Attracting the New Workforce
As the workforce shifts to the next generation – millennials, the needs and wants that this generation demands from a job has also changed. Passion, work-life balance, career progression, company culture and personal growth have all become big words in human resources in this decade.
People are no longer looking for a job that financially supports their desired lifestyle, but a job that can be a part of their lifestyle. Candidates look for jobs with a consumer mindset, asking “which job do I like most?”, forcing companies to differentiate themselves by introducing radical concepts to the workplace.
However, workplace experience is not just used to attract talent, but also to retain talent and ultimately improve productivity. Poor concepts can prove to be costly with mediocre results, wasted resources and replacement costs.
So how should a company build a good workplace experience?
Building a Culture
Firstly, the management must determine the kind of culture that is appropriate for their business strategy. Not every company can improve productivity by installing nap pods in the workplace like Google. Find out how you can best support your employees to perform their tasks better. This means understanding the optimal mindset and environment for task performance.
Next, brainstorm interesting practices that can foster such a mindset and environment while employees are working. Find out what works for your company, try different practices that can achieve a work culture that supports the business strategy. For example – Zappos, an online retailer, wants its team to have fun while they are working. To do this, they created a specific job called ‘Fungineers’ to create fun for other employees at the workplace even if it disrupts work!
Building a good culture should not be just for luring in talent but must be appropriate for the business strategy. Rather than attracting all kinds of talent, this will help narrow down the type of like-minded individuals ready to adopt these practices that support your business strategy.
4 Factors of Workplace Experience
While there are various motivations behind working, money is probably the main reason many people are in the workforce. However, the way they look at their salaries can be very different, varying between stability and opportunity.
Results-based rewards have become popular among companies, using key performance indicators to motivate employees. Rewards-based income such as commission can be attractive to salesmen who believe in their skills and contacts to get big commissions. However, they might be daunting and intimidating for a researcher, increasing their stress levels in a job where they cannot force results.
Consider carefully how your compensation package affects your employee’s mindsets and use it to motivate them to do their work well.
2. Personal Development
80% of millennials, desire self-activation through the work they do. They want to realise and expand their potential, growing their personal capabilities and knowledge. This means more than sending them for courses and team development programmes, but to implement what they learn into their work.
Increase the difficulty of their workload as their skills increase. Allow them to see that they are indeed growing, achieving new heights and that your company gives them the space to do so. While this may be risky and disrupt workflow occasionally, it works out perfectly for all parties in the long run. You have stronger, faster, better employees, while they enjoy a challenging and evolving workplace experience.
3. Work-Life Balance
The term ‘work-life balance’ has been widely discussed among multiple panels, surveys and even job interviews. Its definition remains highly subjective across individuals making it difficult for companies to set a policy that satisfies everyone. People are starting to want more than a long and stable life, to achieve their dreams, try things on their bucket list, spend more time with their family.
What they want is flexibility. This is a big reason the freelancing economy has boomed in recent years. Microsoft Japan tested a 4-day work week which boosted productivity by 40%, lowering operating expenses on top of that. Brainstorm on how to introduce flexibility into your employee’s lives. Give them assignments and let them decide how to complete them.
Everyone seeks a sense of belonging, a group of people they can trust, a group of people worth giving their all, a group of people to stick with through tough times. We spend most of our time and energy in our workplace, yet not many can say they feel belonged in their workplace. It is a drag for them to come to work, a chore to slog through the week and Fridays seem like a release from a dreadful place. How can we expect employees to give their best working in a place like that?
There is a trade-off between quantity and quality of work here. Will spending time and effort, that could be directed at the business, to build the community pay off in the quality of their work? In the long run, a workplace community can bring about great results and evoke a strong sense of loyalty. However, it takes more than simple outings to truly build a community, but intentional steps, conversations and commitment to build trust and interdependence among the team.
Hiring decisions do not just affect headcount. It impacts the team morale, dynamics and emotions of the individuals. Choose your team wisely.
Human capital is highly regarded as it has the ability to create, innovate, think critically and problem-solve. In today’s era, offering an attractive workplace experience is necessary to secure and retain the best human capital for the company to grow. Workplace experience is also the key to unleash the potential of human capital through relevant and purposeful practices that motivate, challenge and develop employees.
Formulate a business strategy, determine what culture best suits and make organisational changes to cultivate that culture.
About BlackStorm Consulting
BlackStorm Consulting is a boutique growth consultancy firm that specialises in corporate strategy, profit management and investment management. We mainly serve clients in four sectors: FinTech, Gaming, Technology, Media and Telecommunications (TMT), and manufacturing.
Our clients and connections are internationally present and range from small and medium sized businesses, MNCs, to government agencies.