In last week’s blog Morpheus MD, Mike Swetman, looked at fun and innovative ways to keep hold of your top talent. This week, Mayur explores why a company’s culture is now integral to hiring and retaining the best candidates in the marketplace:
There are a number of different reasons why company culture is important to the success of your business, but perhaps the most fundamental rationale behind this is that it has become extremely important in attracting top talent in the market. Simply put, talented people will look at the prospect of joining a company in two halves. The first is host to the usual suspects – development, money, benefits, what you’ll be doing and why you’ll be doing it. While the second is now equally as important. The second half of the process should be about ones fit in the company culture.
It’s no surprise that companies with impressive employee retention rates and high employee satisfaction levels all have one thing in common – they understand the importance of a strong workplace culture. They also know that you must really invest in your people if you want to get the best out of them.
In the last 10 years or so, organisations have realised the importance of this and now spend a lot of time and money on first defining their company culture. From the top down, stakeholders will spend a lot of energy promoting the standards and values of the company in hopes that talented people will want to work there because they can offer a company culture that’s better than the next.
However, some of the older and bigger companies in the world now find themselves in a tough position. They ask “How can we retain talent, let alone attract new talent, if the company culture is stale and outdated in relation to the current time.” Because of this, companies are investing millions in transforming an old company culture that can fit into what a modern day, university educated and skilful person would call a “good” company culture. This essentially is a catch-22; while the older and larger companies will have the money and resources to invest in the transformation process, they are also very set in their ways. However, I think it’s safe to say – if they want to attract the most talented people in the market, old dogs will have to learn new tricks.
If you’re looking to hire talented people and keep them, you’re going to have to offer more than the standard employee benefits. For example, it probably doesn’t make sense to fill your office with pokey cubicles and limit employee freedom. You’ll attract average employees, and you’ll be an average company. If, on the other hand, you have an open working environment with lots of transparency and employee freedom, you’ll attract talent. From the minute people walk in the office, people will hopefully feel that this is a different place with a distinctive culture.
Your company culture can be a strong recruiting tool. You want happy employees because happiness means more productivity. And when a business is more productive, that means it is working faster; and when it works faster, it can get ahead of the competition. So it’s worth the investment for companies to build and nourish their culture.