Great teams share a few common traits such as engaged players, accountable coaching, and most importantly a strong playbook. What makes a company great or one of the best places to work usually has a few key defining characteristics. Developing and periodically reviewing your corporate playbook can help your organization go from good to great and remain elite. As you think about where you work, who you work for, and what your mission or brand says, here are some points for consideration.
Compensation is key
The only thing worse than not being able to find talent is losing that talent. For the most part, keeping employees comes down to one thing—compensation or compensatory benefits like bonuses, wellness programs, free meals, and additional resources. To adequately pay your staff, you must consider the local cost of living, current inflationary pressures, and overall wage increases.
Current data demonstrate the importance of manifesting appreciation and a spirit of inclusion for valuable employees, but no amount of recognition can overcome poor compensation, as an employee’s first necessity is to make a living and support those who depend on that employee’s labor, as well. As the adage goes, “you get what you pay for.” Star players command top dollar in every industry, and compensation must match talent.
Culture is glue
Often during the hiring process, companies discuss finding employees with the “right fit.” A classic example of this is the military. On many occasions, an individual will join one branch of service only to realize their character and interests are better suited to another. Another example is in the sports industry, where great traditions emerge to distinguish program priorities and levels of expectation required on a given team. Companies that go from good to great establish mission statements, weigh work hours, determine teleworking opportunities, and leadership style around trust and transparency, to name a few. Sculpting your team and company culture will take work, but it will pay off as new talent adopts the culture playbook.
Community gives place
Employees increasingly want to experience a sense of community at the place they work. This means celebrating achievements together, fostering shared values, and being intentional about what makes each individual matter. Additionally, actions that promote community and inclusivity will strengthen a company’s culture proving a multiplier effect on employee engagement. Great places to work may also offer employee stock options or purchasing plans, adapt roles to meet skills, or do their best to allow the change-makers to lead out. Fostering a sense of community and belonging builds trust between employees and leaders. Trust builds the speed at which work happens so increasing trust raises productivity.
Caring is sustainable
Successful organizations demonstrate the high value they hold for employees and customers. This takes place not only when it comes to monetary compensation but in the form of supporting their lifestyles and interests—generous maternity leave, time or money toward pursuing a degree, continual training to sharpen skills, or supporting professional development. It’s been said, “Your manager has a greater impact on your health than your doctor,” and by honoring the interests of employees, corporations prove a commitment to true and total welfare.
We live in a buyers market when it comes to employment, meaning employment shortages from the pandemic and rapid inflation puts talent in charge. As you focus on these key characteristics, you will not only increase your organization’s competitive advantage but create a culture that will take your company from good to great. These attributes top many of the lists of what employees are looking for. Building a best-in-class organization will compound wins with both your customers and employees.