One lesson that has emerged in the pandemic: Organizations with the right culture and technology have quickly adapted when needed. Digital transformation success requires speed and trust – and that comes down to people, CIOs say.
Build team loyalty with these 3 culture tactics
To retain more talent, especially millennials, consider changes to these key aspects of company culture
3. Create an agile rewards program
Today’s workforce no longer wants a one-size-fits-all benefits package; rather, they expect their rewards, recognition, benefits, and incentives to follow an individualized structure and align with their consistent work performance.
Millennials are looking for agile compensation, but many companies are still practicing once-a-year performance reviews. I recently came across a study by Globoforce that found more frequent reviews, check-ins, and supportive feedback had a positive impact on the organizational culture. The same study found that more frequent, micro-recognitions, in the form of money, advice, or even a simple thank you, created eight times more engaged employees than those who received feedback and compensation in a traditional annual review format.
How to make the change
Benefits packages created through personalized employee relationships and preferences have yet to reach the design and delivery stages in the workforce; however, businesses need to start thinking about leaving the one-size-fits-all approach in the past. The key to making this transformation will be building benefits and employee recognition systems that are flexible enough to let employees choose what area of achievement best suits their professional goals.
For example, creating a more agile rewards strategy could be a matter of allowing employees to choose if they want to concentrate on teamwork, developmental learning, or company advancement, and then empowering employees with continual, 360-degree feedback and support.
Strengthening company culture in 2019
Employee experience is everything in 2019. The millennial workforce is advocating for the power of the individual experience, and as a result, company culture models are shifting dramatically. Modern workers want more flexible career pathways, a proactive approach to health and wellness programs, and the power to work with their employers to build benefits packages that best suit their personal needs and goals.
Leaders who prioritize these key areas of social responsibility and company culture as they grow their organizations will have better chances of retaining top talent as they adapt to the changing workforce landscape.
[ Get The Open Organization Workbook, a free download with advice from more than 25 experts on building transparent, collaborative organizations. ]