Hartford Business Journal

26 Hartford Business Journal • October 14, 2019 • www.HartfordBusiness.com By Joel Johnson T he key question during job interviews used to be: "Why should we hire you?" These days, particularly among small and mid-sized busi- nesses, the question is often inverted. Now the com- mon question asked by the would-be em- ployee is: "Why should I choose to work here?" That may seem anathema to old-school bosses and managers who are used to putting interviewees through their paces and letting them know the decision lies entirely with the ones doing the hiring. The reality is Con- necticut has a hyper-competitive hir- ing environment, particularly among small and mid-sized businesses. The key for businesses is to adapt to what has decidedly become a "buyer's market" for new employees, or else risk losing out on the best and the brightest to a competitor. This market, flooded with Millen- nials who are both very smart and very driven, is going up in terms of hiring price. It costs 10 percent to 15 percent more to hire the best person than it did just two years ago. It's not just money — Millenni- als are perhaps the first generation where salary is not necessarily the deciding factor. They want to make a difference and make their mark in the world; they want a company that matches that desire. So, how should businesses deal with this new paradigm? It starts with the interview itself. When it comes to those prospective employees who are truly top candi- dates, it's now up to the employer to "sell" the company, to accentuate the company's culture and values. Are employees happy? Is it a cul- ture of collaboration and coopera- tion? Is the company active in the community? These are questions many people want to have answered before agreeing to come aboard. As a result, businesses need to get into the practice of "hiring up," and perhaps offering a little more for a candidate who is head and shoulders above the rest. The difference between paying someone $50,000 a year and $60,000 a year is not just $10,000. The person worth $60,000 a year is worth far more to the company than simply the 20 percent markup in salary, and business owners need to realize this. Otherwise they risk losing that person to a competitor. Just as important, employers need to look inward and ask employees what they like about working at the company and how they would rate it. An employee survey is a useful tool: Ask people to rate the com- pany on a one-to-10 scale. This leads to one more critical tactic that many employers don't think about: Ask employees what it would take to make the company a 10. The answer could provide valu- able information to ensure your next hires are the right fit. Lastly, flexibility matters. People may need to vary work hours based on personal or family needs. If they are the right fit, you should be flexible enough to make it work. Naturally, the employer still holds a lot of the cards, but employ- ees have more power and com- panies that recognize this will be poised to succeed in a competitive workforce environment. Joel Johnson is the managing partner at Wethersfield-based Johnson Brunetti, a retirement- planning firm. Joel Johnson • S E R I E S • V I N T AG E M O T O R C A R Thank You to the sponsors of the 2019 Klingberg Vintage Motorcar Series KlingbergMotorcarSeries.org The support of our corporate sponsors is integral to the success of these events. 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See You Next Year! EXPERTS CORNER How to hire in a competitive environment

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