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Remember the days when you ran an ad and received hundreds of qualified candidates? Demographics, increased accounting college credit hours (to sit for CPA) and, until recently, a strong economy have created a shortage of top talent. That doesn’t mean you should give up. There are many talented candidates – you just need to know how to position your company to attract them.

Based on our research and work with employers across the country, we have identified the distinguishing traits of organizations that attract, retain and motivate the best employees.

The bottom line is:

• Money is a necessary – but not sufficient – condition to attract, retain and motivate good employees. You and I will go to work for a paycheck and benefits plan. But we won’t really do work (at least our best work), unless something else is present.
• It is the quality of work itself and our relationships with others at work that draw us to the best organizations and keep us there, performing at peak effectiveness.

Expanding further, here are the detailed steps to make sure your company is ready to draw in the top talent.

1. Get excited about your company.

Make a commitment to create a workplace with purpose, excitement and mutual alignment. Refocus your energy on your employees from a whole-life prospectus. Poll your employees on what they appreciate about their jobs and co-workers. Knowing what makes your company unique and communicating that message is the foundation for building a workforce that is committed and energized to achieving the organization’s goals.

2. Make lifestyle part of your offer.

Many employees are just as concerned about quality of life as they are about the amount of money a position offers. Make your company more attractive to potential employees by offering things such as flexible hours and work at home options. Among the more unusual benefits, some of our clients offer their employees an option to bring their pet to work. You may not be able to do this, but add your signature by offering some type of perk that your employees will appreciate.

3. Offer an employee benefit program.

In times when employees get to pick and choose companies, an employee benefit program moves from their wish list to their necessities list. For successful employee recruitment, your company needs to offer employees at least life, medical and dental coverage. If your business is small, check with business organizations like the Chamber of Commerce about more inexpensive insurance.

4. Start a profit sharing program and/or a 401(k) plan.

There is no better way to give employees a stake in your company’s success. For businesses that are going somewhere, profit sharing and/or a 401(k) plan can be a powerful inducement to work for you instead of someone else.

5. Offer employees upward mobility.

Most employees are looking for positions that offer opportunities for advancement. What will your position offer? The chance to develop new skills? A stepping stone to a position with more responsibilities? More money after a certain amount of time on the job? Whatever it is, in terms of attracting employees, be sure to communicate future advancement possibilities.

6. It’s the M word again (money).

One common mistake businesses make when creating a position is to base the salary on their budget rather than the market realities. If the going rate for a two-year accounting professional is $55,000 a year, why would someone accept $40,000 a year? Save yourself time, money and training in the long run by paying market rates to get top talent.

7. Create an employee incentive program.

Employee incentive programs not only reward good employee performance, but also give prospective employees something to look forward to if they come to work for you. Whether it’s an annual company-paid retreat or a program in which employees collect points that they can trade in for cash, employee incentive programs can increase your chances of attracting top talent.

8. Sweeten the pot.

When competition is fierce, a plain old-fashioned signing bonus may be what is needed to attract the employee you want. If you choose to do a signing bonus, it should be large enough to matter, and the bonus should be contingent on a certain amount of time of employment. (Otherwise you will be running a revolving door as people sign up, take the money and run.)

9. Develop a relationship with a recruiter.

Invite the recruiter into your company to learn as much about your company, its culture and a wish list of your needs. When a recruiter gets excited about your company, he/she can be in a constant search mode for quality talent for you. There also should be an agreement that the recruiter will not solicit your own employees.

10. Be transparent. Employees love to be a part of the big picture.

Communicate goals and objectives of the company. Develop a mission statement and strategic objectives, then communicate it at all levels of your organization.

Attracting and retaining employees is as much a marketing issue as it is a management issue. Developing and promoting a positive organization and reminding employees of the value of being part of it are critical to recruiting and retaining top talent.