Nowadays, talent is scarce and candidates have more options to consider when looking for a new employer. Currently, unemployment is at 4.1%; the lowest level since 2001. Though many Americans are employed now, at least half are looking for new jobs or watching for new job opportunities. What is one significant factor in their search? Company culture.
A Closer Look at Millennials
According to Glassdoor, nearly 80% of Millennials look for a culture fit with employers, followed by career potential. For this incoming generation of talent, a company that doesn’t think about how to leverage or improve their culture might find itself losing out to newer companies who make it priority.
Just a couple years ago, Facebook and Google dominated as the most desirable employers in the market for Millennials. Very quickly, however, Netflix has become a dominant force and a reputable brand for attracting the best talent.
Diversity, as a part of Culture
There are some notable companies out there with a great organizational culture, but for talented minorities, some cultures may come off as exclusive rather than inclusive. In the midst of diversity challenges in the workplace and the #MeToo movement, some companies have stepped up in making strides to diversify their talent pool.
In its 2017 diversity report, Slack has shown that it has been outperforming its Silicon Valley neighbors. At Google, Facebook, and Microsoft, women hold between 19 percent and 28 percent of leadership positions and between 19 percent and 20 percent of technical roles, according to those companies’ most recent figures. At Slack, women make up 31 percent of leaders and hold 34 percent of technical roles – a significant difference!
And for Slack’s U.S. workforce, percentages of underrepresented minorities [including black or African-American, Hispanic or Latino, or American Indian or Alaskan employees], are triple that of some peer companies.
The Grass is Greener, and Might Be Better
Your employees are direct recipients and contributors to your company culture. When there are companies that get their culture right, it shines light on the ways your organization might be coming up short. Some people are even willing to take a pay cut to join a company that is a better culture fit, focuses on employee engagement, and has opportunities for growth.
Overwhelmingly, 91% of employees say the last time they switched jobs, they also switched companies. A client of ours, Canpa, would have overqualified candidates apply to their job openings and offer to take a lower salary just so they could be a part of the culture. Across generations, having a job at a company that contributes to a better work-life balance or overall happiness is valued above many other factors. Where does your culture stand?
Looking to build a sustainable and profitable company culture to attract the best talent?Our coachsultants can help guide your executive team in laying the foundation and creating a roadmap for your ideal culture: