We all know how brutal the competition can be right at the top of the job market in certain industries. Take the field of artificial intelligence. Back in 2010, people thought that AI was science fiction and that, even if it was possible to get computers doing things like holding conversations and recognising people in photos, such technology would not arrive in their lifetimes. Fast forward seven years, and now AI in everywhere, in our phones, homes, and browsers. As a result, the job market in the AI sector has gone crazy. There are only about 5,000 people in the entire world who have the skills to design and build intelligent systems. And all the big tech companies from Amazon to Google are snapping them up in their droves. Starting salaries in the sector are all well over six figures, even for people straight out of university, and companies are all buying up whole academic departments in the hope that it will give them an advantage over the competition.
Suffice to say that attracting talent in the AI sector is frighteningly difficult. But the lessons we can learn from companies doing just that can be applied to practically any business.
All successful companies are ultimately built upon the people that work for them. Yes, they might have a patent or a great technology, or even a great brand, but it’s individuals who give a business personality and innovation. Without great people, your business is nothing. Here’s how to attract incredible talent.
Understand Who Would Make The Best Employees For Your Business, Not Anybody Else’s
Roberta Matuson is the author of the book Talent Magnetism: How To Built a Workplace that Attracts and Keeps the Best. She says that companies need to think long and hard about which employees are the best match for their business. Some companies will want to attract entrepreneurial-types, people who are buzzing with ideas and have the ability to realize them. Businesses like this might include software companies or startups in industries ripe for innovation, like education and healthcare.
Other companies, she says, might value more thoughtful and deliberative executives. Startups that want to offer customers VIP experiences, or who want to muscle in on existing industries may need to go down this route.
Matuson is keen to point out that there isn’t a one-size-fits-all employee for every company. Each firm needs to think carefully about payroll recruitment and which traits are the best for the future of the business.
Hire People Who Are Underappreciated
Many people that enter the job market every year are incredible people, but they don’t give off the usual signals we associate with talent. For businesses, this is a problem. Hiring managers and startup founders will usually rely on their innate ability for pattern recognition when choosing a new member for their team. But as Matuson points out, this ability to recognize patterns can sometimes lead us astray, especially when we’re trying to hire talented people. Often we’ll make a decision about who to hire based on certain cues we associate with talent or success. But often those cues aren’t accurate and can be misleading, meaning we miss out on the opportunity to hire somebody with a lot of ability. For instance, many hiring managers might unconsciously assume that a person over the age of 50 isn’t technically savvy, despite the fact that many of the very first and most experienced tech people are not in their 50s and 60s.
Ridding ourselves of these biases can help give companies a competitive advantage, says Matuson, when looking for new talent. She suggests that companies pay special attention to people returning to the workforce or those looking for new employment after long careers with a single company. Often these people have detailed, crystallized knowledge of their industries and are able to provide a lot of value. When most companies are looking in one direction, looking in another can result in lower wage bills and greater talent within the firm.
Make Sure You Promote The Right People
Most people in business have heard the old adage the “people leave their bosses, not their companies.” Because of this, Matuson says that it’s imperative that companies think carefully about who they promote. Often, startups will promote somebody who has been there since the beginning and only realizes later on that that person lacks the social skills or the ability to support members of the team.
Matuson’s advice is to be selective about who you promote and to reward only the right behaviours. She says that leadership should come out of a process of personal improvement. Companies should provide opportunities for potential leaders to experience continued growth, building their skills and becoming leaders that founders would be proud to call their own bosses.
According to Matuson, good leaders are always those who treat others how they would like to be treated themselves. That means doing whatever they can to make sure that the people under them reach their potential.
Matuson is speaking mainly from personal experience. Her company has recently been hemorrhaging talent, not because her long-term employees had anywhere else to go, but because they could no longer stand the incompetencies of their bosses. She says that she doesn’t want other organizations to make the same mistake as her’s.
Create An Amazing Culture
It’s worth remembering that the hiring process is a form of selling. As a business, you’re selling a job to a customer, both through what you pay and the other perks that a job offers. One thing that is often undervalued in the world of work is fun in the workplace. Many people are willing to accept lower wages to work in an environment that is fun, has meaning or has a great community. After all, most people want more than large numbers in their bank accounts to feel satisfied.
Zappos is perhaps the best example of a company that built a thriving culture. It’s a company that emphasizes happiness over money. It’s staff aren’t paid as much they would be in similar jobs in other firms, but their well-being is prioritized.