There’s been a seismic shift in the labor force over last few years. This hasn’t been caused by social media, Millennials or technology. From top to bottom – the American workforce has changed.
People today want to believe that when they work for a company, they have a chance to realize their dream, their goals and their vision.
It’s not just about the company.
The reason that 42% of the value of the stock market today comes from companies that weren’t around when you and I were in college was because these companies understood this concept and got out in front of it. They saw the change coming.
People today are saying that if all you can give me is a paycheck, a vacation and an occasional bonus, then you’re falling behind and at a disadvantage.
Let me explain.
Research says that 16% of people are actively looking for a new job and 33% would entertain a new job offer if it was presented to them, even though they’re not actively looking. You also have 10% which I call the wounded hostages – these people wouldn’t leave if you opened the door and invited them out; they can’t find another job because you’re the best job they’ll ever have.
That leaves 41% of your people who are actively engaged in the mission and the values of your company.
That’s not enough.
When people leave your company, who do they say? Do you listen to what they tell you? Do they say things like:
- “This job is just too good for me.”
- “I don’t deserve it.”
- “You’re paying me too much.”
- “I’m going somewhere else where they’ll pay me less.”
Of course not. They say things like:
- “I’m going over there because it’s a wonderful opportunity.”
What they’re telling you is that you’re not doing what they need done for them.
Compensation Does Not Buy Passion or Loyalty
It’s important to realize that as an employer, whatever you can offer your people that others can also offer are simply table stakes. Compensation benefits and bonuses only purchase a person’s time. They do not pay for their passion and loyalty.
Good people will always work hard. They may do a good job for a long time, but it doesn’t buy their passion and loyalty.
What do you think will happen if you hired someone by interviewing them this way?
“If you come here and work with us, we’ll focus this company on making you great. We will help you achieve your dreams, your vision and your goals. That’s why we exist here. We want to make you the best we can make you.”
But we don’t say that. We say things like “Here’s your job, here’s your title and we have to work hard to make the company better.”
People are tired about it always being about the company. Work and money are only tools people use to accomplish their own vision. The job is there because you have to have a tool to create your vision for their life. In order to do that, you need to be able to describe a very compelling, clear and dynamic believable vision of the future of your company and how that person will benefit from being a part of it.
If you want your people to give you an advantage, to truly be the best part of your company, I’m going to invite you to engage them in a conversation about the future. Do that by engaging them in these 6 questions.
If you do that consistently, your people will be inspired. They’ll be more engaged.
If you can make your people great and you can do the things to truly invest in them, they will work their tails off to reward you.
Here’s my entire LPBC talk: