Pay for Performance: Talent Will Be Banging Down Your Door
This article was updated on July 27, 2018.
An organization that has a strong pay for performance compensation strategy can attract high performers and prompt low performers to move on. But today's top talent is a different breed of employee than their predecessors. Although they are still willing to work hard, they also demand above-average compensation and regular recognition for their efforts. Plus, if they don't get what they need from their current employer, they have no compunction about taking their talents to an employer offering what they are looking for.
So how can your organization promote a pay for performance foundation to attract this generation's hard-working talent?
It all starts with recruitment.
5 Tips for Crafting Pay for Performance-Based Hiring Materials
Hiring materials, such as career portals, that are based on pay for performance recruitment must appeal to candidates who are looking for opportunities to shine. Using basic marketing principles, the organization can tap into the emotional aspects of what high-performing candidates are looking for.
Here are some methods for developing pay for performance hiring materials:
1. Get Creative With Your Job Advertisements
When writing job advertisements either on the corporate career portal or for online job sites, keep pay for performance goals in mind. Write strong job titles that give candidates insight into the performance-focused organization. Recruiting gives some examples of creative attention-grabbing job titles. A sample of a job title could be "Creative Content Generator" or "Dynamic Sales Professional."
2. Sell the Corporate Experience
Attracting high performing candidates means being able to paint an accurate picture of what the corporate experience entails. If the environment is competitive, state this clearly. If there are opportunities to move up the corporate ladder because of an internal performance system, be sure to state this in all recruitment marketing materials. Ken Sundheim, Forbes contributor, advises the following: "Recruiting is about selling. In this case, the product you're selling is your company. The job applicant is your sales lead."
3. Leverage Your Brand to Entice Top Talent
Every top performer wants to list a well-known and respected organization on their resume. Therefore, it's beneficial to leverage your strong and unified brand when recruiting talent. Use every opportunity to promote the corporate brand, both online and through offline community efforts. High-level candidates will be impressed to learn about an organization that demonstrates a commitment to philanthropy and has such a strong reputation in the industry.
4. Appeal to a More Diverse Talent Pool
A recent joint survey conducted by Stanford GSB, the University of Illinois and the University of Pennsylvania's Wharton School of Business, advised that organizations with a diverse workforce, particularly those that hire women for mid-to-executive level positions, outperform other organizations with less diversity. When crafting recruitment materials, keep this in mind and develop marketing around your commitment to a diverse workplace and workforce.
5. Offer the Best Possible Compensation for Your Market
It should be obvious that top-tier talent is going to be seeking above-average compensation. A PayScale article highlighted the need for organizations to use salary benchmarking to attract candidates looking for pay for performance opportunities. These may include passive candidates who could be swayed by an organization that can offer more progressive pay increases and better career growth.
By applying the above tips and techniques, it's possible to closely align your pay for performance strategy with recruitment efforts to get the best possible results. After all, your future success will hinge on hiring the best and brightest that the millennial generation has to offer.
