In business, our talent is our greatest commodity. This is especially true today, in the aftershocks of the pandemic. Across the nation, engaged and empowered workers are expecting higher pay, more flexibility and more understanding from employers about mental health and childcare needs. Concurrently, business leaders face significant challenges. Based on a recent survey by McKinsey & Company, nine out of 10 executives and managers face gaps in talent today. What does all of this mean for employers? It means we must work even harder to retain and cultivate our talent to drive business success.
At Moore, cultivating talent is a top business priority, and our talent retention stats prove that our employees feel valued and rewarded. In an industry where the standard for employee retention is 20%, our firm boasts a 92% employee retention rate, with 24% of the team celebrating a 10+ year career at Moore. This is no accident: At Moore, we have worked hard to create a culture that places the greatest emphasis on team communications, recognition, and listening to feedback as we evolve our services and engagement with client partners. One of our Moore Mantras is, “If you build it, they will stay.”
Here are five insights we have gleaned that you may find helpful in your own talent development.
REALLY SEE YOUR EMPLOYEES’ UNIQUE STRENGTHS.
Another Moore Mantra is “We see beyond the resume. Greatness is found in a new hire’s DNA…and we work to bring it out.” Each employee is gifted with inherent talents, including strategy, positivity, communication, empathy, discipline, and so many more. Work to identify, appreciate and harness those strengths.
PUT EMPLOYEES FIRST, AND EVERYTHING ELSE WILL FALL INTO PLACE.
In August 2019, Alex Gorsky and 180 other CEOs in the Business Roundtable signed a statement on the “Purpose of a Corporation.” No longer is the primary purpose to “make money for shareholders.” Instead, they said, a corporation must consider benefits to all stakeholders—employees, communities, customers, the environment and shareholders. Employees have powerful potential to raise the tide for all stakeholders. Make development and empowerment of your team a cornerstone of your business.
REDEFINE WHERE AND WHEN EMPLOYEES WORK.
This is the hot topic right now, and we see workplace flexibility as a tool to unlock your team’s potential. While some organizations will choose to mandate a return to the office and some will make remote work permanent, I believe an office-emphasized hybrid solution is ideal: employees work 3-4 days in the office and 1-2 at a place of their choosing. Employers get the best of both worlds: They keep the team engagement and workplace culture, and employees maintain some of the flexibility they have grown to love.
LET THEM STEER.
Empowered employees have valuable information to offer—lessons learned, market intelligence, customer observations, technical data, operational improvements, safety warnings, risk identifications and more. Employees need to know that communicating with leadership is safe. That starts with you listening and ends with you applying the lessons learned. As Corie Barry, the CEO of Best Buy, said, “You unleash massive potential when you tie your employees’ personal purpose to the purpose of the company. They will help steer you toward what is important and the stance you will take.”
DO WORK THAT MATTERS.
Employees want to know their work makes a difference for their clients and the people they serve, so help them see that it does and how. Help your employees connect to their motivational values: Maybe it’s the ability to be creative, or to influence others’ opinions, or develop new skills or help others attain their goals. You are the mentor who can show them they possess the road map and the necessary tools, including the fellowship with colleagues who believe in the mission, to succeed in doing purpose-driven work.
We’re undoubtedly in the middle of a work revolution. The most successful companies will maximize employee engagement through prioritizing listening, flexibility, development and professional growth. While the waters are uncharted, optimizing your team will ensure both a vibrant work environment and a flourishing business.