10 March 2017

5 things top employees REALLY care about

In an already competitive market, attracting and retaining talent should be every company's top priority and it's becoming more and more apparent with an aging workforce and/or losing skills that we both attract and manage the talent we have better than ever before.

Technological progress has replaced many jobs but has also empowered those who remain in the workforce. Today, losing a key employee could spell the end of an entire department.

Despite the differences across industries, top employees look for the same 5 things in an employer. And salary is never as high on the list as some think - it generally only ranks fifth in this group.

1) Purpose
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 cheque). 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.

In their response to the question "Why am I going to the office every day?" companies cannot simply reply "because that is what you paid for". This is not enough to motivate a top performer.

While every company knows what they do (the product or service they selling) and often how they do it (their value proposition, their key differentiators), very few know why they are offering their products and services in the first place.

The same applies to top employees. They need to know why they want to work for someone. They will then figure out how and what to do. And they will do it incredibly well.

2) Autonomy
"It doesn't make sense to hire smart people and tell them what to do; we hire smart people so that they can tell us what to do" said Steve Jobs.

Hiring top employees comes with a price. They don't like to be micro-managed. They are horrified by an over-proliferating bureaucracy and they struggle with office politics.

They, particularly, resent when any one of these factors prevent them from doing great work. What a top employee wants is a mentor, not a babysitter. They want to work, not compile a report to describe how the task should be carried over. They can be frustrated by certain performance-based evaluation and metrics.

One reason why many companies fail to attract and retain talent is their inability to build truly different paths and positions for their employees.

Employers often opt for standardised career paths and ways of measuring anyone' efficiency on the job. There are very good reasons for doing that (first among all, to limit the intrinsic selection biases that anyone has). However, focusing only on objectively-based targets (sales, revenues, billable hours) can stifle creativity. Anything that is hard to quantify - commitment, the desire to learn, the quality of service - cannot be taken into account and is therefore not influential in the final evaluation.

Top employees require trust. Certainly they should be tested first but then trusted. They need to be freed from many of the constraints of today's office life and must be able to execute their tasks with the greatest autonomy possible.

3) Impact
Purpose and autonomy must be accompanied by a third element - the recognition of the employee's contribution to the company.

It doesn't matter if a task may appear to be menial, what counts is the value-added to the underlying purpose of the company.

If the why of a company is known, there is no distinction between high-level and low-level tasks. Everyone knows what is necessary and they are happy to contribute based on their personal inclinations and competencies. Yet even the most interesting task will appear meaningless and frustrating if not accompanied by a clear explanation of how it fits into the bigger picture.

Top employees also need to be listened to by management. There may be disagreements, but the communication channel must remain open and suggestions seriously considered. Pretending to listen is often worse than simply dismissing their recommendations.

Furthermore, if a suggestion is accepted, credit must be given to the employee. Misappropriation of ideas and contribution cannot be compensated. Not even by financial remuneration.

4) A Formidable team
Great players don't like to play with average players, even if they are the stars of their teams.

In the same way, top employees love to be challenged not just by the competitors but also by their colleagues.
They enjoy a dynamic environment where there are opportunities to learn and grow, where the status quo can be challenged, and where everyone shares the same commitment towards team success, rather than individual success.

This begins at the recruitment process. It needs to be thorough not only on a technical level but on a personal level too. The interviewers need to examine if the perspective employee's motivation goes beyond the salary and benefits package.

Recruitment should also be a permanent process. There should be no rush to fill vacancies as looking for talent only when a new headcount is approved is very limiting. It is impossible to know when a superstar will appear. When they do, it is the employer's job to make room for them or risk aiding a competitor.

A very high standard within the workforce is maintained not only by a very strong and continuous recruitment process, but also through the termination of employment for those who do not meet the required standards.

This is not just a sound business decision; it also has profound psychological implications for the team. Bad employees can be poisonous. In the absence of an immediate response, bad habits can spread through an entire team, driving it towards the lowest common denominator.

It is a tough decision but however difficult, it is the right thing to do for both the team and the firms competitiveness. It also sends a clear signal: management and employees are aligned in their efforts towards success, especially when difficult decisions have to be made.

5) Salary & Benefits
Needless to say, salary still plays a vital role.

However, the reality is that everyone can offer money. Very few can offer Purpose, Autonomy, Impact and a Formidable Team.

The money issue should be quickly taken off the table. Look at the market rate and prop it a little bit. If an employer is certain he can offer what has been described from point 1 through 4, the offer can even be lower than the market rate.

More important than salary is the way a company takes care of its employees and their family, leaving workers free to focus on their jobs. Paid parental leave, flexible working hours, nursery, free high-quality food on premise and similar perks are a sign of how much the company values their employees.

In addition, an unexpected non-monetary reward for a job well done (tickets to a concert, a dinner at a fancy restaurants) or simply praise will positively motivate the recipient way beyond the nominal value of such rewards.

If you would like to talk about getting the most out of your team please contact your Regional HR advisor

Source: LinkedIn - David Migali