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Hiring Right – Office Perks Fade, Attention to Personnel Doesn’t

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5 years ago

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With today’s low unemployment rate and skilled employees in high demand, it’s difficult to attract and retain outstanding employees at almost any level and of any age.

It’s especially difficult finding and keeping those who represent the largest segment of the workforce–millennials.

Part of the problem is that potential employees have a pretty clear insight into the organization’s inner workings, even before they apply for a job.

Sites like Glassdoor and Vault publish unvarnished, anonymous views on the nature of the company’s work, its policies, benefits, culture and management style/management team. They deliver the bare facts about the inner workings of the company from people who know … insiders.

True, a few firms seem to dominate the struggle for talent, seemingly snapping up the best and brightest; but even they find it tough to keep those folks with the greatest potential.

In, Out – Today’s Millennials express little loyalty to their current employers and many are planning near-term exits, even as they are hired.  One of the keys to retention is that most young professionals choose organizations that share their personal values.

According to the Bureau of Labor Statistics, in 2014, the median tenure for workers age 25 to 34 years in the U.S. was just over three years.

Senior executives know that 60 – 80 percent of the organization’s inventory leaves through the front door every evening.

Every time part of that inventory doesn’t return; it costs to replace the individual.

Since no one has unlimited staffing budgets, employee retention is the best way to keep your largest cost under control.

To keep this crop of young workers and hopefully blunt the desire for talent to bolt for the door at the first sight of a bigger, better “opportunity,” companies pile perk on top of perk.

It’s their way of showing folks that they really do have a laid-back, super-cool corporate culture and a comfortable environment that makes them feel at home.

They offer things like beanbag chairs, ping pong tables, unlimited vacation, dogs/kids at work, free food/laundry … things that even mom/dad never gave them.

Perks – Depending on who you ask, company perks are either for both talent acquisition and retention strategies, or simply a nice bonus.  While they may get people in the door, the novelty wears off when you consider more vital considerations like training, opportunities for advancement, office culture and salary.  

All of the benefits are like consolation prizes for lower salaries and more importantly dull, unstimulating work.

Even though recruiters may be only slightly older than the potential employees, Nielsen’s global reputation study found that graduating professionals had “slightly” different views on what their future career would hold for them.

Nielsen reported that they expect to glide up the corporate ladder, they place a higher priority on engaging in fulfilling work and have a much shorter attention span than prior generations.

Once the shine of the perks loses their luster and they realize their expectations won’t be met, they begin to look.

According to Deloitte, Millennials have little loyalty to their current employers and many have planned near-term exits; even though they have only been with their present employer a short time.

They want to/expect to be developed as leaders.

In other words, they put their personal values ahead of the firm’s goals and will often avoid those jobs (and employers) that they feel conflict with their beliefs.

Steve Jobs advised Stanford graduates years ago, “Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it. And, like any great relationship, it just gets better and better as the years roll on. So keep looking until you find it. Don’t settle.”

While Millennials are hired to do a business specific job, they feel business ethics and being socially responsible should be a higher priority for their firms than quality, service and competitive positioning.

Business ethics and their personal value in the marketplace were even more important to them than factors such as workforce diversity, work-life balance and work responsibilities.

The Deloitte study reported that only 28 percent of Millennials feel their organization is making full use of their skills.

Nap pods, trendy offices and Red Bull may attract today’s Millennials, but its benefits they can quantify like paid time off, flexible working from home, health insurance, sick/well days, performance bonuses and company-matched 401k plans that they ultimately find of greater value.   

There’s a perception that millennials would rather work/play in a cool office than get a paycheck.

However, compensation is consistently high when it comes to employee satisfaction, especially for millennials who graduate with an average of more than $35,000 in debt.

Face it, a foosball table and eye candy perks are a lot cheaper than equitable pay and tangible benefits.

In their struggle to retain Millennials, a growing number of firms are addressing the post-college debt issue even though it does come with realistic – from management’s perspective – strings such as extended employment contracts.

Factors that are consistently more important for Millennials are who you are working for, what you’re working on and if it is in your field of interest.

Nothing beats being well paid for working on interesting challenges at a successful company.  However, the primary motivation for job hunting is seldom just a bigger paycheck.

As Amazon’s Jeff Bezos noted, “Life’s too short to hang out with people who aren’t resourceful.”

There are low-cost activities management can carry out to retain the talent it wants to keep beyond unproductive perks.

Motivating – While free food and nap cocoons may seem great when someone considers a job; what they really want is personal recognition, support and knowing they are having a positive effect on the company’s growth and success.

Flex Time, Telecommuting

Increasingly, executives are realizing that offering flexible hours and telecommuting are the most cost-effective ways to hire new good people and retain present personnel.  The combination of flex time and flex place are inexpensive and convenient.

More than 60 percent of the nation’s firms have increased the number of telecommuters over the past two years.

According to AT&T’s National Survey of Teleworker Attitudes and Work Styles:

–        60+ percent of the respondents felt telecommuting was positive for their careers

–        62 percent found no difference in working at home

–        15 percent felt more connected to their workgroups

–        71 percent were more satisfied with their jobs after they began working at home

Many firms find that Internet-connected staff members are not only more productive when they work off-site but they actually put in longer hours.

Praise

It may sound simplistic with today’s reduced staffs, increased workload and compressed time schedules, but it’s easy to forget compliments.

While some folks are self-reliant and self-assured, it’s amazing what a few well-chosen words can do.  People want to/need to know their efforts for the company are recognized and appreciated.

Members of the team taking on projects/activities for the first time find positive recognition helps them grow personally and professionally.

And the cost is … zero!

Small Gifts, Rewards

Small, impromptu gifts such as sporting event tickets, free meals, theater tickets and on-the-spot cash awards of $25 – $50 are ways for mangers to recognize an individual’s accomplishments or contributions to the organization.

The tickets or dinner aren’t important to professional staff members won’t keep them from taking a better job offer.  However, receiving the recognition in front of their peers will build team and organization loyalty.

Mentoring

Firms spend hundreds of thousands, even millions of dollars each year on formal training programs.  For some skill sets, formal training is a must.

However, many find it is not only cost-efficient but also more effective to have employees teach/assist each other.

The firm’s most valuable resource (people) leverage their experience, capabilities and technical/work expertise.   Mentoring allows seasoned professionals to share not only theory but also “real world” experience, helping both the trainer and trainee.

The trainer gains recognition for his or her technical or business expertise.  The trainee gains insights into practical applications and knowledge.  

Team Protection – There is nothing worse for employees than knowing that the boss will not protect them when projects go awry.  One of the key functions for management is to solve the situation, then sit down internally and discuss what went wrong and how it can be avoided in the future.

Shield people

One of management’s most important jobs is to manage and control the interaction between customers and employees.   They should be the lightning rod that shields others in the team so they can focus on their work.

Today’s business is an inexact science at best. Occasionally things will go South despite the best plans and individual efforts.  When it happens, it’s the manager’s responsibility to not only defend staff personnel but also take the heat.

Once the problem is solved/resolved, they can discuss how the situation could have been handled or corrected so it is avoided in the future.

Supportive Culture

Recognizing birthdays, anniversaries and special occasions as well as impromptu parties for the completion of a major project are cultural activities that say “you’re important” and “you matter.”

Little things build big loyalty

When the big offers come, they will make people consider a move.  But attention to the team – established and new members – can keep people from looking for a new job or cut off overtures at the outset.

Paying attention to your most valuable resource will help you keep from continually hiring and training new people.

In addition, it can ensure the best defense/offense in a tough market.

Then your competition will view your company as Themistocales of Athens and say, “These men are fierce, savage, bloodthirsty, merciless. But that is not the reason why we should fear them. That is not the source of their power. Their power lies in their unity. Unity!”

Andy Marken
Marken Communications
www.markencom.com
1428 Bellingham Way
Sunnyvale, CA 94087
USA
O: (408) 986-0100
C: (408) 390-0002
Andy@MarkenCom.com

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Businessuite Women

Who is Marlene J. Street Forrest, Managing Director of the Jamaica Stock Exchange Group?

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1 month ago

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November 16, 2024

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Transforming the JSE into a Global Benchmark
Dr. Marlene J. Street Forrest, CD, JP, has been a transformative figure at the Jamaica Stock Exchange (JSE), serving as its Managing Director for nearly 20 years. She is credited with steering the Exchange into a modern era characterized by transparency, technological innovation, and diversified offerings. Under her leadership, the JSE has seen major milestones, including the demutualization of the organization and the establishment of the Junior Market and the US Dollar Denominated Market. These initiatives have significantly increased capital accessibility for businesses and bolstered the Exchange’s regional and global profile​

A Career Defined by Leadership and Vision
Dr. Street Forrest’s journey in financial services and leadership spans multiple sectors, both in Jamaica and internationally. She earned her Bachelor of Science in Management Studies from the University of the West Indies and an MBA from Barry University in Florida. Her academic grounding paved the way for a career marked by strategic vision and operational excellence. Recognized as a Certified Business Consultant, she has brought expertise in enterprise risk management, cybersecurity, and governance to her work at the JSE​

Celebrated Achievements and Global Recognition
Her contributions have garnered numerous accolades, including the Order of Distinction (Commander Rank) in 2016 and the Afroglobal Excellence Award for Global Impact the same year. She has also been recognized as a Business Leader of the Decade and honored with an honorary Doctorate in Public Policy by the University of the Commonwealth Caribbean in 2021. Her authored works, such as On Leadership: Discipline, Discretion, and Daring, offer insights into her philosophy and strategies for effective leadership​.

Facing Challenges in a Male-Dominated Industry
As a female leader in a male-dominated industry, Dr. Street Forrest overcame significant challenges through a combination of resilience, strategic networking, and an unwavering commitment to excellence. Her success reflects her ability to lead with integrity while navigating the complexities of the financial sector.

Looking Ahead: The Next Chapter for the JSE
With Dr. Street Forrest set to retire, her successor will need to embody characteristics of innovation, foresight, and adaptability to sustain and surpass her achievements. The incoming leader will face the challenge of continuing digital transformation, expanding market reach, and maintaining the JSE’s reputation as a global benchmark in financial services.

The legacy of Dr. Marlene J. Street Forrest will undoubtedly serve as a guiding beacon for the next era of leadership at the Jamaica Stock Exchange.

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Businessuite Women

Who Is Hon. Fayval Williams, Jamaica’s New Minister of Finance and Public Service?

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1 month ago

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November 16, 2024

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Trailblazing Leadership
Hon. Fayval Williams recently made history as Jamaica’s first female Minister of Finance and Public Service, appointed on November 1, 2024, following Dr. Nigel Clarke’s transition to his new role as Deputy Managing Director at the International Monetary Fund. This appointment marks a pivotal moment in Jamaica’s governmental landscape, reflecting a strong commitment to gender representation at the highest levels of public service leadership. Prime Minister Andrew Holness highlighted this move as part of a broader strategy to shift towards aggressive economic growth policies​

A Career Marked by Excellence
Before her groundbreaking role as Finance Minister, Williams served as Jamaica’s Minister of Education, Youth, and Information, where she tackled critical reforms in education policy and skills development. She has also held positions in the private sector, including as a Senior Vice President at Cable & Wireless Jamaica and as Chief Financial Officer at Air Jamaica. Her extensive financial expertise, underscored by a strong academic background—including an MBA from The Wharton School and a bachelor’s degree in Economics from Harvard University—has prepared her for the intricacies of managing public finances​

Vision for Jamaica’s Future
As Finance Minister, Williams is expected to focus on accelerating Jamaica’s economic growth while maintaining fiscal discipline, a hallmark of her predecessor’s tenure. She inherits a robust financial portfolio, but her challenge lies in building on Jamaica’s economic stability to drive transformative development initiatives. With a senior advisor in financial strategy, Alok Jain, supporting her, Williams is positioned to engage with private sector stakeholders to create impactful partnerships​

Looking Ahead
Williams’s leadership underscores her ability to break barriers, adapt to complex challenges, and inspire through innovation. As she embarks on this historic journey, her tenure promises to reshape Jamaica’s fiscal policies and growth trajectory, setting a new benchmark for inclusive leadership in the region.

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Businessuite News24

Business Leaders Express Confidence in New Minister of Finance and the Public Service

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2 months ago

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October 31, 2024

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Business leaders in Jamaica are expressing confidence in the ability of newly appointed Minister of Finance and the Public Service, Hon. Fayval Williams, to manage Jamaica’s macroeconomic affairs.

Stakeholders from the Private Sector Organisation of Jamaica (PSOJ), Jamaica Manufacturers and Exporters Association (JMEA), and the Micro, Small and Medium-Sized Enterprise (MSME) Alliance concur that Minister Williams has the requisite qualifications and experience to build on the sound economic management platform laid by her predecessor, Dr. the Hon. Nigel Clarke.

PSOJ President, Metry Seaga, pointed out that, “whilst she has big shoes to fill, Minister Williams has the credentials and the experience to do a fine job”.

“We encourage her to maintain the policies that have brought us to a solid fiscal place internationally. We also encourage her to look forward to developing growth in the economy,” he added.

Mr. Seaga maintained that growth must be paramount in the new Minister’s plan, pointing out that, “we have done the hard work as a country; it is time now for the people to reap those benefits”.

JCC Chief Executive Officer, Larry Watson, is also of the view that, “Minister Williams is well qualified for the post”, adding that “we have full confidence that she will do well.

“She follows on the heels of Jamaica’s most successful Minister of Finance and the Public Service, so she has big shoes to fill. Her success will, in part, be measured on the extent to which Jamaica can achieve substantial and sustained economic growth. We wish her all the best in her new role,” Mr. Watson stated.

Meanwhile, the MSME Alliance pointed out that a majority of its members, “view the appointment in a favourable light”.

The Alliance further stated that 83.3 per cent of its membership believes that there was no better option for appointment by Prime Minister, Dr. the Most Hon. Andrew Holness, than Mrs. Williams.

Meanwhile, the JMEA, in a release, also expressed confidence, “in Minister Williams’ leadership and commitment to advancing Jamaica’s economic landscape”.

The Association added that it, “looks forward to working together to foster a more competitive and resilient business environment”.

“The JMEA looks forward to continued engagement with the Ministry and the private sector, in pursuit of Jamaica’s macroeconomic stability. We believe strongly in the need to address red tape and bureaucracy that hinder private-sector growth and development,” the organisation further stated.

The entity indicated that it would continue to lobby for the promulgation of laws that will simplify the process for doing business in Jamaica.

“We urge the timely implementation of regulations under the Pioneer Industry Act and the Large-scale Industry Act, part of the OMNIBUS Incentive Act that has been pending since 2014, to create an environment that encourages investment and growth,” the JMEA release outlined.

Mrs. Williams was appointed Minister of Finance and the Public Service on Wednesday (October 30) by Prime Minister Holness, who made the announcement during a post-Cabinet press briefing at Jamaica House.

A Chartered Financial Analyst (CFA), Mrs. Williams holds a Master’s in Business Administration (MBA) with concentration in Finance from the Wharton Business School and a Bachelor of Arts (cum laude) in Economics from Harvard University in the United States.

Mrs. Williams, who is Member of Parliament for St. Andrew Eastern, is the first female to be appointed Portfolio Minister in the Finance Ministry.

By: Andrew Laidley JIS

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Businessuite News24

Who is Angelique Parisot-Potter, Massy Holdings’ Former General Counsel and Executive Vice-President of Business Integrity?

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5 months ago

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July 13, 2024

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Early Career and Rise in Massy Holdings
Angelique Parisot-Potter served as the Executive Vice-President of Business Integrity and Group General Counsel at Massy Holdings Ltd. Before joining Massy, she had an extensive career in law and corporate governance, holding significant roles that positioned her as a key player in the corporate legal landscape.

Whistleblower Revelations and Impact
Parisot-Potter’s tenure at Massy took a dramatic turn in December 2023 when she made allegations about questionable practices within the company’s executive training programs. At Massy’s 100th annual general meeting, she revealed that the leadership programs involved bizarre rituals, including communicating with the dead and self-healing with “white light energy,” which she claimed were a misuse of foreign exchange and resources. Her whistleblower revelations were detailed in a 13-page document submitted to the company, leading to significant media coverage and internal turmoil at Massy​​.

Resignation and Aftermath
Following her public disclosure, Parisot-Potter was placed on administrative leave. Massy Holdings initiated a disciplinary investigation, asserting that she had disclosed confidential matters. Despite the company’s denial of her claims, Parisot-Potter resigned from her position on December 27, 2023, just nine days after going public with her allegations. Her resignation came amidst a period of significant scrutiny and internal review within Massy Holdings​.

The Resignation of Gervase Warner
The fallout from Parisot-Potter’s revelations had far-reaching consequences, including the resignation of Massy’s President and CEO, Gervase Warner. Warner, who had been with Massy since 2009, announced his retirement on February 8, 2024. While his early departure was officially attributed to personal reasons, it closely followed the controversy sparked by Parisot-Potter’s claims. Warner’s leadership was notable for significant profitability and growth, with the company seeing a compound annual growth rate of 15% over the last five years of his tenure. He was succeeded by David Alfonso, a long-time executive within the company​​.

Conclusion
Angelique Parisot-Potter’s career at Massy Holdings was marked by her commitment to corporate integrity and governance. Her whistleblower actions underscore the complexities and challenges of corporate governance and the personal and professional risks involved in exposing potential misconduct. As Massy Holdings continues to navigate the aftermath of these events, Parisot-Potter’s role in bringing these issues to light remains a significant chapter in the company’s history.

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Businessuite News24

A Legacy of Leadership: Dr. Marlene Street Forrest and the Future of the Jamaica Stock Exchange

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6 months ago

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June 25, 2024

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“As the JSE looks to the future, it will be crucial to find a leader who can match, if not exceed, Dr. Street Forrest’s impressive legacy.”

Introduction
Dr. Marlene Street Forrest, who has led the Jamaica Stock Exchange (JSE) for nearly two decades, is set to retire, leaving behind a legacy of innovation and resilience. Her tenure has been marked by significant achievements and overcoming challenges in a male-dominated field, setting a high bar for her successor.

Accomplishments and Achievements
Dr. Street Forrest’s tenure at the JSE has been transformative. Under her leadership, the JSE has seen a notable increase in market activity, listings, and the introduction of new financial instruments.

She spearheaded the launch of corporate secretarial services to assist smaller companies in maintaining compliance and accurate reporting, which is crucial for their growth and sustainability​​.

In recognition of her outstanding leadership, Dr. Street Forrest received several prestigious awards, including the Order of Distinction in the Rank of Commander (CD) in 2016 and the Afroglobal Excellence Award for Global Impact from Canada the same year​.

Her efforts have not only enhanced the visibility and credibility of the JSE but have also contributed significantly to Jamaica’s economic resilience and development.

Overcoming Challenges
Leading the JSE in a male-dominated industry came with its challenges. Dr. Street Forrest often had to navigate skepticism and bias, proving her competence through relentless hard work and strategic vision.

The global financial crisis and the COVID-19 pandemic posed additional challenges, yet she successfully steered the JSE through these turbulent times by promoting market stability and investor confidence​.

Her focus on digital transformation and enhancing regulatory compliance helped the JSE remain a pivotal player in Jamaica’s economic strategy. She emphasized the importance of high-quality, timely financial information and investor education, which are critical for maintaining market integrity and attracting capital​​.

The Road Ahead: What Her Successor Needs
As the search for Dr. Street Forrest’s successor begins, the JSE requires a leader who can build on her legacy of innovation and resilience. Key characteristics for the next managing director include:

Visionary Leadership: The ability to foresee and adapt to market trends and technological advancements.
Strong Regulatory Knowledge: Ensuring compliance and fostering investor trust through transparent practices.
Commitment to Digital Transformation: Embracing new technologies to enhance market operations and accessibility.
Economic Insight: Understanding market dynamics and economic policies to drive growth and stability.
Collaboration Skills: Building strong relationships with stakeholders, including regulators, investors, and listed companies.

Benchmarking against global stock exchange leaders, the new head of the JSE should embody a blend of strategic foresight, regulatory acumen, and innovative thinking. Leaders like Adena Friedman of Nasdaq and David Schwimmer of the London Stock Exchange exemplify these traits, balancing market growth with robust governance.

Conclusion
Dr. Marlene Street Forrest’s leadership at the JSE has set a high standard, marked by significant achievements and resilience in the face of challenges. Her successor will need to bring a mix of visionary leadership, regulatory knowledge, and a commitment to digital transformation to continue driving the JSE’s growth and success. As the JSE looks to the future, it will be crucial to find a leader who can match, if not exceed, Dr. Street Forrest’s impressive legacy.

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