Consulting firms are stepping up their game to attract and retain top talent. The war for talent is intensifying, and firms are getting creative on ways to keep their best employees. We have identified three procedures to help strengthen your consulting firm’s hiring and retention strategy:
- Offer benefits that provide upside for candidates
- Define untapped avenues for recruiting,
- Redefine your value proposition to stand out to potential candidates.
Let’s take a look at the first strategy your firm should consider:
1. Offer benefits that provide upside for employees and candidates
Consulting firms are increasing the benefits they offer their employees and future candidates, including both financial and non-financial incentives. While some of these perks are not new, many firms are offering add-ons to be more competitive in the market to potential talent.
Management Consulted, the world's largest consulting resource community, notes the following add-ons that consulting firms are promoting to candidates:
- Higher performance bonuses
- More generous profit sharing and 401K match policies
- Tuition reimbursement
- Increased or unlimited Paid Time Off
- Competitive salaries for graduates
However, these add-ons have their limits. Candidates may still accept an offer with a higher base salary vs the added concessions.
Three Strategies to Attract and Retain Top Talent
Although employees leave for a variety of reasons, there is typically a primary catalyst for moving on. Above in Table 162 from the 2022 SPI Professional Services Maturity Benchmark, you’ll see the top reasons why employees leave. 39.2% state that the number one reason is due to a “better opportunity” which translates to a better work environment, better compensation, better management, or more opportunity for advancement.
Conversely, happy employees often cite company culture as a top reason for job satisfaction. Consulting firms must invest in themselves by building a culture where candidates want to be, and where employees want to stay. Service Performance Insight says that culture brings together the implicit and explicit reward systems that define how an organization works in practice, no matter what an organizational chart, business strategy, or corporate mission statement may say. Consultants are looking for opportunities to improve skill sets and advance their careers but they also need to feel a sense of community and belief that their employers care about the work that they are doing.
What about the other two strategies?
Don’t worry, we wouldn’t leave you hanging! Watch our on-demand webinar with Namaan Mian, COO at Management Consulted where he discusses these three strategies in-depth to help provide a roadmap for your firm’s hiring and retention strategy.
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