The Employee Retention/Recruitment Merry Go Round
2023 is well underway and it appears the next downturn is not as imminent or large as the economic prognosticators were predicting. Instead of looking at ways to right size their organization for a slow-down, many are back on the employee retention & recruitment merry go round.
More times than not, the root cause of a person leaving a job is not the constant desire to make more money. It’s because they are not happy in their current role. On the flipside, when someone is looking at whether to join a new organization, they consider not just the pay, but also the company culture. So, what can you as a business leader do?
When is the last time you have thought about your company’s culture and tried to define it? If your staff were asked the same question, would they answer in a similar manner? Company culture is just as, if not more, important than the pay. Below are some articles on company culture that I think are worth a read.
- Culture: 4 keys to why it matters | McKinsey & Company
- Why Employee Experience Matters More Than You Think (entrepreneur.com)
- What It Means to Work Here (hbr.org)
- Ways To Change Company Culture And Tackle Employee Burn Out (forbes.com)
- For Smart Companies, Upskilling Is the Perfect Antidote to the Great Resignation | Inc.com
In each of these articles, I think you will see that pay is not really mentioned. While it is still a very important variable, it’s not the sole reason someone is staying in a role with your firm. If it is, what do you think they will do when a call comes in from a competitor offering more money. Company culture can be one of the greatest employee retention and recruitment tools.
“There’s no magic formula for great company culture. The key is just to treat your staff how you would like to be treated.” – Richard Branson
A few other items of interest this week:
- Solutions InSight – Solving for Success in a Changing Economy (eisneramper.com) – 02/23/23 – 1pm
- Economic Review: February 2023 – Silvercrest (silvercrestgroup.com) – Thanks to Sean O’Dowd for sharing
- Middle Market Sized Deals Will Lead in 2023 (genequityco.com)
- Cybersecurity: A C-Suite Priority | Stambaugh Ness (2/21/23; 2pm-3pm)
As always, please don’t hesitate to email myself (email@example.com), Andy Miller (firstname.lastname@example.org), Christian Miller (email@example.com), Erik Spurlin (firstname.lastname@example.org), Brad Leber (email@example.com) or anyone in our office with questions or comments.