Why Join A Company?
Reasons to join a company for employees.
Reasons for employers to adjust what they offer.
Contents
To recruit talent across industries, it’s important to first understand what drives employees out of their current jobs and what it takes to attract and retain them in a new role and company.
- As a first step, a clear understanding of the reasons why employees leave and the deciding factors to join other companies is needed.
- Closely linked, the second step is to engage and connect with new hires before their first day on the job. Work with recruitment experts to create a recruitment process that clearly outlines and proves how employee needs are met.
- In a third step, the company’s purpose needs to be clearly defined as it turns into the biggest intrinsic employee motivator. A shared purpose results in a principle fit with measurable benefits to the employee and employer.
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For further reading on the importance of the Principle Fit, head to our Blog post:
The Great Resignation
Besides the pandemic itself, many organizations have faced the Great Resignation over the past years. Citing stress, burnout, lack of fulfillment and flexibility, as well as salary as reasons, the Great Resignation’s mass exodus since May 2021, with approximately 47 million Americans leaving companies, is the highest rate on record. While the term was coined for the US market, its trend holds true globally.
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Combining the Great Resignation with global labor shortages across industries, these two trends lead to two key questions we will zero in on:
What are the reasons to leave a job? According to WTW and PwC research, the main reasons above are closely followed by factors such as the benefits package, flexible hours and remote work options.
The reasons to leave a job can and should be directly taken to inform the changes that are needed to create employee reasons to join a company and stay there.
From external sources like global market research and the Key Search Blog to employee surveys and exit interviews, focus on turning reasons to leave a company into reasons to join a company.
Reasons to Join a Company
In a tight labour market and a post-pandemic setting, understanding why employees choose to join a company and what makes them stay makes all the difference. Research, surveys and 50+ years combined experience at Key Search Executive Search reveals the following key areas that HR managers, founders and leaders need to review and rework to ensure they attract and retain top talent.
1. Reason to Join a Company: PURPOSE
How do you find fulfillment at work?
When the job allows candidates to make decisions and an impact, the result is personal fulfillment and satisfaction for the employee, with more motivation and better results for the employer. During the hiring process and later in check-ins with managers and leaders, review how these factors can be achieved or advanced:
- Define you company's purpose, values and principles
- The company purpose and business idea motivates and excites the potential new hire
- Does a candidate feel connected to their employer and the company's purpose, values and principles?
- Are employees allowed and enabled to make decisions?
- When working remote: how can individuals and the company culture thrive without the daily "connection" in the office?
- Leaders need to focus on vision and passion transparently and live, share and discuss this frequently
2. Reason to Join a Company: SALARY
The Paycheck, the Benefits, the Incentives
Benefits and incentives are an important part of the overall “package”. To show you care as a company, review the compensation package in comparison to close competitors and look into adding benefit programs. Review these aspects of your salary and benefits package:
- Base salary across levels and departments
- Bonus structures across levels and departments
- Retirement plans and benefits
- Health plans and benefits
- Review package of employees/departments with highest retention challenge
- Equity/long-term incentives
3. Reason to Join a Company: WORK-LIFE-FLEXIBILITY
Flexibility around remote or hybrid work and family commitments
In 2016, the highest-rated empathetic benefit
was a gym reimbursement.
Today, the most empathetic benefit is flexible work.
It is essential to understand that how and where people want to work has changed, most drastically as a result of remote work during the pandemic. Adjusting to a flexible schedule and even a flexible location allows for employee commitments ranging from family members to pets and country of choice means a culture shift towards more diversity, positive company culture and committed employees.
Review how your company can offer:
- Flexible work hours so employees can reconcile family or pet and job
- Increase workplace flexibility to remote or hybrid models
- Emphasis on diversity, equity and inclusion (DE&I)
Key Search Helps Companies Hire Their Leaders
Key Search helps clients attract and retain the right candidates that match the organization’s purpose, values and company culture. Through research and assessment tools, we help our clients hire top talent with an aligned purpose and the right principle fit.
To see how Key Search can help your organization hire their leaders, let’s have a first chat to see how we can support you.