For many years, companies could effectively steer the conversation without much introspection. Recruiting, on-boarding and professional development now warrant considerable realignment. A massive chasm has emerged; successful navigation depends on many more factors than what used to meet the eye.
The talent companies seek isn’t as eager to accept “any” value proposition. A decent salary never hurts; the employee experience (EX), on the other hand, goes much deeper than the pocketbook.
Trying to win on salary alone can lead to losing in both the short and long term. Recent studies continue to show that workers want more than money. Rewards systems are changing, and corresponding programs need to change with them.
One thing you should expect and address is the reality that you won’t always be able to simply “hire” for your requirements. Cultural fit matters more than ever, and if you don’t give sharper focus to professional development and training, you’ll likely start off behind.
Part of the reason is that technological innovation is happening so rapidly that no one can really keep up. Continuous learning should be front and center. The experience working for your enterprise should inherently mean value, including on a technological level.
The Right Mix for Retention
Diversity adds to the experience. Inclusion, recognition and personal interaction are primary ingredients in making any product, service or solution desirable today. A positive internal vibe is necessary for infectious demand in most marketplaces. Retention and motivation are closely correlated – and united when an employer genuinely demonstrates care.
The gaps that have arisen between employer and employee are slowly closing. Too slowly. Most companies aren’t well prepared for how people increasingly place higher importance on advancing their careers while paying the bills. This may not sound remarkably different from years past. The difference centers on how much people want to derive greater overall satisfaction in the workplace. Where can you make a difference both personally and professionally? All benefits factor into the equation. Give deeper thought and analysis to enriching employee lives beyond salary and bonus.
And that’s where the challenge gets tricky.
What motivates one person doesn’t necessarily mean all that much to the next. Delve more deeply into what collectively and individually motivates prospective and current talent.
No one should be thought of as expendable. Your reputation depends on such naturally ethical conviction. On the other hand, it’s hard not to at least want to give star performers an edge.
Fight the temptation to go more in or all in on those that appear to have the most promise. Don’t forget that someone relatively inconspicuous in your organization today may ultimately turn into your best overall hire. Everyone should feel welcome, encouraged and supported, to say the least.
Again, the value of a workplace that fosters continuous learning is inestimable. Estimating and administering to “standard” base pay, bonus and benefits shouldn’t be the end game.
Rely on data, not perceptions that can often be shaped by common stereotypes. Industry studies help, but they’re not personalized to your environment and its relevant opportunities. Conduct focus groups. Get input every way and as often as possible.
All for a Good Cause
You can likely count on today’s trend with younger workers to gain steam rather than fizzle out: Companies involved in causes that are good for people, the world and, yes, our global environment can mean a whole lot more than the amount of each paycheck.
Transparency is crucial. Make it clear how compensation and benefit decisions are made. Put a greater premium on clear understanding and fairness. Not everyone will be happy nor retained forever. How you manage for performance, recognize and reward should never stagnate.
Your choices as an employer are magnified in today’s warp-speed social communications stratosphere. How employees view their employers also has profound effect on what makes any compensation possible: your customers, of course.
Trip up on reputation internally or externally, and your total compensation offer won’t likely look nearly as compelling. After all, that’s what it should come down to … providing a rewarding work experience that makes total compensation bigger than the bank deposits.
Make it easy to comprehend why someone you want to hire should want to work for – and stay at – your company. The answers aren’t necessarily plain to see, but the effort it takes to properly gauge, measure and deliver end-to-end total compensation that truly works will be well worth the rewards!