In a report by Gympass in January 2023, it was discovered that 78% of Gen-Z employees prioritize well-being at work as much as their salary (Gympass, 2023).
This is not surprising as they are seeing the “safe” and “secure” jobs from Millennials as non-existent.
This isn’t the Baby Boomer’s job market anymore!
The expectations of employees have shifted dramatically over the last decade or so, and even more in the last 4 years. No longer content with simply clocking in and out, today’s workforce seeks fulfillment, purpose, and a sense of well-being in their professional lives.
As a business and executive career coach that seeks to bring more humanity into today’s businesses and workplaces, I find it incredibly refreshing that honoring employees as human beings first is becoming a requirement for companies that care about retaining high quality team members. This shift reflects a broader societal change where individuals are demanding more from their employers, recognizing that a fulfilling career extends far beyond just financial compensation.
The impact of these changes is undeniable, particularly as the Great Resignation phenomenon swept across industries just a few years ago, as reported by the Bureau of Labor Statistics. More individuals are leaving their jobs in search of opportunities that align with their values and provide a sense of purpose and fulfillment. The COVID-19 pandemic has only accelerated this trend, serving as a catalyst for reflection and prompting individuals to reassess their priorities in both their personal and professional lives.
It has become increasingly vital for organizations to lean into employee’s newfound values and priorities in order to attract top talent. In your quest to attract and retain top talent, you must recognize and prioritize the well-being and strengths of our team members. This means fostering a workplace culture that values flexibility, promotes work-life balance, and champions diversity, equity, and inclusion (DEI) efforts.
My time working with over 500 clients who serve as entrepreneurs and executive leaders over the last 6 years has demonstrated that valuing our employees and their goals drives a more productive and happy workplace.
Here we’ll explore strategies for attracting and retaining top talent, creating meaningful career paths, and crafting retention strategies that prioritize the long-term success of your team members.
Attracting Top Talent Through Flexible Work and Work-Life Balance
In the modern era of recruitment, flexibility reigns supreme and work-life balance isn’t just a buzzword—it’s a non-negotiable. The typical 9-to-5 grind isn’t doing it for people anymore, and organizations that accept this are more likely to recruit talented team members.
Recognizing the diverse needs and preferences of today’s workforce by embracing flexibility in work arrangements not only fosters a more inclusive environment (we’ll get to this soon), but also enhances productivity and employee satisfaction. By affording individuals the autonomy to tailor their work schedules to their unique circumstances, organizations signal their commitment to prioritizing employee well-being.
Recognizing that individuals are multifaceted beings with commitments beyond the workplace, initiatives that promote work-life balance demonstrate a genuine commitment to nurturing whole individuals. As an executive leader, take a look at whether or not you can offer more flexible hours, remote work options, or wellness programs that prioritize work-life balance.
Valuing individuals’ interests and commitments beyond the office walls fosters an organizational culture grounded in trust and empowerment. Employees are entrusted to fulfill their responsibilities while enjoying flexibility, empowering them to pursue long term goals alongside their professional duties.
Building an Inclusive Organizational Culture
If your organization isn’t yet aware of how important diversity, equity, and inclusion (DEI) is, you’re already way behind in your retention strategy. We already know that companies that have diverse leaders at the top are 33% more likely to outperform their competition (Mckinsey, 2018). We also know that 83% of Gen Z job seekers look up a company’s DEI initiatives before applying and are invested in the outcomes of those initiatives (Monster, 2020). When it comes to creating an inclusive workplace, it’s not enough to just talk about DEI—you need to take real action.
Start by making DEI a priority in everything you do as part of your company culture. Don’t just focus on meeting quota or signaling inclusivity during Black History Month; actively seek out and listen to the suggestions and experiences of people of color. They’ve already offered tested solutions that work, so why reinvent the wheel?
Next, celebrate the differences among your team members. Instead of just paying lip service to diversity, actively foster a sense of belonging. Hold cultural celebrations, support affinity groups, and make sure everyone feels valued and included.
And perhaps most importantly, ensure fairness in your hiring processes. Integrate DEI principles at every step, from job postings to interviews. Take concrete steps to address biases and create a level playing field for all candidates before they’re even in the door.
In your quest to build an inclusive organizational culture, don’t settle for the bare minimum. Listen to the voices and valuable insight of people of color, implement tangible changes, and create a workplace where everyone feels valued and respected.
Implementing Effective Retention Strategies
Recruiting amazing employees is only the first step, and a step that likely won’t matter if your organization can’t create incentives for those employees to stay. Retaining top talent isn’t just about offering competitive salaries and perks; it’s about creating an environment where every team member feels valued and supported.
Start by recognizing the unique contributions of each team member. Whether they’re a seasoned veteran or a new hire, make sure they know they’re an integral part of the organization’s success. You could consider implementing a formal recognition program that includes monthly or quarterly awards ceremonies and a peer-to-peer recognition system. Be sure to personalize recognition efforts by tailoring praise to each individual’s strengths and accomplishments, and provide opportunities for them to showcase their expertise through project leadership or presentations to senior leadership. And don’t forget to encourage regular one-on-one meetings between managers and team members to provide personalized feedback and acknowledgment, fostering a culture of appreciation and recognition within the organization.
Beyond recognition, employees want to know they have something to grow into at their jobs. Provide transparent career paths and growth opportunities that align with individual goals. Whether it’s through promotions, skill development programs, or cross-functional projects, give your team members a clear roadmap for advancement.
And while climbing the ladder is all well and good, it’s also about having the support you need along the way. That’s why nurturing supportive leadership and mentorship is crucial. Empower your managers to be mentors and advocates for their team members, providing guidance and support to help them succeed.Creating a culture of empathy in the workplace isn’t just a nice-to-have; it’s essential for employee retention. Take the time to listen to your team members, understand their concerns, and work together to find solutions.
Finally, be proactive about adapting your retention strategies based on real-time feedback and market trends. The needs and priorities of your team members will evolve over time, so it’s essential to continuously monitor and evolve your initiatives to reflect those changes.
By valuing each team member, providing growth opportunities, nurturing supportive leadership, practicing empathy, and staying adaptable, you can create an environment where your team members want to stay and thrive.
By honoring individuals as unique human beings first and foremost, organizations lay the foundation for a thriving and harmonious workplace. To actualize this vision, it’s essential to embrace authentic and people-centric practices that reflect our core values and demonstrate respect for each team member. Whether it’s advocating for flexible work arrangements or fostering a culture of diversity, equity, and inclusion, every initiative aimed at meeting the needs of our employees contributes to a more fulfilling and productive workplace dynamic.
If you would like further support in your career, business, or leadership, my team and I would love to support you in creating a sustainable life through our coaching services! You can schedule a 30-minute legacy business or career review call with me to see if it’s a good fit to work together, and you’ll receive 3 action-items from me.
