Hiring and retaining talent: advice from an HR industry leader
Steven Murray, GlobalScot and Chief HR Officer at PJT Partners in New York, has 25 years of international HR experience. Discover his insights on attracting talent and building a lasting workplace culture.
Attract the best people
Attracting and retaining top talent is central to the success of businesses in the professional services industry. Why? Because expertise is our core product.
In a highly competitive industry the best candidates are always in demand. For your organisation to create an environment where employees can thrive, the three most important factors are:
- Perfecting your recruitment approach
- Creating a standout workplace culture
- Establishing a robust talent retention strategy
Rethink your recruitment approach
In the interest of building lasting employee-employer relationships, we’re seeing a move from traditional hierarchical hiring techniques to processes with an emphasis on mutual evaluation.
As a hiring manager, you should:
- Balance the power dynamic
In professional services, the recruitment process is a balance between the organisation selling itself to the candidate and vice versa.
- Do broad and intentional interviews
Meetings are an opportunity to capture data that predicts the likely success of a candidate. Have interviewees meet a range of people during the interview process to gather as much data as you can.
- Encourage honesty
If each party, interviewer and candidate, is open about what success means to them, the chances of a positive long-term fit is higher.
Build a standout company culture
In my experience, the best way to set up an effective workplace culture is to:
- Set a high bar for talent
Maintaining a high standard for both capability and cultural fit is essential. Your employees will feel they’re surrounded by other top performers and sets you on a path to cultural cohesion.
- Reward the behaviours you want
Your people will be more likely to pull together in the direction you want if you consistently reward the qualities you’re looking for. Reward through compensation and promotion and be clear and unwavering in what you want.
Be robust in your talent strategy
HR leaders need to put as much emphasis on talent retention as they do recruitment. It’s about being mindful of:
- Evolving employee expectations
Over the past two decades, there’s been a shift towards employees having higher expectations from their employers, in areas like career development and organisational values.
- Continuous improvement
Companies must continually assess and improve their human capital strategy to stay competitive. A willingness to evolve is not the same as short termism. It’s important to find the balance between staying focused on the horizon while modifying your course as circumstances change.
Keep evolving your HR processes
Creating a successful human capital strategy demands a deep understanding of your industry's unique challenges in the wider economic landscape. It also requires a commitment to maintaining a strong workplace culture.
Your managers won't get people decisions right every time, no one does. But they should have a constant, clear purpose and reasons for the decisions they make.
By being honest and showing a willingness to continuously improve, your organisation has a better chance of attracting and retaining the best talent and driving long-term success.
About GlobalScot
Steven Murray is a member of GlobalScot, a network of influential international professionals designed to share free advice and support to other Scottish businesses.
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