If your Total Rewards strategy does not have "Holistic Engagement" on the top of the list, you are behind. The world of engaging talent all starts in this space. Below are 3 parts to the puzzle. My organization prioritizes these and the outcomes speak for themselves, for example, industry leading retention, engagement, and sustained growth, not to mention the many awards and recognition's that we receive on a regular basis. There are other great companies figuring this out as well, their results are similar. We need to throw out dated thinking and begin transformation. Don't worry about all the marketing that these new wellbeing vendors are selling you on engagement, wellness, benefits, rewards. A holistic view means that we are interested in engaging and developing the whole person. You can think of this as different levels; physical, emotional, mental, and spiritual. It's the concept that the human being is multidimensional.
Thank you leader
OUR NEEDS DON'T CHANGE
It's funny when you ask people, What do you think about when you hear total rewards? The answer 90 percent of the time is compensation and benefits. The best companies know better. The number one benefit that has the greatest impact on retaining talent is their manager. Yep, their manager. You may read all the trends out there and some are interesting for sure. The data will and will always show that if you do not feel a connection to your manager, feel that your manager has your best interests at heart, helps you grow in your career, and gives you opportunities to be the best person you can be, you won't stay. Developing front line leaders has to always be a strategy to win.
WE ALL NEED CONNECTION
I personally believe the focus we have on people, connections, and community is reshaping the world. My experience leads me to know that any strategy a company has on wellbeing, engagement, and philanthropy all start with community and the feeling we have when giving back.
Community - Not just volunteering in which giving back monetarily. It’s being intentional on hiring those who reflect the market we live and work. Candidates with barriers, those needing a second chance when released from prison, those seniors who have retired and want a PT job, those returning from active duty, just to name a few. It's making sure our teams are choosing and engaging in which charities they want to be a part. It's about creating a supportive environment for everyone to thrive.
Great companies all over the country are beginning with community. You should too.
WE ALL NEED ENCOURAGEMENT AND TRUST
Let's face it, we all need to feel part of the decision process these days at work. No matter what generation you come from, having your work valued is important. Also too is knowing your manager and team trust you. I spend a lot of time on making sure that those who are on my team are allowed to think, problem solve, and get stretched. There are so many benefits to truly empower the teams you build and support. Seems easy right? I challenge you to think about some of the teams that don't work. My guess is it's a top down style that is causing this or a manager who implodes when the pressure sets in from upstairs. There is no greater point we can make if our goal is building a holistic strategy on talent.
Give the team the expectations and let them create. We all know that the engagement goes through the roof. We also need to trust them and ensure them that failure will happen and it's expected.
I am seeing real data which shows that not one generation over the other will jump from company to company if their needs are met. For me, it's the same as anyone from Generation Y..I want to feel valued, recognized, heard, stretched, and given opportunities to continue learning. If you can make that happen where you are, then I promise retention will not be a problem.