-Koehler Publishers, $22.95).
With unemployment at record lows and tax cuts providing an impetus for growth, there’s a war for talent. Those losing the war will be left with the mediocre, which will make it difficult to achieve ambitious goals. Miller illustrates this point through a business parable that follows the decisions of a CEO faced with reducing the organization’s growth goal because there aren’t enough high-caliber people.
He begins his quest by asking HR a few questions: “How would you define top talent?” “What do they want in a job?” “What would it take to attract them?” “How can we become a talent magnet?” He emphasized that the answers need to focus on individual contributors, not just those with leadership potential.
The search for answers began by interviewing the firm’s top talent and its typical talent. Why? The CEO wanted to identify differences between motivation and goals.
The results: The basics (i.e. fair wage, training, resources to do their jobs), a positive organizational culture and the company’s brand/reputation meant quite a bit to top and typical. But, top talent wanted more — leadership (how they were managed), growth opportunities (not necessarily tied to assuming leadership positions) and the firm’s ongoing contribution to the community.
The “What attracts top talent” answer jumped out: “Better boss (demonstrate care, stay engaged, lead well), brighter future (champion growth, provide challenge) bigger vision (foster connection, celebrate impact).” Selling those “magnets” was something the organization had to do even before the hiring process began. Why? Potential employees had to be aware of what the firm offered — just as an organization advertises its products and services.
To increase awareness, include the three-pronged message in the company’s webpage and its social media because those are places any talent will check for information on prospective employers. Awareness isn’t a one-and-done process. While the history of the organization won’t change, the message must identify “what’s next” to ensure it appeals to those who want to be part of its future.
“Iconic Advantage — Don’t Chase the New, Innovate the Old” by Soon Yu with Dave Birss (Savio Republic, $25).
Iconic brands exist in local business and on the global stage. What makes them icons? Yu’s been-there-done-that advertising and brand-innovation experience with Clorox, Chiquita Brands, and numerous, big-name apparel brands has identified three interrelated qualities that create and ultimately reshape icons. The three fit under the umbrella of “emotional connection with their audience”:
1. “Distinction” — They are different than their competition; they are memorable. 2. “Relevance” — Their distinction creates a loyal customer base. People trust the brand to deliver on its promise. Trust and sales go hand-in-hand. 3. “Recognition” — They’re readily recognized by consumers in and out of their target market because of 1 and 2.
The strategy required to keep an icon an icon centers around three principles:
1. “Create noticing power” — Icons grab attention; usually using something sensory. Nike uses holes in the heel sole to show off its cushioning technology. Ferraris don’t look or sound like Toyota Camrys.
2. “Developing staying power” — Connect the brand to the users through the human element. Let employees tell the story of company heritage and ongoing product creation; use consumer testimonials, too. Use social mission to connect, too. Example: Buy TOMS products and you’ll give those in need shoes, sight, water or kindness.
3. “Building scaling power” — Forget “glitz” advertising; your brand’s signature elements should dominate every message. Word-of-mouth passes it on. You can also tier-up by offering an added-features version, or tier-down by offering a just-signature-elements version. Tiering opens the door to new consumers.
The bottom line: Capitalize on the ongoing value of your existing products/services. A few tweaks in your products/services can keep them from entering the maturity phase of their product life cycle.
