By Founder & CEO Scott Savage.
Do you treat each and every one of your employees like they are the most important person in the world?
In my opinion, there are two reasons to do so:
First: To each of your employees, they are the most important person in the world!
Second: They are the people who control your customer experience!
Business owners and leaders usually tell me that they are customer-centric. “It’s all about the customer.” Heck, my company’s tagline is “You come first. All the time. Every time.”
Successful leaders I have been around focus on their employee experience because their employees are the folks who usually interact with their customers.
In business circles, 2021 is being called “The Year of The Great Resignation.”[1] According to the Bureau of Labor Statistics, a record 8.7 million people resigned from their positions in the months of August and September alone.[2]
Many have speculated on the “Why” behind these numbers, and just about every business we work with has numerous unfilled positions that are stunting growth prospects and forcing innovation in hiring and retention practices. COVID-19, career switching, trouble with child and family care, and a surge in early retirements are combining to empower the workforce like never before.[1]
Source: U.S. Bureau of Labor Statistics, Job Openings: Total Nonfarm [JTSJOR], retrieved from FRED, Federal Reserve Bank of St. Louis, as of November 29, 2021. The job openings rate is computed by dividing the number of job openings by the sum of employment and job openings and multiplying that quotient by 100.
Many employers react to this “threat” with fear-based behavior. One company I am aware of stopped their drug screening for prospective new employees.
I believe employers who see this time as an opportunity to understand what their employees and prospective employees value about their work - and create the conditions that reflect these values - will thereby elevate both the employees' as well as the business' experiences. For example, we often help employers design their 401(k) plans in a way that both reflect their company values and are valued by their employees. This may require a newer and deeper understanding of what your business stands for.
Research is clear that after an employee feels like they are paid a “market” rate, their job satisfaction at work is driven by non-compensation factors.[3] As Daniel Pink writes about in his bestselling book Drive: The Surprising Truth About What Motivates Us, people are looking for three essential elements in order to find meaning and motivation in their careers:[3]
Autonomy - the desire to direct our own lives
Mastery - the urge to get better and better at something that matters
Purpose - the yearning to do what we do in the service of something larger than ourselves.
As employers, if we can help our colleagues focus on what they do best, then we as founders and CEOs can focus more on what we do best. This can help everyone enjoy their careers more, decrease employee turnover, and lead to better business results.
Important Disclosure Information & Sources:
[1] “Who Is Driving the Great Resignation?“ Ian Cook, 15-Sep-2021, hbr.org.
[2] “Job Openings and Labor Turnover – September 2021“. U.S. Bureau of Labor Statistics, 12-Nov-2021, bls.gov.
[3] Drive: The Surprising Truth About What Motivates Us. Daniel H. Pink, 2011, Riverhead Books.
Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training. This material has been prepared for informational purposes only.
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