Talent Management Tips from Two Well Known Companies
So far we have learned that employee retention and loyalty are strongly linked to management. Corporate culture also has much to do with employee retention. This is evident in the highly successful talent management systems employed by Google and Facebook. Both companies have no trouble hiring and retaining top talent. Actually the talent is often willing to take nearly any open position just to get their foot in the door. Why?
Google receives 150,000 applications per month. Facebook has no trouble recruiting top talent while they are still in college. Granted, Google and Facebook brands are huge. In many cases a well known, even prestigious brand is simply the facade. Once you peek behind the curtain and see the company’s true colors, the allure is lost. This is not the case with these two companies.
Google and Facebook have similar corporate cultures and talent management practices. Each knows that the way to an employee’s loyalty is through their stomachs. Google has snack bars close by employees work areas and gourmet meals in the cafeteria, all for free. Facebook also feeds their employees and has a Happy Hour on Fridays.
Employees at Google and Facebook also enjoy free onsite medical care and fitness centers. If a Facebook employee is sick, they don’t have to worry about sick time. Facebook offers unlimited sick days. The thought behind is that their employees are so engaged in their projects, that they will only stay home if absolutely necessary.
Furthermore, Google and Facebook employees can have their laundry cleaned while they work. Haircuts and massages are also available on campus at Google. Facebook will help with the commute by offering shuttle equipped with Wi-Fi. If the shuttle is not convenient, they will hook you up with free train passes or a vanpool. Both campuses have office designs that encourage collaboration with coworkers. Need to blow off steam at Google? Take a ride down the two-story slide or shoot some pool with your team.
In addition, Google and Facebook might be two of the most family-friendly companies at the moment. Google has low-cost day care two miles from campus. Facebook grants all new parents four months leave and a $4000 baby bonus. They will also reimburse some for daycare expenses and adoption fees.
Perhaps the best talent management processes that can be implemented in any company come from Facebook. No Meeting Wednesdays allow team members to work without interruption one full day per week. Facebook’s leadership shares a philosophy of Open Book Management with best example being “Open Door Fridays” which allow employees to meet directly with the CEO.
The talent management practices at these two companies result in very high employee retention rates. While not every company is ready to serve their staff gourmet meals or provide onsite medical care, which of these ideas could make sense in your company? The essence of Google and Facebook’s strategy is the creation of a collaborative work environment that engages and excites their staff. That is something that every company can copy and implement in their own unique way.
Next time we finish up this series with a look at how the way a company says ‘goodbye’ to a departing team member can impact employee retention.