Businesses in 2023 will face the greatest challenges in terms of acquiring, retaining, and building a dream team. In a recent survey by Robert Half, nearly 50% of workers plan to quit their jobs by 2023.
As a business, this presents both an opportunity and a threat. There is a chance for you to hire the best talent, and there is also a risk of losing your key talent to your competitors. To make the most of this situation, businesses need to develop a robust hiring and retention strategy. You must identify and retain the right people for your business to achieve its objectives. This is because they must not only be proficient at what they do but also be a good cultural fit. This will ultimately allow you to build a team that will work seamlessly and in synergy to accomplish your objectives. In the end, a company is only as good as its people.
In the first episode of Coffee Mornings with Northreach featuring Sam & Robbie, we discuss this very topic – ‘How to build a dream team in 2023.’ The episode contains valuable insider strategies and tactics to hire star candidates and retain them.
At face value, a dream team is ‘The perfect combination of individuals to accomplish a particular task’, but there is so much more to it, as we are sure you will agree. While the definition focuses on hard skills, a robust team is based on aligning soft skills and finding a cultural fit for every member. Therefore, before you begin the hiring process, it is imperative for you to consider the following questions:
- Do you clearly understand your company’s mission and vision?
- Do you have clarity on whether your business is ready for expansion?
- Do you have a clear outline of your company culture?
- Do you have a clear answer to people’s WIIFM?
- Are you clear on your differentiation factor and have you conducted a competitor’s analysis to build it?
- Do you have a plan for employee growth and development?
Having clear answers to these questions will ensure you have a successful talent acquisition and retention strategy. Creating and maintaining a dream team can be challenging. To make this process easier for you, we have developed a guide based on decades of experience. Continue reading to build a resilient action plan to recruit and manage the best talent and team.
How to achieve the holy grail of building an ace team
Developing a well-thought-out hiring strategy
If you were to read a book on ‘How to build a dream team’ undoubtedly the first chapter will be dedicated to ‘Hiring right’. Sourcing the right person for a job forms the foundation for a dream team. A comprehensive situational analysis is necessary for successful hiring and employee retention.
It all begins with an effective internal audit which involves identifying the business’s underlying goals, gaining clarity on your business DNA, and evaluating if the business is prepared to grow effectively. Understanding what your business stands for, where you’re at and the direction you want to grow will allow you to find the right fit, ultimately forming the right team that holds a shared vision and desire to grow in the same direction. That will ensure you build a team that wants to stay and grow with you.
Having identified what you are seeking, the next step is to conduct a competitive analysis and finalize the required skill sets (both hard and soft skills). The volatile nature of the labour market makes it imperative that your offer stands out from your competitors. Hence, the following areas should be taken into consideration: Salary (through salary benchmarking), incentives for personal development, and flexibility (hybrid and remote work opportunities).
Answering the WIIFM ‘What’s in it for me’ for the team and prospects
The ability to clearly articulate the job value addition to your team and prospects, which goes beyond their fiscal needs, is crucial to retaining and attracting talented individuals. Sam emphasizes the importance of the WIIFM effect in the Vlog.
As a starter work on fostering L&D at work, help in quick career advancement, and promote a collaborative environment at work. It is important to note that the modern workforce is often on the lookout for ‘instant gratification’ and quick advancement. In the absence of either, you may lose out to your competitors.
Foster a culture-first environment
According to a study, 73% of employees have left a job due to a lack of cultural fit. Business performance can be adversely affected by behavioural and character conflicts, as evidenced by statistics alone.
How can this be avoided? Hire for the ethos and attitude
There is a need for companies to look beyond technical skills. Identify individuals with attributes that are closely aligned with your organization’s DNA, vision, and underlying objectives (as stated in our point above). In the case of a company that values innovation and has a fast-paced work environment, you should look for people who are committed to the same mission. As a result, employees will be more satisfied with their work, resulting in a lower turnover rate.
Once you gain clarity on your core ethos ensure it is communicated with clarity to the team and people you look to hire.
You must be honest and proud of the ethos you stand for and find a team that feels the same. It is imperative, however, that you allow for agility while you define your core ethos. While your brand’s ethos and values must serve as a guideline within which your teams are expected to work, its adaptability is individual. If their actions are consistent with the core values, it should not matter how they adapt to them. The benefit of this approach is that your company culture can be improved, and your team does not feel restricted or tied down. The result is a happy team – higher productivity and a higher probability of cultural adaptation. It is a win-win situation.
Promote diversity and inclusion
Feeding into the point made above it’s important that you look to build a diverse team.
Diversity in team composition can assist in improving decision-making and problem-solving by bringing a range of perspectives and experiences.
Work on the promotion of team cohesion
Fostering a team-oriented mindset has several benefits, including increased productivity, higher job satisfaction, and motivation to achieve the team’s goals, which in turn contributes to employee retention. It is a no-brainer that companies should promote and foster team cohesion and a collaborative working environment. Hiring well-synchronised people for your team is critical – if you make the wrong choice, things can quickly spiral out of control. So, it is time to consider team collaboration, and one effective method is to adopt the Lean In – Lean Out model. In the Vlog shared above, Sam discusses the topic in more detail.
A “dream team” consists of a group of individuals with complementary skills, experiences, and personalities that can work together effectively to accomplish a common goal. Dream teams are defined by a strong sense of unity and collaboration, which is essential for success. Find individuals whose skills and experiences align with the organization’s goals and values. A healthy team culture is one in which all members feel heard and valued and have the autonomy to drive results and make decisions. Team leaders need to provide clear direction, set realistic goals, and establish effective communication channels. It is important to provide regular feedback, recognition, and support to keep the team motivated and engaged.
On that note, we do understand that attracting and retaining talent requires a considerable amount of effort. It is especially challenging when you have limited resources. This is the reason so many companies outsource this responsibility to us. We offer a customised approach to recruitment and talent management. For us, your growth is of the utmost importance. Our objective is not simply to fill jobs but to ensure that a collaborative work environment is created that fosters growth and development. Our goal is to build the most efficient teams by taking a culture-first approach. Let’s work together to help you succeed.
You may wish to take on the hiring process on your own, in which case we have a step-by-step guide that may be of assistance to you. Click to learn more