Michael is a human resource consultant with Insperity. He specializes in team building, employee engagement and performance improvement.
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While many employers continue to face ongoing challenges related to labor shortages and the Great Resignation, it can seem like a series of never-ending challenges as they compete for talent. As business leaders develop strategies and employ tactics in their pursuit of top performers, they may inadvertently overlook a valuable source that can offer direct insight for solutions: their workforce. Employees, many of whom are frontline workers, are eager to express their wants and needs, which can enable companies to provide an optimal environment for employees that unleashes their full potential for long-term success.
Actions speak louder than words. Now is the time for business leaders to become active listeners to uncover employee needs specific to their workforce/company/industry and take action to make changes that will attract and retain talent. Below are three areas for leaders to consider.
Grasp the big picture.
As leaders identify ways to improve the employee value proposition (EVP), it is important for them to grasp the big picture to ensure the whole is greater than the sum of its parts. Many employees, especially the younger generations, are interested in an employee experience in which their professional and personal lives more easily blend for a fulfilling career that supports their beliefs and aspirations. When employers take a holistic approach to the EVP that encompasses many factors that influence employees’ lives, such as purpose/career, social, financial, physical, community and mental/emotional, it will have a dramatic impact on the workforce.
Another significant component of the big picture is acknowledging the impact that real-world circumstances have on employers, employees and their lives. While it is no secret that costs have skyrocketed across the board—for individuals and businesses—companies cannot operate without employees. It is also critical to review/increase compensation levels to address rising costs. This not only helps ease the burden for employees, it also increases a company's ability to retain talent. When leaders place themselves in others’ shoes and relate to surging gas/food prices, it can impact their perspective and change the way they approach compensation plans.
In addition, employers are faced with a job-seeker’s market in which wages are rising in response to the fierce competition for talent, dictating salary ranges across the country. Leaders should stay up to date with market/industry pay rates so that existing employees are fairly compensated, while also attracting new candidates. While it can be easy to get bogged down with individual benefits/perks or maintain the status quo regarding compensation, keeping the big picture top of mind will help align relevant components to achieve desired outcomes.
Prioritize financial elements.
Business leaders who operate on a philosophy that people are their greatest asset and make taking care of their people a top priority understand the need to prioritize financial elements of the EVP.
In fact, according to a Betterment survey, 74% of employees would be likely to leave their job for an employer that offered better financial benefits. While many employees are interested in becoming financially secure, retirement plans represent one of the best ways for them to accumulate wealth and place them on a path to a secure retirement. The survey also revealed that 65% of workers said they could be enticed to leave their current job for one that offers a high-quality 401(k) or other retirement plan, while 56% indicated that a 401(k) matching program is an incentive.
As younger generations become the majority in the workforce, student loan repayment assistance/programs, tuition reimbursement and subsidies for childcare expenses are benefits that business leaders may consider to remain relevant, preferred employers in the workplace. Flexible spending accounts (FSAs), health savings accounts (HSAs) and employee savings plans with an employer match also rank high on the list for employees.
Offering good financial education is key to giving employees the skills, habits and knowledge to make informed financial decisions regarding important life events, investing, budgeting, managing debt and more. With access to financial advisors, counselors and in-house professionals, along with relevant company-sponsored events, businesses can enhance their financial offerings with the proper educational support.
Unleash employees’ full potential.
As leaders explore employee needs, an area that is no stranger to successful businesses and top talent is the ability to achieve peak performance via programs/opportunities that unleash the full potential of people. As employees reevaluate their purpose/values and examine their careers, many are seeking environments that enable them to reach their full potential through continuous learning and growth opportunities. Comprehensive development/training programs should include a variety of resources that align with business objectives, such as on-the-job training, supervisory instruction, mentoring programs, instructor-led courses, online learning and conferences. Companies that offer robust professional development programs that appeal to the workforce, helping them expand their skillsets and advance within the company, are positioning themselves with an engaged, high-performing and more tenured workforce.
Leaders should keep in mind that the bedrock for achieving full potential is accountability for performance, which is a key attribute of top performers and goes hand in hand with programs/activities developed to address employee wants and needs. As employers accommodate requests for more flexible schedules and remote/hybrid work models that support increased employee independence, accountability for performance should be established as a crucial part of the equation that leads to individual and company success. When employees have clear expectations, engaged managers, dedicated team members, effective policies/procedures, excellent technology, trackable metrics and performance review/feedback programs, the stage is set for greater accountability. This builds trust, improves performance, boosts ownership, increases commitment and improves satisfaction/retention.
When leaders implement robust professional development programs and promote accountability for performance initiatives, they are signaling their commitment to helping employees be the best they can be to experience fulfilling careers that make a difference in their personal lives, as well.
As leaders proactively listen to the wants and needs of their workforce and take decisive steps to address them, existing and potential employees will take note of an action-oriented employer that aligns with their goals and expectations.
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