28 Jan Employee Lifecycle Model Stage One: Attraction
We kick off the Employee Lifecycle Model series with Stage One: Attraction. As a reminder, the Employee Lifecycle Model is an organizational method used to visualize how an employee engages with the company they are a part of. There are six stages involved in this model: Attraction, Recruitment, Onboarding, Development, Retention, and Separation.
Some versions of this model combine the Attraction and Recruitment stages, but in our experience, each stage really deserves to stand on its own. Because really, no matter how innovative and vital your product or service is, without the attraction and retention of game-changing talent, your organization will struggle. This makes the attraction stage one of the most crucial aspects of your growth strategy.
The attraction stage is truly the foundation of the model – it’s the only stage that occurs before you have an open position in the company. You may think of it as your “employer brand” – the image or perception of your organization as a great place to work, both in the minds of current employees and those in the broader market. A strong brand means that active and passive talent candidates, clients, customers, and potential stakeholders have a positive perspective of what it’s like to work within your company.
In order to build a great employer brand and design a successful attraction stage, there are several key tips you can follow:
- Raise brand awareness in your industry and in your community
Your culture is the culmination of the values, beliefs, and personalities that make your company a great place to work. Share how your company got its start, what makes your culture special, and how you’re different from other organizations. This should extend beyond your “About Us” page on your website. Your leadership team should regularly attend seminars and conferences, seek out speaking opportunities, and regularly contribute to popular industry publications (websites/blogs/etc). What you communicate about your organization as an employer can hugely contribute to how candidates perceive you.
- Be known to have a great culture but keep it real
Regardless of external marketing tactics, your employees remain the most valuable and convincing promoters of your company. A fantastic company culture will inspire your employees to sing your praises at every turn. It’s something that will just happen organically. You can amplify these efforts by sharing insights into your culture by highlighting events/insights on LinkedIn and other social media sites. Make sure you can walk the talk though. Put systems and programs in place that bring your values and mission to life. Listen to feedback and follow through on commitments.
- Offer first class benefits and compensation
Competitive compensation is one of the most obvious steps your company can take to appeal to the top talent in your industry. This does not mean you need to pay the most to attract the best, but you should never pay the least. And remember, we’re not just talking about salaries. Seek out ways to provide “softer” benefits in addition to your more traditional ones, such as learning opportunities, team lunches, best technology, and so on.
Think of the attraction stage like this: When you watch a great, new series on Netflix, you’ll tell your friends and colleagues they should go and watch it. The same thing goes for your employees, if it’s truly a great place to work, they’ll make sure people know about it.
For more information on the Employee Lifecycle Model, go to www.cfosuite.com/blog as we continue to explore each of the six stages. Need help implementing a winning strategy? This is where The CFO Suite can be a game changer for you.
The CFO Suite works with you to define what success looks like for your business and turns that into a compelling story to attract game-changing talent. We create a consistent measurement / evaluation framework for assessing candidates and aligning your stakeholders. THIS is the kind of support and guidance you need to identify and land game changers and fully take advantage of the Employee Lifecycle Model.
The CFO Suite is your trusted resource for interim, project and direct-hire game changers that maximize the capabilities and capacity of your accounting and finance department through challenges and change.