Posted on November 06, 2016

Attracting and retaining exceptional talent, especially in the form of Millennials, is a steep challenge for many organizations.  Conventional wisdom says that unless you are able to offer food, schedule flexibility, leading-edge technology, on-site amenities (e.g., exercise, massage, concierge services), a substantial pile of money and/or the possibility of a pile of money in the form of stock options, your organization is unlikely to win the competition for talent.

We at The Monday Minute (or two) beg to differ.  You can win.  Regardless of industry.  But you will need to design and build an organizational culture and, in turn, an employer brand capable of capturing the attention and (dare we say it?) the aspirations of those new to the workforce.

 So, what characteristics define an organizational culture that has the ability to compete for and retain great people, especially if those people come in the form of Millennials?  Our research and experience suggest the following:

• Distinctiveness.  Begin by making it clear that your organization is not for everyone.  An aspirational vision; strong uncompromising values; high performance standards; clear, direct, timely communication; and a practice of hiring only the right people define this characteristic.

• A real opportunity to make a difference.  The keys here include: offering interesting work; a rigorous attention to achieving outstanding results; strong use of technology; a fluid, team-oriented workplace; active involvement of people from throughout the organization in problem resolution regardless of tenure and hierarchy; and, critically, a workplace where people are trusted.

• Appreciation for great work.  Recognition – especially in the form of heartfelt appreciation – is more powerful than rewards.  It is an essential component of a culture capable of attracting and retaining the best.  You heard it here first.

• Reward outstanding contributions.  Yes, rewards are important, too.  Money has its place, to be sure.  But it is surprisingly ineffective as a motivator (save, possibly, among those in Sales).  Better is something personal.  One effective reward: the gift of time, as it is highly valued by many Millennials.

• Career planning.  As we mentioned last week, providing skill building and career planning assistance to new hires can be a win-win.  The key: demonstrate a genuine concern for your people.  The use of current employees and retirees as mentors adds yet another win.  Being seen as an organization that builds its people will have a powerful impact on your ability to attract and retain the best.

Build this organizational culture, regardless of industry, and they will come.  And stay.

Congratulations to the Chicago Cubs, World Series Champions.  We hope the 108-year wait has made the moment that much sweeter.  Cleveland, after a fabulous season, we at The Monday Minute (or two) again urge you to retire Chief Wahoo as your mascot.  It is just wrong.  Please take this opportunity to show the country, including the ownership of the Washington Redskins, what doing the right thing, at very long last, looks like.

See you next week.