Chief Executive recently ran a good, but short, article on Talent retention that said More than Money: Culture is the Key to Employee Retention that is worth a read by every Supply Management Director looking to recruit and retain talent, which, due to a lack of talent development programs, is in short supply at many Supply Management organizations.
Noting that in this economy, however, companies can’t afford increased salaries and lots of perks for employees, the article also notes that, however, that though employees do care about how much they’re making, there are many other things that you can do to keep employees engaged and motivated, which includes corporate culture.
Quoting a USA Today article that covered GreatPlaceToWork.com‘s list of the 25 best multinational workplaces, the article noted that companies with exceptional workplaces have three things in common:
- employee trust in management
- pride in the company
- camaraderie with colleagues
This is because everyone wants a positive work environment. The article points out the obvious when it notes that you should treat your employees with respect, and that employees who have pride in what they do can make up for other organizational shortcomings, and misses the obvious that employees want to feel empowered, want to feel like they are contributing, and want to look forward to getting up and going to work in the morning. This requires all three of the elements of culture outlined above, and, in the doctor‘s view, also requires
- employee accomplishment
A dedicated professional wants to feel, at the end of the day, that he or she accomplished something and made a difference. This is why your talent must be trusted by management to work on meaningful tasks, empowered to do so, given the support they need to succeed, a peer group that has common goals, recognition of their results, and pride in their work. Hit these nails on the head and your chances of recruiting and retaining top talent go up a notch or three.