The “war” for talent is real. Across all industries, companies must compete for people with the right skills and attitude that all great organizations need to grow and sustain success. Without the right “weapons,” it’s a hard battle to win.
Conventional wisdom says the key to winning talent is to be aggressive about salaries, bonuses, stock options, and perks. No reasonable person would disagree that financial reward plays a tremendous role in an employee’s decision to stay in a job. But it’s not the most important variable—not even close.
Engaged, loyal employees are cultivated by a healthy organizational culture—one that invites participation, is free from needless politics, and offers pathways to grow both professionally and personally. For organizations that don’t prioritize their foundational culture or address cultural dysfunction, any other attempt to retain and attract people will effectively be the equivalent of reshuffling deck chairs on the Titanic.
I’ve found there are three fundamental concepts that any organization must build into its management practices to be competitive for top talent.
Employees need to be known. Employees rarely leave jobs where they feel known by their peers and leaders. Taking a genuine interest in an employee’s life, personally and professionally, develops a sense of loyalty, engagement, and satisfaction that no paycheck can match.
Employees need to feel relevant. Human beings have an inherent need to know their work matters. Whether serving a customer, colleague, manager, or a vendor, it is deeply edifying to know your efforts have a meaningful impact on others. Perhaps a manager’s most important job is to help employees understand—and remind them of—their relevance.
Employees need to measure their success. Good employees want to know whether or not they are succeeding. They need reliable tools and practices to self-assess their performance in an objective, observable way, rather than relying only on feedback. Engaged managers help employees find the most effective, accurate way to gauge their own success, which fosters a greater sense of accountability and accomplishment.
Companies that build these three basic but powerful elements into their organizational culture—and, yes, provide compensation commensurate with the work—will attract and retain the right people to deliver the best results. In the “war” for talent, the battle strategy doesn’t have to be complex. As past Southwest Airlines President, the late Colleen Barrett, once said, “Treat your People right, and good things will happen.”
XOXO
Pat
