Nathan Mayfield, Vice President of ResNexus: Elevating industries, one business at a time, through service, innovation and education.
The Need For Quality Hires
“A company is only as good as its employees.” We’ve all heard the saying before—but do we really understand what it means? What’s the message behind this all-too-familiar phrase? It’s about quality hires. The game changers. The 20% that does 80% of the work. The kind of people who leave a company better than they found it. They often do the work of three, with a grin on their face. So, how do you find these rare, high-impact individuals? The answer might be simpler than you think.
What is your employee value proposition?
When it comes to hiring and maintaining staff, your business is only as good as your employee value proposition. An EVP is what you offer prospective employees in return for the value they provide your business.
Unsurprisingly, compensation and benefits are the key factors at play here, but it’s not all you can offer. Given the choice between two equally profitable opportunities, a worker will likely choose the one that:
• Prioritizes work-life balance
• Respects and utilizes their skill set
• Provides a positive work environment
• Aligns more closely with their values
You can easily imagine the differences between these two hypothetical companies. While they both have the same compensation and benefit packages, it’s an obvious decision. So the only question remaining is how to make your business the one that people will choose to work for over the alternatives—and how to ensure you’re attracting the kind of people you’re looking for.
Company Culture And Vision
Don’t underestimate the draw of a quality culture and the power of strong vision. People want to enjoy where they work, and perform better when they feel they are part of a strong, supportive culture with clear goals and objectives. According to FTSE Russell, organizations on Fortune‘s 100 Best Companies To Work For List “consistently outperform the market by 3.50 times.”
One of my favorite examples of a strong employee value proposition that conveyed its culture quickly was the famous Ernest Shackleton 1914 Antarctic expedition ad. It reads: “Men wanted for hazardous journey. Low wages, bitter cold, long hours of complete darkness. Safe return doubtful. Honour and recognition in event of success.” Although there is now debate about whether the ad is real or not, it clearly has purpose and mission.
So, how do you build a culture that attracts top talent? The following steps, identified by Harvard, highlight this journey:
Sense Of Belonging
People want to feel like they belong and matter. When they feel like they are part of a team, they are more likely to engage.
Trust And Safety
Your employees need to feel safe at work. They need to feel as if they can speak their minds and contribute to the company, without fear of backlash.
Professional Development
Employees, particularly from Gen Z, are looking for advancement. Does your company have opportunities to lead?
Again, a company’s culture can make or break an employee, and by implementing these tips into your workforce, you won’t just build a better culture—you’ll build a better company.
Then how do you create a powerful employee value proposition?
Consider these questions in regard to your employees:
• Are they being adequately compensated?
• What unique benefits does your company provide?
• Do they feel like they belong?
• Do you allow for candid questions and feedback?
• Are their skill sets being utilized effectively?
• Are they given opportunities to grow?
Asking these questions shows commitment to your employee’s well-being.
One successful strategy that ResNexus uses is our annual “Dream Big Goal” program, which rewards employees with a cash bonus when they achieve personal goals by the end of the year. The key to this strategy is the emphasis on “personal” goals rather than work-related milestones. Some employees choose fitness or health goals, but educational and financial goals are also popular. By investing in the well-being and success of our employees, we’re sending a message—that we value them and their growth more than just as workers, but as people.
Organizations with smaller budgets can offer frequent breaks, on-site recreation, time off and surprise treats. Use your company’s specific industry to reward employees. For example, hospitality businesses can allow free stays at their property or a sister property. Consistency is the key. Regular acts of kindness help create a positive environment that workers look forward to, rather than dread.
Understanding Common Motivators
Now that we’ve discussed company culture and the value of investing in your employees, let’s look at some common ways to motivate them. It can vary from generation to generation, but the most common motivators are as follows:
Monetary Rewards
Money speaks louder than words. ResNexus gives out large screen TVs for our employee’s 5-year anniversary. Hopefully, every time they watch it at home with their family, they know they are appreciated.
Recognition
When people succeed, they want to be recognized. Do you celebrate the successes of your employees publicly within your team?
Opportunities To Lead
Every employee brings a unique set of skills to the table. Are you giving them a chance to lead and share those skills?
Stability
In uncertain times, stability—whether financial or emotional—is a powerful motivator. Effectively communicating your company’s vision goes a long way to helping people feel more secure in their roles.
Work-Life Balance
Supporting a healthy work-life balance reduces burnout while boosting long-term productivity and satisfaction.
These are just a few key ways to motivate your staff. For more personalized insights, simply ask your employees. Find out their drive, their passions, what gets them out of bed in the morning. Keeping the line of communication open will lead to overall better results within your company.
Investing In Your Employees
An engaged employee is a successful employee. By understanding what motivates your team and investing in their needs, you’ll strengthen your culture and see increased productivity, revenue and overall improved morale. Take the opportunity to invest in your employees now to secure a stronger future for your company.
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