Retaining top talent has changed. Is your company ready?

After the Covid-19 pandemic, the battle will begin to fully understand what is the new “normal” for companies before they try to accelerate on any momentum.  For some companies, they will be able to adapt quickly, and their top performers will be able to pick up where they left off.  Other companies, however may not only struggle with attracting new talent or backfilling talent that that they have lost, but they may also have trouble retaining their top performers.

The reason for this will largely be around the company’s approach to telecommuting. (policy regarding working remotely)

Because of Covid-19, every company has given their employees the opportunity to work from home.  For the most part, companies have been amazed at how seamless the transition has been for them. 

The problem now arises in how do you convince employees to come back into the office after they have proven their worth while working from home?  How do you convince your top performing finance employee who lives in Brampton, to once again embrace a two-hour daily commute to the downtown office?

Companies will have to remain very flexible when it comes to work from home policies.  If not, there will be progressive employee focused companies that will be chomping at the bit to raid other companies top talent.

The second issue arises around corporate culture.  How does a company continue to build their culture and promote that culture, when most employees are now working from their living room?  Suddenly the attraction of working for a Fortune 100 company (and often for less salary) is not as attractive as it was once before.  It is critical for a company to not overestimate the power of their brand or the power of their corporate culture? 

Yes, there are employees who prefer the energy of an office or like to escape the confines of their home when they work.  But as a reminder, telecommuting offers employees the following:

No commute:

1.  Hours per day are returned to the employee

2.  Stress is reduced as a result of avoiding bad weather and rush hour traffic

3.  Energy levels return to normal

4.  The costs of commuting disappear (reduced fuel and reduced transit costs allow for more take home pay)

Work effectiveness:

1.  No interruptions or distractions from co-workers

2.  There is less chance of being pulled into unnecessary meetings

3.  There is less rigidity to the workday.  Errands can be scheduled efficiently, deliveries can be received, repair people can be met at the house

4.  The workday can begin sooner (and end sooner)

5.  There are Green/environmental advantages to teleworking that likely far offset any official company initiative in this area

6.  More meals can be prepared at home which reduces food costs and will also offer healthier options

All of the advantages listed above are all very strong reasons for a top performing employee to select a company that is more in tune with their desires and lifestyle.  Top performers select where they want to work, not the other way around. 

Be sure that your company is still offering the required employee perks that the new world must offer or that your culture truly offers something unique.  If not, you will very likely find that your company policy of only working half days on Fridays is no longer considered a perk, but more of a joke.

Farewell,

Mike