Talent Magnetism

In today's fast-paced and ever-changing business world, finding and keeping the right employees has become increasingly challenging. Roberta Chinsky Matuson's book "Talent Magnetism" offers valuable insights and strategies for companies looking to attract and retain top talent in the 21st century.

Introduction

The job market has evolved significantly in recent years, with technology advancing at a rapid pace and employee expectations shifting. As a result, traditional recruiting methods are no longer as effective as they once were. Matuson argues that the key to successful recruiting lies in creating a magnetic organization that naturally draws in the best talent.

The Talent Gap

One of the main challenges facing companies today is the mismatch between available skills and the skills required for modern jobs. This talent gap is particularly evident in the tech industry, where it's estimated that by 2018, there will be 1.4 million tech-related job openings in the United States, but only 400,000 college graduates qualified to fill them.

To address this issue, forward-thinking companies are taking proactive steps to cultivate future talent. For example:

• Neustar has sponsored a technology, information, and digital media center for young adults.
• Some companies are getting involved with clubs or programs at local universities to make connections with potential future employees.

Adapting to the Modern Talent Pool

It's crucial for companies to understand that the needs and wants of employees are evolving along with their skills. Some key points to consider:

1. The job market is no longer a one-way street where employees should feel lucky to have any job.
2. Companies need to adapt to the changing expectations of workers.
3. Offering competitive salaries is no longer enough to attract and retain top talent.

The Power of Mutual Attraction

Matuson emphasizes that successful recruiting is about creating mutual attraction between the company and potential employees. This involves:

1. Making your company irresistible to potential hires.
2. Offering meaningful rewards and recognition to current employees.
3. Creating a positive work environment that naturally attracts talent.

Employee Recognition

One effective way to create a magnetic organization is through employee recognition. For example:

• LinkedIn's CEO gave all employees an iPad Mini as a gesture of gratitude, which generated significant positive buzz on social media.
• Even smaller gestures, like offering a few hours off or concert tickets, can make employees feel appreciated and valued.

Standing Out from the Crowd

To attract the best talent, companies need to differentiate themselves by offering:

1. Challenging work opportunities
2. Training and development programs
3. Professional and personal growth prospects

The Apple Example

Apple serves as an excellent example of a magnetic organization. Their stores are filled with happy, energetic employees and satisfied customers, creating a positive feedback loop that attracts top talent without much effort.

Maximizing Your Company's Magnetism

Even if your company already has magnetic qualities, it's essential to highlight and maximize them. This involves:

1. Developing a strong employment brand
2. Effectively communicating your brand to potential employees

Assessing Your Employment Brand

To strengthen your employment brand, ask yourself and others the following questions:

1. What makes your organization attractive?
2. What keeps the best talent at your company?
3. How would you describe your company culture?
4. How do outsiders perceive your employees?

Promoting Your Brand Online

In today's digital age, it's crucial to promote your brand through various online channels:

1. Utilize social media platforms to showcase your company culture.
2. Create engaging recruitment pages on your website.
3. Consider using professional videographers and photographers to create high-quality content.
4. Implement targeted advertising campaigns on platforms like Facebook to reach potential candidates.

Staying Ahead of the Competition

To gain a competitive edge in recruiting, companies should focus on:

1. Developing a sustainable work environment
2. Aligning recruitment strategies with long-term organizational goals
3. Hiring employees with a blend of technical skills and well-rounded abilities

Empowering Employees

One way to create a magnetic organization is by empowering employees to go above and beyond for customers. For example:

• The Ritz-Carlton allows employees to spend up to $2,000 to ensure guest satisfaction.
• On a smaller scale, restaurants can offer small compensations for mistakes in food orders.

Investing in Your Staff

Rather than waiting for problems to arise, proactively invest in your employees by:

1. Creating a safe and comfortable work environment
2. Offering opportunities for personal and professional development
3. Demonstrating trust and respect for your staff's efforts

The Importance of Honesty and Transparency

Building trust with your employees is crucial for creating a magnetic organization. This involves:

1. Being truthful about company situations, even when it's difficult
2. Avoiding euphemisms when discussing sensitive topics like layoffs or firings
3. Maintaining open communication with staff about potential changes or challenges

Embracing Social Media in Recruitment

Social media has become an essential tool for modern recruitment strategies. Companies should:

1. Create job boards on platforms like Facebook
2. Allow direct resume uploads through social media channels
3. Tailor advertising campaigns to target specific demographics and skill sets

The Benefits of a Magnetic Organization

By focusing on creating a magnetic organization, companies can:

1. Reduce recruitment costs
2. Attract a constant influx of motivated, qualified young recruits
3. Build a workforce that can adapt to changing technologies and economic conditions

Final Thoughts

In today's competitive job market, companies must go beyond traditional recruiting methods to attract and retain top talent. By creating a magnetic organization that offers meaningful work, growth opportunities, and a positive culture, businesses can naturally draw in the best employees without relying on expensive recruitment campaigns.

Key takeaways from "Talent Magnetism" include:

1. Recognize the evolving needs and expectations of modern employees
2. Focus on creating mutual attraction between the company and potential hires
3. Develop a strong employment brand and communicate it effectively
4. Empower employees and invest in their growth and development
5. Embrace honesty and transparency in all aspects of employee relations
6. Utilize social media and online platforms for recruitment and brand promotion

By implementing these strategies, companies can position themselves as desirable employers and create a workforce that is not only skilled but also loyal and motivated. In the long run, this approach will lead to increased productivity, innovation, and overall success in the ever-changing business landscape of the 21st century.