Build a Talent Magnet!
Posted on 21. Dec, 2010 by Ted Coine in 1 Leadership
Our Revive & Thrive in 2011 continues today with Ted Coine and the topic of building a Talent Magnet. Pay attention leaders. Though the lesson is simple it’s one that can no longer elude managers as we recover from the Great Recession. The lesson is this: employees want to be a contribution and want work that is meaningful to them.
Ted Coiné is an author, speaker, serial business founder and (un)CEO; above all he is the business heretic at the helm of the 21st Century Business blog. He is also a frequent contributor to the Sustainable Business Forum. Follow him on twitter.
20th-Century Myth: Humans are a Resource.
Like any resource, to maximize profits they must be exploited. The company that manages its human capital most efficiently, most cost-effectively, will be most profitable. It’s simple math.
Welcome to automation. Welcome to outsourcing. Welcome to eliminating positions and cramming the ex-employees’ work onto the remaining-employees’ to-do lists. Welcome to paying just enough to match the market. Welcome to scrimping on benefits, to follow-the-leader packages that are comparable to the big guys.
21st-Century Fact: Your People Are Your Business.
If you were to start a company today, who would you rather employ: a team you’ve poached from Google, or from Bob’s Discount IT Shop? The manager from your local Lexus dealership, or from New-2-U Cars down by the bus station? A CFO from Deloitte, or from Aardvark Discount Taxes?
If I were to start another business – and, as it turns out, I am – I would set one goal for myself as leader: create a firm that earns a spot on the Best Companies To Work For list. Each state has one for its SMB employers, and if you get big enough, Fortune publishes its top 100 list for American companies each year.
Why bother? Google, Lexus, Deloitte, the others on the Top Employers’ lists: their personnel costs are through the roof! They pay more; they spend more on their benefits – much more! Who can afford that?
Who can afford not to compete for top talent? That’s my question!
I’m competitive. I like to test myself, and I really like to win. That’s one big reason I enjoy business so much. I’ll bet you do, too. That’s why you’re reading a blog post on improving your leadership edge, isn’t it?
So here’s the thing. If you’re building a team – business, sports; any kind of team – doesn’t it make sense to attract the best players? And how do you do that?
Here’s the surprise ending: I saved the best for last. You see, it turns out pay, benefits, and other “expenses” (a savvy leader would say “investments”) don’t tell the whole story. Just ask Daniel Pink, author of Drive. Sure, you have to invest enough in your people to make them relax about money, so they can concentrate on their work rather than their bills. But you know what people really want at work?
- People want meaning. They want to do work that matters. This may sound touchy-feely, but people want to know their work is going to make the world a better place in some significant way.
- People want autonomy. They want to be treated like adults. They want to know what their goal is, and then be given the latitude to accomplish it creatively. In other words, they want work to engage all of their brains, and in so doing, they want work to develop themselves – as problem-solvers and as people.
- People want camaraderie. They want belonging. The number one reason we look for new employers isn’t for better pay, it’s because we dislike our direct boss or because we haven’t connected adequately with our colleagues.
Not one of those three considerations need cost your company any more money than you currently spend! But please don’t be penny wise, pound foolish with your people. Money starts the conversation. Pay is a sign of an employer’s respect for her people. Skimp here, the game is over before it starts. Just ask Google.
…Then, ask Google why it chose “Don’t be evil” as its unofficial motto.
Are you ready for leadership in the 21st Century? Or are you already halfway out the door?
26 Responses to “Build a Talent Magnet!”
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Anthony Plack
21. Dec, 2010
Ted,
Excellent start to a valuable goal. People do want work that matters to THEM. When they are doing the work they were made to do, and are given autonomy to do that work, the produce remarkable art.
By placing them in teams with others who know their roll, they amplify each other, producing more and more.
In my opinion, traditional managers fail because they fail to bring out the leader within each employee on their team.
I wish you wisdom and clarity on your next venture.
Ted Coine
21. Dec, 2010
Anthony,
Thanks for your encouragement – and for your turn of phrase! “Art” is right. When people are inspired, they don’t just “do” their work: they “create” it! And when you gather a team of inspired people together, all working toward the same end, they feed off each other’s passion and energy… Who could hope to compete with that?
jen reyna
21. Dec, 2010
Meaning. Autonomy. Camaradarie. Bing. To the heart, as usual. If we spend more time hiring the “right” people (and yes, paying them what they are worth), then we have to spend less time pulling them “up” in an org. Great piece, Ted.
Ted Coine
21. Dec, 2010
Jen,
Right on the money! How can we lead our organizations when we’re busy pulling our people up?
Leaders: if your people aren’t pulling themselves up, indeed jumping up, without any help from you, then you’ve got the wrong people – which is probably because you are the wrong leader.
Shawn Murphy
21. Dec, 2010
Ted, as long as organizational history has been recorded, we’ve learned that employees don’t leave because of money. They leave because of their crappy bosses AND because work ceases to provide meaning and opportunity. You get to the heart (as Jen says above) of this key topic that has eluded managers and leaders. We are seeing a stronger shift to this familiar paradigm given the horrendous leadership examples of the last 2 years (for starters). You aptly state that leadership in the 21st century requires action on this awareness or leaders will find themselves out the door.
Thank you for your contribution to our series. Home run.
Ted Coine
21. Dec, 2010
Shawn,
Thank you for the invitation to contribute along with such a dynamic collection of thought-leaders! I am proud to have struck a chord with you.
What we see in the C-suite today is a reflection of successful strategies, mindsets, and practices of yesteryear. The change is already afoot, but it’s manifesting itself most obviously in startups, where brash young upstarts aren’t expected to stand in line. As we progress deeper into this new century, we’ll see more 21st-Century style leaders emerge. Thankfully!
James Sorensen
21. Dec, 2010
Ted,
Cheers to camaraderie, we all want a positive connection with our colleagues. When we don’t have it it creates an unbalance in the workplace.
Ted Coine
22. Dec, 2010
Thanks James. We spend more of our waking day at work than anywhere else. Why on earth wouldn’t we expect a major part of our social life to involve our workmates? Employers ignore this at their peril.
Mark Persall
21. Dec, 2010
Great content and well said. People who discover their work matters will stay with an organization, even if the remuneration is less than their market value. Keeping people engaged with the vision, mission, and values keeps people not only coming to work each day; they come to make a difference. The gap for most leaders is not between not-knowing and knowing, it is between knowing and not-doing.
Ted Coine
22. Dec, 2010
Mark, “The gap for most leaders is not between not-knowing and knowing, it is between knowing and not-doing.” Brilliant! I will quote you often.
People who work for winning organizations DO come to make a difference, and that keeps their orgs winning. Whenever I visit a company whose employees are just putting in their time until Friday at 5, I cringe. What stockholder would want to keep her money with such a company? What customer would choose to patronize such a company? What leaders would be proud of a business like that? Yet it’s all too common.
Louise Altman
21. Dec, 2010
Ted, what a good post!
Loved the juxtapose between the 20th century meme and the 21century reality! Way too managers are trying to do 21st century work with 19th century mindsets and your post captures this perfectly!
All the best on your new venture (has to be a success with your thinking!)
Louise
Ted Coine
22. Dec, 2010
Louise, as Jim Collins says, “Get the right people on the bus. Get the wrong people off the bus. Make sure the right people are in the right seats.” That’s what building a team is all about! And no company in this brave new century will attract the right people – or keep them – if they don’t give them every reason to LOVE their work!
I appreciate your support. My new venture will thrive only because of the talent it attracts. I promise never to forget that simple fact.
Nate Bagley
22. Dec, 2010
*Slow Clap* Ted, as always, you hit the nail on the head.
The real differentiation between companies that survive and companies that thrive are the people. When your office is full of people who wake up ready and excited to tackle a new day, it makes a HUGE difference.
Ted Coine
23. Dec, 2010
Thank you Nate. You’re right, of course. Imagine going to work and not really caring whether your efforts bear any fruit for the company. …Then, consider that 80% do just that every single day.
Can you hear that giant sucking sound? There are actually two. One is the sound of top talent being sucked out of mediocre companies to take work with firms that, like yours, are engaging and inspirational because the leaders so clearly “get it.”
The second sucking sound? That’s the sound of those 80% of companies sucking even worse than they do now after another year of talent-flight.
It’s already started. I’ve seen more and more great people leave mediocre organizations in the past year to take opportunities with companies that better deserve them. As the economy continues to warm back up from the depths of the Great Recession, this mass migration of talent will only intensify.
Employers, what are you going to do about it?
Melissa Kovacevic
22. Dec, 2010
Ted, Great post! I agree wholeheartedly with your Jim Collins quote. We have a not quite so nice saying here: Can’t make a silk purse out of a sow’s ear.
I can’t tell you how many times I see Supervisors trying to coach multiple times with an employee who has a bad attitude and really doesn’t care about their job. They were a bad hire and now the Supervisor feels they are a failure themselves if the Rep doesn’t improve. They end up spending 80% of their time with uncoachable people who have no interest in “autonomy” or who if given the chance, see if as a way to do less for customers. And, the Managers responsible for these teams aren’t willing to get the problem employees “off the bus” for a variety of reasons.
I’ve also worked with fabulous Reps who were not treated well by management, not praised for ideas and positive efforts and who left, not because of pay but because of the way they were made to feel. They wanted to be successful but no one noticed.
Ted Coine
23. Dec, 2010
Melissa,
You bring up two outstanding points, but let me focus on the sow’s ear portion of your comment because it demands attention and is the half of the equation leaders too often ignore.
Culling the herd at work is not just a good idea, it is absolutely essential to the success of any organization! I know that sounds cold at first read. When I was still a new employer a while back, the idea somewhat shocked me, and (unfortunately) I initially rebelled against it. But I wised up fast, and it was a good thing for all concerned – for me as business owner, certainly. But also for the rest of my staff. Everyone worth their salt wants to be on a winning team, and people can see quite clearly when one of their peers does not belong.
Jack Welch helped me with the third part of the equation in his phenomenal book “Winning.” In it, he brought to readers’ attention a fact that I had yet to consider: under-performing employees know they don’t belong, too, and they are miserable working in an environment where they just don’t fit.
This might be an especially hard sale to make in today’s employment environment, where many people are nervous about paying bills and rightfully fear long unemployment. Please, never fire haphazardly!
But if it’s painfully clear you’ve got someone on your team who doesn’t match the culture of the organization, admit your mistake and put an end to it quickly. In today’s competitive economy, the very life of your company depends on it. That means possible unemployment for a lot more than this one misfit.
Johann @LeadershipAgent
23. Dec, 2010
Yet another home run from Ted ! Short, concise and to the point ! Wonderful. For me, the bottom-line is successful teams and orgs are aligned, engaged and collaborate. Alignment is about clarity, clarity on objectives, goals, and outcomes. All appreciate and understand where they fit and what their unique contribution brings to the whole. Making a difference is important, and fuels engagement. Motivated and committed people will go beyond the call of duty, will be your brand ambassadors, will make you successful. Yes, talent needs to be nurtured, developed and unleashed ! Social media represents a new platform to foster collaboration, beyond the typical command and control model that simply isn’t a la mode anymore. Beyond the new watercoolers (ie Twitter, LinkledIn, etc.), people can decide to take part in conversations, collaborate, and be engaged. No manager can impose engagement and collaboration. One can certainly lead by example, but bad apples are bad apples. I’ve always said and believed that behind cynism lies passion and a burning desire to succeed. Sometimes, it’s about allowing people to open up after months and years of negativity. It’s not always easy, but this is about allowing talent in everyone to shine. A delicate balance to keep in mind in our fast paced society. The bottom-line is one thing, but a caring and driven team will work miles for you. I care about people. I’m sure you do as exemplified by your constant pursuit of bringing the best in everyone day after day. Cheers, happy holidays !
Ted Coine
28. Dec, 2010
Thanks for the thoughtful comments, Johann. One line that really resonated with me, and it’s too easy to overlook entirely: “Behind cynicism lies passion and a burning desire to succeed.” It’s so true! Hate is the flip side of love; you can’t hate (or resent, or strongly dislike) if you don’t care.
Show me an apathetic employee, I’ll show you one who is probably beyond hope. Show me one who is angry at his or her company, and I’ll show you someone who at least has a chance of being won over – though probably by a new leader at the helm. But that’s a conversation for a different time.
Jane Perdue
23. Dec, 2010
Ted -
Great post! Too many soley bottom-line oriented business forget that it’s the people and the principles that make the profit happen!
Ted Coine
28. Dec, 2010
Thank you Jane. What 20th-Century leaders fail to realize is, we can’t control profits by focusing on profits. Of course we have to be financially responsible – of course. But to attract profits, we have to attract customers, adn not only once: we have to keep them attracted by treating them right again and again. In order to do that, we have to employ the few very special people in the workforce who have that customercentric knack about them, and we have to keep those people, our employees, engaged and enthused about their work.
Kris Schaeffer
27. Dec, 2010
Meaning. Autonomy. Relationships. Right on the money.
And there’s more, as defined by some gurus who have thoroughly researched the question: What makes people satisfied about their work? 5 elements:
Meaning & purpose: The job they do is connected to the mission of the company.
Autonomy: They make key decisions about what, when, and how to work. They work “by the job; not by the hour.”
Quality of management: Management is an enabler who provides what’s needed — tools, teammates, communication, information.
Task diversity: The job requires many elements of a person’s skill set.
Skill diversity and learning: People continue to add to their abilities and talent.
Oldham and Hackman’s research has held up over the years. It’s a solid way to check on job design.
Ted Coine
28. Dec, 2010
Thank you Kris. I certainly hope no one mistakes my short post for a comprehensive list of all the things required to make work great. Your broader list of five items is dead-on – and I’ll bet there’s more besides.
The trick is, as employers we need to start with a short, achievable description of an attractive workplace and build on it. Only once we’ve begun can we hope to win the hearts and a significant portion of the minds of our employees.
Then, it’s refine, refine, refine; or if you’d prefer, improve, improve, improve. The nice thing is, with the right talent on board, you can rely on them to lead the progressive iterations for you.
Reid Walley
27. Dec, 2010
People want meaning, autonomy and camaraderie! Well said. I, myself, look to create this trifecta even as I sit in Starbucks working on my laptop: meaningful life coaching work, autonomy to find the best solutions for clients and camaraderie with my Twitter and Facebook “friends” and Starbucks face-to-face “family.”
Ted Coine
28. Dec, 2010
You bring up a great point possibly without even meaning to, Reid, when you put “friends” in quotes. I continue to meet new and fascinating people via social media all the time, especially via my favorite medium, Twitter. At first, I too thought of my connections on Twitter as “friends,” quotation marks included. But you know what I’ve learned? No need for those quotes, at least not for a fair number of people that I really have bonded with since sharing our first 140 characters.
As we continue to develop our tribes online, collecting interesting people to our inner circle from around the world, the Social Revolution will stop being a quaint air-quote kind of thing, and will be recognized as integral to how life and business are done.
It’s a brave new century. Our friends, family, and tribe are where we find them. Geography no longer need limit us.
Thabo Hermanus
03. Jan, 2011
Ted, great post and I have never understood the belief system people have of thinking they are an asset to the company (or that of the company thinking that people are its assets). Being an asset implies ownership by the company (as in the employee is a resource owned and controlled by the company). You are spot on with your observation that if you as a company think Humans are a Resource, you are headed down a slippery slope. Companies are great because they employ intrapreneurs, employees that are given freedom and support to create, rather than just sit there and listen to The Boss and follow the rules (rigid HR policies that have no relevance to what is experienced in today’s operating environment)!
Pranesh
03. Jan, 2011
Great Post ! Yes You are right choosing the 3 most importent needs MEANING, AUTONOMY & CAMARADERIE. A sincere note of THANKS dear Ted for refreashening our abilities to be a successful business leader. Its going to help me a lot in my new venture.
God bless you with more great ideas to share during 2011