Our CEO Raphael Crawford-Marks recently sat in for a podcast interview with Tim Muma of LocalJobNetwork.com to discuss the importance of building a culture employees will want to stick around for. Here are a few key points from the interview:
The Great Divide
Employee turnover is a costly issue, and it’s increasingly prevalent in the modern workplace. This can be attributed in part to a growing gap between the nature of work itself, and the employment practices that govern it:
“Employers are largely recognizing the problem, but employment practices and workplace policies are changing much more slowly than employee attitudes towards work, and the nature of work itself.”
“Having seen rounds of layoffs during recessions, skilled employees don’t feel an innate loyalty to their employer, but rather view work as an opportunity for personal growth...If they’re not getting that out of a job, they have many other options.”
A Growth Perspective vs. A Fixed Talent Perspective
“Employers can help themselves out by adopting a growth mindset towards employee performance, rather than a fixed mindset.”
In a growth-oriented mindset:
- Employees can grow and learn with proper feedback and coaching.
- Workplaces are structured to grow talent.
In a fixed talent mindset:
- An employee has exact skills the employer wants on day 1.
- It’s considered a failure if an employee doesn’t immediately meet all expectations.
Why Are Companies Losing Talent?
“One of the top reasons in survey after survey, is a lack of appreciation and recognition. As we gain better understanding of what motivates people, we’re seeing that recognition, appreciation, purpose, and the feeling that your work is meaningful are much more important than the paycheck you’re taking home.”
Parting Thoughts on Retaining Top Employees
“There’s not one silver bullet for this, but start from a place of humility. Talk to employees—particularly the ones who are leaving—and identify what is driving people away. Commit yourself to making those changes.”