Attracting and Retaining Top Talent During “The Great Resignation”
Part II of Rockwood’s Company Culture Series
By Morgan Ziemke
Have you faced the frustration of hiring new talent for your organization and invested resources into training them, only to have them leave within their first year of hire? So far, 2021 and 2022 have revealed one of the toughest markets for employers to attract and retain employees. Some economists have informally termed this phenomenon, “The Great Resignation.”
Many factors play into why a candidate accepts a new position, but companies report that a significant factor in attracting and retaining top talent is a strong, positive company culture. As noted in part I of this series, the term “culture” refers to behavioral norms and shared values among a group of people. When you foster a strong positive company culture, you help to increase the number of employees you attract and retain.
With that in mind, consider focusing on these four trending cultural values when building out or refining your organizational culture:
1. Inclusion and Collaboration
A working environment with high levels of inclusion and collaboration increases retention rates, as employees see themselves as part of a community. These types of environments foster appreciation for what others bring to the table and encourage employees and leadership to listen to multiple perspectives at all levels. As Indeed.com explains, “Through collaboration, team members develop a level of comfort with one another, learn to communicate more effectively and gain a deeper appreciation for the responsibilities and functions of each other's positions.”[1] Strong positive company cultures typically encourage ideas from all levels of the organization. Each role will have autonomy to some degree, but inclusive and collaborative teams will make employees feel more supported by and connected to the organization.
2. Purpose-Driven
Regardless of the industry, potential and current employees seek to make the world a better place for their family, their communities, and the world. When your workforce understands the higher purpose of the organization’s mission, they make more strategic decisions, experience higher levels of productivity, and express more loyalty to the organization. A 2017 study conducted by BetterUp found that, “Individuals who experience the highest degrees of meaning at work are 69% less likely to intend to quit in the next six months than those who experience the least meaning.”[2]
3. Transparency and Openness
Workplace transparency creates trust between employers and employees, improves morale, and lowers job-related stress, thereby increasing employee happiness and boosting performance. A 2021 Society of Human Resource Management (SHRM) study showed that more than one third of individuals who saw improvement in company culture throughout the COVID-19 pandemic attributed the improvement to transparency about the organization’s future.[3] Workplace transparency in decision-making fosters the kind of mutual respect necessary for a healthy company culture. Organizations that are transparent with their employees enjoy increased employee engagement, stronger company culture, and a workplace environment that enables open communication among employees.[4] In addition, providing open and honest performance feedback to individuals directly ties into the workforce’s trust in and commitment to the organization’s leadership.
4. Emphasis on Professional Development
SHRM’s workplace satisfaction analyses consistently find that one of the most important cultural values for prospective hires and current employees is a company’s commitment to developing its employees.[3] As the workforce becomes more geographically dispersed and teleworking options increase, employees have fewer opportunities for feedback and professional development. A strong company culture invests heavily in performance development programs, trains managers to mentor staff, and offers employees training and other in-person and virtual development resources. With proper developmental programs in place, employees experience higher levels of satisfaction and become more loyal to their employer. Ultimately, these factors will increase candidate acceptance and employee retention rates.
In 2022, the more inclusive, collaborative, purpose-driven, transparent, open, and professional development-focused your organization is, the more likely it is to have a positive culture. By strengthening your organizational culture, you will gain a much-needed edge over other organizations to attract and retain top talent.
Rockwood helps clients build strong organizational cultures in pursuit of their desired future state. Reach out to Rockwood at info@rockwoodcompany.com to learn more.
SOURCES
[1] Indeed Editorial Team, “Cross-Departmental Collaboration: 12 Tips to Foster it at Work.” Indeed Career Guide. Last updated April 1,2021, https://www.indeed.com/career-advice/career-development/cross-departmental-collaboration.
[2] Reece Andrew, Gabriella Kellerman, and Alexi Robichaux, “Meaning and Purpose at Work,” BetterUp, BetterUp-Meaning&Purpose.pdf (hubspotusercontent40.net).
[3] Society of Human Resource Management (SHRM). 2021. The Culture Effect: Why A Positive Workplace Culture is the New Currency.
[4] Glassdoor Team, “Transparency in the Workplace: Why It Matters and How to Practice It,” June 29, 2021, https://www.glassdoor.com/employers/blog/transparency-in-the-workplace.
