Most employers would agree that finding more talent that looks like their top 10 percent of employees would drastically improve their business. Yet, many companies are struggling with an outdated attitude that caters to the employers rather than the job seekers. Companies are learning they must shift the focus beyond just what the company offers in terms of pay and benefits. Today’s top talent desires being part of meaningful work that is both regularly celebrated and offers potential for future career growth.
Companies that have learned to appeal to these values are crushing the competition because they attract the best of the best to work for them. Here’s how that shift impacts a business.
Productivity Improves Significantly
According to a recent Gallup study, 70% of a team’s engagement depends on the manager. Engaged employees are motivated teammates; excited staff members employees are productive employees. Effective leaders communicate well (and often) and encourage employees to stay focused on their jobs while at work. In today’s workplace, this is no small feat as employees have multiple opportunities to mentally “check out” in various ways.
Hiring less than optimal leadership will adversely affect both employee engagement and the company’s bottom line financially. Managing unhappy workers is time consuming, inefficient and affects the entire team. Strong leaders understand how to nurture top performers and boost productivity for both present and future success.
Company Culture Turns More Positive
By attracting and retaining top talent, the company culture improves as well. This means less employee absenteeism, a better work environment, and stronger morale. When employees feel happy and confident in their leadership, they come to work motivated most days. Conversely, when employees consistently come to work in toxic environments their moods, health, and job output all suffer.
Ultimately, the right executive can inspire even the minimum wage workers to feel less like they are part of a J-O-B and more like they contribute to making a difference. For example, look at these Top 5 Companies to Work For in 2018 and notice how important company culture is to the organization. This will ultimately spill out even beyond the traditional work day as employees build up the company brand by how they talk to their family and friends about their workplace environment.
With the right leadership driving healthy company culture, there is far less burnout and employee turnover within the company. Why does this matter? Turnover is extremely costly: from PTO balances to the costs of training and on-boarding for new hires. It is critical that industry leading companies keep turnover as low as possible. In some cases, clients may also leave when an executive departs, preferring to let their business follow the relationship over your company services. In fact, it’s estimated that it costs companies approximately up to 1.5x a worker’s annual salary to replace them when they leave.
There’s also increased stress for remaining workers who take on higher workloads during these transitions. Too much staff turnover takes a toll on overall morale, while also lowering productivity rates. While some turnover is inevitable, the right executives keep it to a minimum, protecting both company employees, organizational culture and a profitable bottom line.
Finding Top Talent
If having the best talent is the key to superior business results, why are so many companies struggling with finding and keeping high-performing employees? Unfortunately, many companies still focus solely on the skills needed for specific jobs and place too much emphasis on what a job and the company offers to the individual.
To truly attract and retain top talent, many companies find it best to work with a recruiter. Not only will experienced recruiters have existing relationships with top performers, the right recruiter will understand both the technical acumen and soft skills needed for executive and management roles.
If you require the services of an executive search firm or you are a top tier candidate ready to make the transition to a new executive career, we’re here to help. Contact us today to see how we can help benefit your company.