There are more than 10 Million companies in the U.S., and those unemployed represent more than half that number based on current figures. That would suggest that there are more than enough opportunities to go around with most companies hiring year to year. With over a million companies with 100 employees or more, and a likely need for multiple hires each year, some may suggest it is a ‘Sellers Market’, as candidates sell(or rent more specifically) their talent, experience, ideas, skills, passion, effort, behaviors, business acumen, essentially all they’ve got to the company who secures their services.
As much as it may seem that the hiring decision is up to the company, it is not. It takes two, both the job seeker and the company to help the other see that this will be a match made in business heaven. Thus, as the sought after candidate with the resume and pedigree of a Fortune 50 executive puts the finishing touches on their presentation of who they are and what they will do for a company, it is the Fortune 50 itself that has work to do to make their prospective hire see everything in the other that they see in themselves. A great product suite, stock price, corner office, benefits package, even great reputation will not seal as many deals as it once did. Today, people want more, want different, and will move around as often as it takes to find it.
Thankfully, companies recognize this more clearly year to year and are stepping up their game to meet that need and avoid losing great people, both those currently with them and those considering coming aboard. And fear not if you are running a lean and mean operation without an unlimited budget. Some of the most important ‘benefits’ you can offer your employees won’t cost a thing. But they may require you to shift the way that you think, act, and communicate.
Here are some of the ways top companies are thinking differently when it comes to meeting the needs of their people:
Transparency
This is quickly becoming one of the most important things people are looking for from employers. Privacy and confidentiality are critical components of every business. Whether it’s Coca-Cola’s formula, the ‘Special Sauce’ at McDonald’s, or the strategy and inner-workings of global mergers and acquisitions, some discussions are not fit for public or even internal employee consumption. Whether it’s a matter of proprietary information or the timing of a deal at stake, there is good and legitimate reason for a company to maintain confidentiality on certain topics. Thankfully, employees from top to bottom understand this and aren’t expecting to be looped in on every decision a company makes. What employees do look for is to know what a company’s mission is, what its goals are, how it plans to get there, and what it will mean for the company and the employee when its goals are achieved. And certainly, every employee wants to know what the public knows before the public knows it. If you want to create a culture of stakeholders, ‘owners’ among your workforce, transparency will help greatly to set the foundation to build that culture.
Flexibility
This comes in many forms, and no matter how your people may view the culture at your company today, you can create or re-create a culture of flexibility that will both retain and attract good people. Think about your operation today:
- Hours and Location – It’s important to look at the jobs being done at your company
- Do they all require a standard 8a-5p schedule?
- Could the workday/workweek consist of split schedules to allow working parents to manage home and work?
- Could a schedule be based on total hours or work/project completion to allow life to happen and still allow employees to stay on track with their work
- Does all work need to be done in the office?
- Does a person’s work require reporting to a brick and mortar location? If so, does that need to be for all days/hours, or is there opportunity for full or partial remote work?
- Do they all require a standard 8a-5p schedule?
- Time Off – It is important to manage the time off for a workforce to ensure business continuity. We can’t all take off for a week over major holidays, or half of each summer. People understand this, and typically are willing to adhere to time off guidelines without issue. But it is important to demonstrate flexibility for people as ‘life happens’, presenting the need for time away from the business. A flexible process that considers such situations and can allow for the unexpected to happen is important. Engaged leadership that has developed strong relationships within their teams will ensure people do not take advantage of such flexibility, and instead reap the benefits of loyal employees who appreciate the confidence you’ve instilled in them to know that should life happen to them, you will support them when it does.
Engagement
While a broad term, there are simple steps every company and management team should be doing, or begin doing, to have an engaged workforce.
- Visibility – This is one of the most powerful aspects to an engaged workforce. No one should hide or allow themselves to stay locked in an office, particularly one without windows. It sends a message to employees that their work is more important than your work and thus the need for privacy. Outside of meetings or important conference calls that require quiet or privacy, much of the work throughout the day, even for an executive, can be done out in the open with everyone else. And if it cannot, that’s okay too, provided those in offices show their faces consistently throughout the day, engage people throughout the office to instill a spirit of team and comradery, and not one based on levels.
- Recognition – Keep it simple. As nice as it is to receive huge cash bonuses and prizes, there are simple and inexpensive ways to recognize the positive contributions of your employees.
- Weekly/Monthly notifications, be it in the form of newsletters or emails that could simply say ‘thank you’ to a person who was instrumental in taking a project over the finish line or received a commendation from a customer. Look for as many ways as possible to share your gratitude and spotlight the people on your team for everyone to see!
- Share the wealth! Who wouldn’t love to get a percentage of revenue or profit every month or year? Some companies do this in the form of yearly or quarterly bonuses, and even set percentages of salary as incentive for people to make the business successful. Where possible, installing a bonus program always goes over well. In between those months and quarters, having a budget that allow leaders/managers to drive certain metrics or targets is also important. The ‘Thank You’ email and mention in meetings is great, but adding something of tangible value also helps people to stay engaged, and feel valued for their efforts and commitment.
- Recognition – Keep it simple. As nice as it is to receive huge cash bonuses and prizes, there are simple and inexpensive ways to recognize the positive contributions of your employees.
There is of course a long list of additional, creative benefits that companies have added or trialed in recent years that have been well-received by existing employees and looked at as nice perks to prospective candidates:
- Common areas with comfortable seating to detach(or even nap!) during a workday
- Free Coffee/Beverages
- Breakfast/Lunch provided daily
- On-site fitness center
- Reimbursement/Assistance for Tuition, Student Loans, Child/Daycare, Gym memberships
- All-employee outings or retreats for both team-building and reward
No matter its size and scale, every company has great opportunity to build a culture that can attract the people it wants, and keep the great people they have today. It is a matter of commitment to what truly drives the success of a company – it’s people. More than the original idea the company was founded on, or the many processes that efficiently and successfully get the product or service to its customers, it all happens because of the people executing within their jobs. Care for their needs first and they’ll care for everything else.
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