Companies are competing more than ever for top talent. When someone can work pretty much anywhere, what is it that will entice them to come work for you? Survey after survey finds that pay is actually low on employees’ lists when measuring what makes them most engaged at work.
A Gallup poll from 2016 found that less than 40% of “fully engaged” employees would consider leaving their job even for a raise of 20%, and employees ranked money fifth on a list of six forms of recognition for their work.
So if it’s not money, then what does make employees engaged? Employees, and particularly millennials, are seeking a sense of purpose in their careers and an opportunity to do what they love.
So how can employers attract good people and keep them engaged? By empowering individuals, building teams and connecting them to a shared sense of purpose. Here are 3 approaches we’ve seen businesses adopting in the last year to attract and retain their staff.
1. “Millennials are very aware of the rate of change in our world and see the opportunity to work in large corporates as a way to pioneer that change at scale. Therefore, it’s vital that we create space in our organisations to allow them to experiment, take risks and pioneer,” Jeremy Basset, head of Unilever Foundry
2. Offer your employees an opportunity to collaborate with other people in the business and work on challenges that will have a direct impact on the business. “Within our business, we currently offer six-month secondments for junior staff to lead hackathons and build prototypes that are showcased in our Innovation Hub. We’ve found that employees relish the opportunity to manage these projects as this offers them a chance to think outside their traditional roles, learn new skills and work collaboratively with others from across Accenture,” says Nick Taylor, managing director at Accenture Digital.
3. Companies can distinguish themselves from competitors by creating an environment that is fast-paced and high-energy, without compromising people’s well-being. In fact, they can make a conscious effort to improve it.
Meditation isn’t just about the individual; it can also improve relationships. Making mindfulness part of your company identity sends a positive message to your team.
Today’s valuable employees feel like the values of the company are as important as its performance. In the end, that is often far more satisfying than take-home pay.