How to Hire (and Retain) Talent for the Long Term
For those with desirable experience or skills in the technology industry, switching jobs can be accomplished pretty easily. This is making it increasingly difficult for companies to retain their top talent despite high compensation and innovative perks like child day care, laundry, in-office massages, etc. Is it the failure of human resource departments or should organizations rethink their approach for hiring and retaining the top talent? The answer could lie in Maslow’s Hierarchy of Needs.
Maslow documented humans’ needs—physiological needs, safety, love/belonging, esteem, and self-actualization)—in the form of pyramid. Once basic needs are met, humans strive for the next highest level—with the hope of one day reaching the top. This theory also can be applied to the processes of job interviews and the hiring of talent.
Workers’ top reasons for switching jobs include money, more challenging work, better work hours, benefits, career growth potential, and recognition. During the hiring process, the interviewer can discuss with the candidate and prepare a mental map about the candidate’s needs—similar to one shown below. It should be noted that the needs map can differ from person to person, depending on the candidate’s career stage and experience level.
For example, fresh graduates are usually at the bottom of the map. They are more interested in having money in hand and do not mind working long hours and completing boring or menial tasks.
Slowly, as their experience level increases, needs for family, benefits, health insurance, and perhaps limited working hours come into the picture. The individual who was satisfied with the good salary at the start of his or her career starts searching for jobs that satisfy those higher needs.
Similarly, the employees at the management level have money and benefits and are probably settled in their lives, so they look for opportunities that challenge them intellectually.
When an organization hires someone new, routinely analyzing this needs map may provide valuable insights into keeping that employee happy—and employed at that organization. By addressing the common needs of most employees and letting them know they can reach these goals with their current employer, you will drastically reduce the odds that they begin looking to climb their pyramid somewhere else.
