I have written previously about the importance of the EVP (Employee Value Proposition) and it's impact on getting and keeping the best and most talented employees. The article below written by Davide Migali reminded me of the importance of the EVP and made me reflect back on the following stats from Towers Watson:
"Almost three-quarters of employer respondents globally (72%) report problems attracting critical-skill employees, and over half (56%) report problems retaining them. The numbers are even higher among companies in fast-growing economies, with 82% and 71% reporting problems attracting and retaining critical-skill employees, respectively."
Talent attraction and retention is a huge challenge for companies!
With that in mind, Mr. Migali calls for us to really consider what it is that top talent cares about, assuming that you want to attract, develop and retain these people to help your company move forward, be competitive and successful.
Despite the differences across industries, top employees look for the same 5 things in an employer. And it is likely that salary only ranks fifth in this group.
Migali puts them in this order:
1.) Purpose: They want to work on something they are proud of, something that actually solves a problem and, hopefully, something that will last.
2.) Autonomy: They don't like to be micro-managed. They are horrified by an over-proliferating bureaucracy and they struggle with office politics. (Which means they need exceptionally good managers/coaches.)
3.) Impact: They desire to obtain the recognition of their contribution to the company.
4.) A formidable team: They want to be on the "All-Star" team and be surrounded by others that are capable, care, and want to make a difference.
5.) Salary and benefits: Yes, it matters. "However, the reality is that everyone can offer money (it is a fungible entity). Very few can offer Purpose, Autonomy, Impact and a Formidable Team." And the extra "benefits" often tie to a culture that makes employees (and their families) feel cared for, which converts back to them caring about the company. How is the company proposing to develop the employee and help them realize their full potential?
The challenge posed at the end of the article: But what do you think? Do you think there are other elements more important than these five?
One additional question that comes to mind is how does global mobility fit into the above? We obviously have some ideas...let's discuss!
For many, work is a form of nuisance, perhaps even a punishment. Top employees do not see their job in the same way. Through determination, or sheer luck, they discovered that working is an opportunity to create, to serve, and to produce something remarkable. Unfortunately, too often employers create working environments designed to achieve exactly the opposite. Top employees ask for more than just a job (and a pay check). They want to contribute to something greater than a bottom line. They want to work on something they are proud of, something that actually solves a problem and, hopefully, something that will last.