A New Mantra for Businesses to Thrive
The battle cry of nearly every business leader we meet with is “how do I attract and retain good talent?” Just as in the current real estate market where the inventory is low and the seller is in the driver’s seat, so it is with the current job market. “The buyer” or the employer, is having to engage in all forms of bidding wars to land employees. Many industries are offering hiring bonuses and other incentives to persuade people to take a job with them. Companies are getting creative, maybe even desperate to find enough workers just to keep their doors open. So why do some companies seem to have all the luck? How is it they have gobs of good people working for them and no problem attracting top candidates? What does it look like to thrive in this climate?
At Know Your Talents we’ve adopted the mantra “Know Me, Grow Me, Include Me, Inspire Me” because research and our experiences have shown that these are the elements the current multi-generational workforce is seeking. Be a company who incorporates these factors into your culture and your labor shortage problems should shrink, if not disappear altogether, and your talent pool will thrive.
So, what does all that mean? Let’s take a look:
January’s Focus: Know Me
This month we’re highlighting ways companies can get to know their employees and potential employees better by focusing on the “Know Me” aspect of growing a strong, talented, and motivated team.
People want to work for companies who invest time and resources into getting to know them. They want to see that businesses are taking steps to understand their behavior, motivators and unique talents; to learn what makes them tick and then to find the right fit for them in the organization. They want to be led by managers who are self-aware—of their own behavior and how it impacts the team, as well as having awareness into each of their team members’ behavioral strengths, communication styles, and drivers or motivators.
Investing in the resources to get to know your employees may take some time and require training up front, but the benefits far outweigh the cost. For starters it will reduce turnover, which is a huge savings (estimated cost of turnover is 3x the employee’s annual salary) and increase productivity as you place people in roles that match their behavior and meet their motivators. Connecting all the dots pays off!
At Know Your Talents, we’ve learned qualities like these appeal to workers from all generations. Solving the labor shortage is no easy task, but starting out by cultivating a culture of Knowing, Growing, Including and Inspiring is a powerful step in the right direction, long term. Stay tuned to our blog and socials as we dive into our new mantra and break down how four simple concepts can transform any organization for success.