The pace of job creation has slowed in the United States since 2022, declining from an average of about 250,000 jobs per month in 2023 to around 200,000 jobs per month in 2024, according to the Bureau of Labor Statistics. The unemployment rate has ticked up from under 4% to about 4.5% during that period as well, representing more than 500,000 additional job-seekers.
However, despite the softening economy, employers in many industries still struggle to attract and retain top talent. At best, this is frustrating for executives and hiring managers alike; at worst, it is a serious threat to the health of the affected businesses.
Employers in certain industries are feeling the effects more than others, including leisure and hospitality, manufacturing, and construction. But the story is much the same everywhere. If you’re feeling like you’re running in place when it comes to recruiting, hiring, and retaining high performers, take a few minutes to review these nine tips from someone who’s been doing it for decades: ABB CEO Karim Allana, one of the top construction executives on the West Coast.
1. Clearly Describe Your Organization’s Mission
“You want prospective job candidates to have a clear idea of why they want to — and should — work for your company,” says Allana, whose company has expanded to 225 employees. In fact, ABB has adopted the term “Ohana,” meaning “family,” to represent the company culture.
Drawing out your organization’s mission helps advance this goal. To be successful, your organization’s mission statement should be unique and concise. It should go beyond vague, corporate-sounding platitudes and describe your organization’s place in the world. It should leave readers with no doubt as to why you and your team do what you do.
2. Foster a Spirit of Shared Purpose
A clear, compelling mission statement can begin to foster a spirit of shared purpose among stakeholders in your organization, including employees and candidates (as well as vendors, customers and all the rest).
However, to really achieve this goal, you need to do more. For example, you should have a detailed employee handbook that includes a statement of values and purpose as well as bylaws that establish what your team stands for. You should also go above and beyond to build community within your organization through service days, optional-but-encouraged socialization opportunities outside of work, and other efforts to establish camaraderie.
3. Make Sure Everyone Involved in Recruiting and Hiring Is On the Same Page
Turning to the details of attracting and onboarding talent, your recruiting and hiring operation should have clearly defined objectives and processes. Everyone involved in the process must understand your staffing goals and have a strong sense of the right “fit” for each position the organization aims to fill. This won’t entirely eliminate friction or disagreement along the way, but it will make things easier when it counts.
4. Develop Clear, Compelling Job Descriptions
Your recruiting process won’t be as effective as they can be if job candidates aren’t clear about the position they’re applying for. Indeed, you simply won’t get as many high-quality applications if this is the case. To that end, make sure your public job descriptions are clear, compelling, and targeted to the audience you wish to reach.
“An on-target job description is a vital step in landing talent — especially in tight markets,” says recruiting expert Christina Wood. “All too often, it’s in the job description where recruiting efforts start to fizzle.”
5. Tap Employee Networks to Expand Your Talent Pool
If your organization has a strong internal culture and a compelling mission, its existing employees are likely to be happier in their jobs than their peers at less appealing organizations. And if that’s the case, they could turn out to be your most effective recruiting assets.
They might not sing your company’s praises at every opportunity. But between them, they probably have one or two degrees of separation with a sizable talent pool. While their connections might not be looking for work right at the moment, you’ll want to keep them in reserve.
6. Offer Competitive Compensation and Benefits
This should go without saying, but unfortunately it often doesn’t, especially for low-margin and early-stage businesses that have a legitimate need to protect their capital.
Here’s the thing: Offering market-competitive compensation and benefits puts you on equal footing with bigger, more established companies competing for the same pool of talent. You might not win every recruiting battle with them, but why wouldn’t you give yourself a better chance to succeed?
7. Leverage Paid Internship Opportunities
If your company doesn’t have an internship program, it should, no matter how small it starts. As long as you pay them and treat them well, your interns represent a “captive” pool of talent whose members are easier to attract to permanent positions. Hiring them is cheaper, too, since you don’t have to spend as much time seeking and wooing them.
This all supposes you manage your interns well and give them a reason to stick around (or think about you when they’re ready for long-term work).
“Managing interns is a big responsibility, and if you want your interns and your internship program to be successful, you need to manage them well,” says Lattice’s Deanna deBara.
To that end, pay them competitively, give them “real” work (not just getting coffee and lunch) and make them feel as if they have a stake in the organization’s future.
8. Work Toward a Friction-Free (And Maybe Even Fun) Onboarding Process
You may have heard the saying: “Be slow to hire and quick to fire.” Setting aside the second part, the first is undoubtedly important. Your recruiting, hiring, and onboarding processes should not cut corners.
Nevertheless, try to establish your organization as one known for smooth, low-drama hiring and onboarding processes. Don’t subject candidates to countless interview rounds or “free work” that produces ideas you later take as your own.
Likewise, once you’ve decided to hire someone, make it so they can quickly get “into the system” and prepare to focus on what’s important to you both: their actual job. Pair them with more senior mentors to show them the ropes and help them settle into their responsibilities too.
9. Be a Partner in Employees’ Career Development
One of the most underrated ways to retain quality employees is to establish yourself as a genuine partner in their professional development.
This doesn’t always come naturally in competitive industries because successful employees might seem as if they’re more likely to jump ship to better opportunities. Sometimes they are, but for every employee who “takes advantage” of tuition subsidies and expenses-paid trips to industry conferences, there’s another who appreciates what you see in them and rewards you with professional loyalty.
Make the Most of Your Talent Pool
You don’t need to be told that you’re competing with others for the same pool of talent. You see the fallout whenever a longtime employee makes the jump to a competitor or a candidate you were excited about hiring takes a job elsewhere in the industry.
While it’s unrealistic to expect to be able to retain every rockstar employee forever or consistently have your pick of the litter when it comes to new hires, these nine proven strategies should make it a bit easier to keep top-tier talent for longer while replacing without too much trouble those who move on.
Who knows? Down the road, maybe you’ll have the opportunity to share your own approach to recruiting and retaining talent. If you’re willing to give your competitors some free advice, that is.
Also Read: How Technology Is Redefining Career Development in Auto Mechanics
