Finding and Retaining the Right People: Real Needs Value

A quick glance through the business and employment sections of any metropolitan newspaper will reveal two current problems in the corporate environment:

• It is difficult to find quality, experienced, qualified staff;
  and
• It is difficult to keep them as the current labour shortage means talented people can shop around for better and better deals.

The four most important tips about attracting and retaining good staff are:

1. It's rarely about money
2. It's rarely about money
3. It's rarely about money
4. Read first three tips again.

The trick is knowing the difference between the MARKET VALUE of the person's skills, experience and abilities and their REAL NEEDS VALUE.

The MARKET VALUE of a prospective or current staff member is easy to determine.

A few phone calls around your network, a bit of research on industry web sites, a little benchmarking and you can come up with a financial value for most positions in the workplace. Market value is all about money.

REAL NEEDS VALUE is what it will cost to provide the person with a package and an environment which meets their real needs. Real needs value is all about UNDERSTANDING the real needs of the individual.

A football team I was working with in the USA were desperate to sign a talented young player. The player had attractive financial offers from several teams with a MARKET VALUE of $325,000.00 plus a fully maintained vehicle and the usual bonuses.

I did some homework on the player's REAL NEEDS and found out:

• He enjoyed fishing
• He had three children under the age of seven
• His wife was a teacher who loved her job
• He was close to his parents

So the final offer to the player became:

• Playing contract - $275,000.00
• Fully maintained Motor vehicle (sports sedan) - VALUE $25,000.00 per annum
• 2nd Fully maintained Motor vehicle (wagon with baby / children's seating installed) - VALUE $25,000.00
• A small aluminium fishing boat - VALUE $15000.00
• Day care places guaranteed for all three children (including screening and assessment of Day Care centre) - VALUE $25,000.00 per annum
• Three day a week teaching position for his wife 2 minutes walk from home - VALUE $30,000.00 per annum
• Five return flights per year for his parents to come and visit including the use of a car when they are in town and accommodation - VALUE $15000.00

The player signed the contract within 24 hours of receiving it!

To steal a line from the famous MASTERCARD ad - "Cost of the player to the organisation $410,000.00 - value of showing how much the organisation valued the player as a person and would work hard to ensure the player and his family were happy, content and supported......priceless".

In this current employment market, potential candidates are interviewing YOU as much as you are interviewing them. They are looking for organisations which offer more than a few extra dollars. They are looking for opportunity, respect and an environment which satisfies their broader needs. They are looking for an organisation which seeks first to understand, then to be understood!

The funny thing is, most companies ask questions about family, hobbies, sporting interests etc in their application forms to screening potential applicants. How many companies refer back to the same forms in the contract negotiation process to gain an insight into the REAL NEEDS of the applicant and put together an unbeatable offer?

"I don't care how much you know...........I want to know how much you care"

Moregold works with people, teams and organisations to develop sustainable performance improvement through our unique, individualised performance enhancement process.

Experience the MOREGOLD difference.