Competing with the Couch
Dr. Wade Larson
Workforce Evangelist, International Speaker, Author, Entrepreneur & All-Around Good Guy
How to Become Competitive as an Employer
Let’s be honest. The last year has been pretty rough. We have faced a pandemic, economic hardships, a talent drought, political mayhem, social unrest, and the list goes on. As we begin to see relief on the horizon, we now face the challenges of restoring a sense of normalcy to our businesses and lives.
Prior to the pandemic, employers were facing a “war for talent.” We saw trends across all industries where qualified talent was becoming scarcer, and the prospects for improvement from those coming out of school did not provide much hope. We threw money, benefits, work-life perks, and other incentives at employees as a way to stand out from the crowds. Now, employees expect these as a regular part of the “employee experience.”
To complicate matters, over the past year of historic unemployment rates, the federal government stepped in to do what they thought was necessary to stabilize the economy and help American workers to sustain their families during these troubled times. While appreciated by most, this also created a lack of incentive to find work for many. Where the combined incentives averaged as much as $15-$20 per hour, employers could not compete to attract entry-level workers.
This challenge still exists as subsidies continue to be paid. Even after the subsidies are done, a new expectation of higher wages will exist. Given the tight labor pool and low availability of workers, employers must be willing to pay a bit more for talent. At the same time, pay will not be enough. It’s not just about the money – it’s also about the experience. Employers will need to do more to increase interest, engage, and motivate employees in order to retain them.
So how can we compete against the couch to bring talent back to the workplace and motivate higher performance from our employees? Here are 4 considerations.
1. Give them what they want. While this either sounds obvious or enabling, it’s part of creating the employee experience. It doesn’t mean that we are giving in – it means that we are giving our part in the exchange. We ask them to give us heart and soul to perform at peak levels. The least we can do is provide them with what they need from the employment relationship. Remember – one size does NOT fit all. Finding opportunities to allow employees to customize their rewards and employment experience (build their own adventure) can help truly make their career their own.
2. Make it fun. Work doesn’t have to be awful. I still find far too many managers who focus too hard on work being about work. They tell me that all they want employees to do is to focus on work – leaving everything else at the door. Employees can’t do that. They are who they are and they bring everything with them. Of course, we want to avoid bringing drama into the workplace, but there’s nothing wrong with creating a work environment where employees can be themselves, interact with others, and have fun doing it. After all, they spend more waking hours with their coworkers than they do their own family.
3. Pay them what they’re worth. I’m not suggesting that we open up the coffers and pour out a ton of money that employees don’t deserve. However, there are many ways to package together unique total rewards opportunities that are motivating to individuals. Starting employees off as cheap as possible sends a clear message that you don’t think they’re valuable. Beginning with a good base wage sets a solid expectation that you value them – then it’s up to you to hold them accountable to high-value performance. From there, build in performance rewards that allow them to earn incentives based upon their contributions and outcomes. As they add value, they earn value. What that “value” is may be something different according to each person – it may not just be monetary. It could be in the form of money, promotion, paid time off, flexible work arrangements, or more.
4. Toot your own horn. If you are a great place to work and your employees love you, promote that. As Roy Rogers said, “It ain’t bragging if you’ve done it.” Sharing pictures, articles, and stories throughout the workplace of personal success, business success, and employees having fun can generate positivity. Promoting these same stories externally can also send a clear message. Several employers take out advertisements, billboards, social media ads, and other forms of promotion to demonstrate externally that they are a great place to work. This creates social proof that you will make good on your word to deliver the employee experience they are seeking.
While money will continue to be a challenge in competing for employees, it’s not the only element of competition. In fact, it’s rarely the dominant competitive advantage when it comes to attracting and retaining your employees. Developing and implementing effective employee strategies that are fun, engaging, and that meet their needs will help you succeed in finding and keeping the best talent.
Here's to your success!
Dr. Wade Larson - Optimal Talent Dynamics
www.OptimalTalentDynamics.com / [email protected]