Talent Is More Scarce Than Capital. How to Attract and Retain Great People.

Companies with strong work/employee cultures don’t happen by chance. Instead, they deliberately place high value on making sure team members can bring their entire selves to work. A great many Millennials and Gen Z members no longer see a job as a means to simply get a paycheck, but as an integrated part of their lives. So, creating strong links to an individual’s purpose benefits both them and the company alike – and could be the very thing that differentiates an organization in a time of post-pandemic uncertainties. According to McKinsey & Company, companies with strong culture generate three times higher total return to shareholders than those that don’t.

Take a stance on purpose

As leaders continue organizing for the post-Covid future, they are beginning to understand that purpose can no longer be relegated to high-level intentions or catchy slogans. Many are grasping that the great challenges of our time — such as climate change, wealth inequity and disintegrating trust in institutions — are, in part, a by-product of what’s often considered a winner-takes-all economy. Increasingly, businesses are expected to take the lead in addressing these issues, creating a more sustainable and equitable world. According to a March, 2020 article in the Pew Research Center’s Factank, 52% people of color will not work for a company that fails to address racial inequality. It is therefore crucial for leaders to truly listen to employees and stakeholders to identify issues that mean the most to them.