Talent Is More Scarce Than Capital. How to Attract and Retain Great People.
Employee engagement has morphed from "nice to have" luxury to "must achieve to survive". Key ways to create and foster a better worker culture.
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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.
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