The Mid-Atlantic talent war is now in high gear. Here’s where your focus should be.
By Terri McClements, Market Managing Partner, Mid-Atlantic, PwC
The addition of Amazon HQ2 into the Mid-Atlantic corporate landscape is generating energy and excitement. It will elevate this region’s national profile, help to establish it as a tech and innovation hub, and raise our collective game. This arrival into our market is prompting organizational introspection within existing companies to make sure they’re taking meaningful action to attract and retain talent.
Irrespective of this, corporations are fighting for talent, thanks to record-low unemployment. Workforce transformations, the type that evolve job functions to be more digital, are well underway. But there’s no question that even before the arrival of this major technology player into our market, many business leaders in our area were strategizing about how to compete for talent and be prepared for the years ahead.
Now, more than ever, competing for and retaining top talent will require companies to focus on their unique employee value proposition, fostering an attractive culture and building a new narrative for the future of work.
Examine why people want to work for you
The arrival of Amazon HQ2 will likely be a catalyst for companies to think about their overall employee experience. These are key components to consider:
- Meaningful work. If there’s no sense of professional purpose at work, it’s difficult for employees to find meaning beyond a paycheck. There’s no one-size-fits-all definition of meaningful work, so it’s important to find different ways that people can personally relate to your company’s purpose.
- Inclusive and supportive leadership. Leadership matters when it comes to attracting employees who expect diverse and inclusive work environments where different backgrounds and experiences are valued. Help all levels of leaders understand what it means to be inclusive, so they can support the tone set at the top.
- Competitive total rewards. Look beyond compensation to assess your total rewards package. It should include traditional elements, such as health and retirement benefits and vacation time, as well as perks that facilitate wellness, such as flexible hours, sabbaticals, and well-being programs.
- Growth opportunities that employees value. Linear career paths are giving way to employee desires for broader choice. Help your people by providing opportunities for growth through internal mobility, where employees can move horizontally into different roles or take a learn-as-you-go approach.
- Great work environment. This includes updated workspaces and the availability of tools that make it easier to work remotely. It’s also about simplifying processes and making it easier to do work and make decisions.
Your own culture has strengths—keep investing in it
An organization’s culture is incredibly powerful. Now more than ever, you can’t undervalue that. But it is clear from PwC’s 2018 survey of more than 2,000 people in 50 countries that when employers assess their own workplace culture, they feel more positively about it than their employees do.
Sixty-three percent of leaders polled feel their culture is strong, while just 41% of their people agree. A whopping 80% say their organization’s culture has to evolve over the next five years if their company is going to succeed, grow and retain its best people. That’s a significant jump from just five years ago.
The good news is that culture isn’t stagnant. You can change it, albeit slowly. Leaders who want to evolve their culture can identify a critical few traits—behaviors and people to focus on so that cultural change efforts are tangible and measurable. This practical approach can shift culture into better alignment with your organization’s strategy.
Have a clear narrative about the future you offer
If you think your employees might be lured away, ask yourself: How are we building trust so they know they have a future here?
There’s plenty of uncertainty that may make people feel less secure about their future. CEOs say a lack of available skills is one of the top three threats to business growth. On the employee front, 37% say they’re worried their jobs are at risk due to automation, and 60% believe long-term, stable employment will be hard to find in the future.
Leaders can help reassure people through transparency, which means communicating a clear, compelling and honest story about the company’s plans to embrace technology and automation. This will prepare people even as jobs change and clear the way for work that matters.
Your narrative helps your people embrace individual agility, adaptability and digital upskilling. Three quarters of people we polled say they’re ready to learn new skills or retrain for the future. However, for any digital upskilling effort to succeed, you need to build trust. Without that, it’s difficult for people to try something new.
Ultimately, no matter what’s happening outside your walls, stability and success comes through embracing change and disruption, prioritizing transparency, and building an emotional commitment with your employees. You create value for them and a strong, skilled and loyal workforce for you. That combination will help position your organization to withstand whatever the future brings—and whoever moves to town.
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