Some great insight on how taking ownership of your mistakes and not allowing your ego to be the enemy can boost your leadership abilities.
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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.
Wolves are one of the most loyal animals. They mate for life, care for their young and return to their parents each year. With human interaction, they can be as loyal as domesticated dogs if they feel comfortable. Cats are the exact opposite. They are fiercely independent. Domesticated cats do not demonstrate any loyalty to their owners. Employees can show the same traits in the workplace. The big difference is a cat-like employee can become a wolf. Read on to learn how.
Enjoy!
Creating Employee Loyalty
In last week’s article we covered how employee retention relates to hiring costs. This time we go deeper into this topic by taking a look at cultivating employee loyalty. With downsizing, outsourcing and restructuring happening in all industries, top talent is on the lookout for Plan B. Regardless of the economic climate, loyalty can be fostered.
Length of tenure does not equate to loyalty–nor does an employee who will do whatever their manager requests. Loyalty is when an employee is invested in their position and the company. They believe in the company vision and feel that the work they do is important and meaningful. This belief is proven in their integrity and performance. These wolves will question authority, but in the end embrace decisions that are made. They support colleagues and the company as a whole in public. In the end, when it is time for them to move on, they do so professionally and usually after much thought about the decision.
Fostering loyalty can be both easy and cost-effective. While employee retention is linked to the manager, so is employee loyalty. Leading by example is the easiest way to create loyalty in a team. People who work for honest managers tend to be more loyal to not only the manager, but also to the company as a whole.
Treating employees like valued collaborators is the first step to fostering loyalty. Many times leaders, often due to hectic schedules, make decisions in the moment without huddling their team. While practical in the moment, this may not always be the best way to build a loyal team. Employees who feel that they are an integral part of something bigger become more vested in that organization.
Humans are creatures of habit in both their personal and professional lives. When their routine is consistently changed by outside influences, it can get ugly. Employers that are transparent, honest and ethical have more effect on employee loyalty. Managers who respect their employees and their lives outside of the office will win the respect of their team. Managers who lead by fear or intimidation tend to have a clowder of independent cats versus a pack of loyal wolves on their team.
Employee loyalty can be cultivated at all levels. All it takes is a company culture that is based on the basic moral of “treat others as you would like to be treated.” Honesty and respect is at the heart of loyalty. A team that feels valued and respected will help breed more loyal teammates.
Next time we take a lesson from companies that have proven talent management systems and how they foster retention of talent.