Business Owner Forum: Talent Acquisition & Retention

Endeavor Bank recently hosted a Business Owner Forum on Talent Acquisition and Retention, featuring insights from four local San Diego experts: Ray Major, Phil Blair, Don Phin, Esq., and Tim Silvera. Together, they addressed the evolving challenges of hiring and keeping top talent.

Endeavor Bank recently hosted a Business Owner Forum on Talent Acquisition and Retention, featuring insights from four local San Diego experts: Ray Major, Chief Deputy Executive and Chief Economist of SANDAG; Phil Blair, owner of a Manpower staffing franchise; Don Phin, Esq., an employment lawyer; and Tim Silvera, president of Optimum Comp Advantage, which designs compensation and performance practices. Together, they addressed the evolving challenges of hiring and keeping top talent.

Ray kicked off the event with an economic overview, highlighting San Diego’s workforce diversity. No single sector dominates, which helps buffer against downturns. However, COVID-19 hit certain industries hard, especially tourism. While job numbers have rebounded, the landscape has changed, with growth in transportation, warehousing, and innovation sectors, and a decline in manufacturing and government roles.

One major theme throughout the forum was generational shifts in the workforce. Baby Boomers prioritized stability. Gen X introduced work-life balance. Millennials and Gen Z now prioritize flexibility, purpose, and growth — and they’re willing to job-hop to find it. Today’s hiring and retention strategies must reflect those values.

Phil spoke to the ongoing talent shortage, describing it as a long-term trend. Hybrid work is here to stay, and companies that resist it may struggle to compete. Compensation is still key, but not everything. Workplace culture, growth opportunities, and flexibility all matter just as much when attracting and retaining employees.

Don offered practical strategies for both hiring and retention. He recommended tapping into employee referral programs and using video to bring company culture to life — think CEO messages, “day in the life” clips, and employee testimonials. He also introduced the idea of “entrance interviews” to learn what draws people to your company in the first place.

Tim wrapped up the conversation with a deep dive into compensation. Simply offering fair pay isn’t enough—companies must stay competitive and market-aware. He encouraged structuring pay around growth and achievement, rather than outdated annual increases. And while culture is important, it only retains people if they feel adequately compensated.

A key takeaway from the conversation was that retention takes more than good pay. Businesses must invest in professional development, foster a positive workplace, and offer clear career pathways. Middle managers matter, but younger generations are also steering their own careers more than ever.

The forum closed with a discussion on creative compensation tools — like phantom stock and deferred comp plans — and how small businesses can stay competitive even with limited resources.

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