Want to Build a Compelling Workplace That Attracts and Retains Employees? You Need to Provide Them With Value. Here's How. Businesses that emphasize creating value for employees find and keep the best recruits.
By Robert Finlay Edited by Maria Bailey
Opinions expressed by Entrepreneur contributors are their own.
What makes a workplace viable? And what keeps employees engaged, happy and productive?
Value.
We provide value to employees by giving them opportunities to apply their skills, grow and generate income, and workers provide value to us in the form of talent, insight and time. With labor demand still high and wage growth continuing, we must emphasize giving value to our employees. Professionals today have options — it's a worker's market. Consequently, we've got to give staff a compelling reason to partner with and stay loyal to us.
Let's look at a handful of strategies (those I use in my business) to generate greater value for employees while getting the best work and keeping them on the team.
1. Tipping the balance of value toward employees
Due to economic conditions and evolving social attitudes and expectations, we have to emphasize creating an unbeatable value proposition for prospective and current employees that encompasses financial, personal and community benefits.
Even when the demand for labor is declining, self-respecting professionals won't tolerate a low-quality working environment, community dissonance or dismissive bosses. Workers need to feel valued in addition to receiving value.
Therefore, it's imperative to create a workplace culture and environment that prioritizes the wellbeing and fulfillment of staff members.
There are many ways to do this, including:
- Offering above-average compensation and benefits — even when we could get away with less.
- Focusing on what we can do for employees to improve their quality of life and work.
- Listening to their needs, preferences and ideas and being open to adapting how we operate.
- Treating staff as family — putting relationships, community and open communication first.
- Giving them the tools, training, framework, responsibilities and trust to grow and flourish.
All things being equal, most of us would favor a little less pay for many more benefits and potential in a role.
Related: How to Attract New Employees Who Want to Do Great Work
2. Company culture — working toward the greater good
How we treat employees and what we're willing to give says much about our organizational culture and attitudes toward staff. Feeling valued doesn't mean only the best financial or career benefits. Our stock rises substantially when team members sense our commitment to their interests, wellbeing and community.
A culture that fosters positive change for all stakeholders and prioritizes people, the planet and prosperity aligns with the workforce's evolving sentiments and expectations, particularly that of emerging professionals.
Providing a sense of purpose creates tremendous value. When working toward something that makes a positive difference for the community, the environment, and the world, how much we're getting paid is somewhat less critical, and we're more willing to give our best to the organization.
We follow this practice at my companies. Our in-office employees volunteer quarterly to support regional non-profits on company time. Everyone enjoys and anticipates these events and the opportunity to interact with the community and get out of the office. It helps develop a sense of camaraderie among team members and boosts morale.
Related: How Entrepreneurs Can Use Community Service For Growth
3. Inspiring and equipping for sustained success
A proponent of transformational leadership, I make it a point in operations to equip our employees with everything they need to live well, do their best work, and reach their full potential. Part of our value as employers is knowing how to inspire teams to show up and put in their best, and a significant component is keeping their skills up to date and giving them feedback and encouragement to thrive.
Facilitating growth includes offering a tech-enabled experience to support creativity, reduce burnout and promote efficiency, productivity, and a sense of being equipped with the best tools. The faster progress and enhanced results when employees have the best training and resources increase job satisfaction and keep staff motivated and 'in the zone.'
Here are some other employer qualities that workers find very valuable:
- Fair, tactful and constructive feedback.
- Customized support according to needs, personality and preferences.
- In-house professional development programs.
- Third-party training, certifications and accreditations.
- Comfortable and safe working environment — thermal comfort, ergonomics, natural views, air quality, sanitary conditions, etc.
- A culture that encourages collaboration, creativity and transparency, where everyone's voice and contribution are welcome.
- Recognition and opportunities to diversify skill sets and earn promotions.
- Flexible work schedules and remote/hybrid work arrangements.
- Amenities that support physical and emotional health.
Each benefit is individually appealing but not enough to differentiate us in the eyes of recruits and long-standing staff members. But all these practices, taken as a whole, provide a potent practical incentive and a positive professional and personal experience that builds value and loyalty.
Related: Hiring? Here's How to Ensure You're Offering Benefits Top Talent is Looking For.
Lasting working relationships
The key to attracting and retaining the best employees is balancing how much we give and what we get in return. For a matchless employer value proposition in a competitive labor market, go the extra mile in creating value for team members. Give your employees everything they need financially, personally and community-wise to flourish and form a fruitful, lasting working relationship.
