This article explains how companies can attract and retain talent in the Transformation Economy.
Employee Transformations: A New Approach for HR Managers
In the modern Transformation Economy, we find ourselves at a tipping point where people are no longer content with the multicrises world we've created. Instead, there is a growing desire to contribute to a better world and to feel good about one's life by making a meaningful impact. This shift is crucial for HR managers to understand, as it significantly influences how organisations attract and retain talent, particularly among young potentials.
Beyond Mere Needs: Embracing Aspirations
Traditional HR strategies have often focused on addressing the immediate needs of employees, such as salary, benefits, and job security. However, in the Transformation Economy, more is needed. Today's employees have expectations created from enjoyable experiences in other parts of their lives. They also have relevant life aspirations beyond basic needs. They seek fulfilment, purpose, and the opportunity to contribute to something that makes them feel better.
Therefore, HR managers might broaden their perspectives to understand these aspirations. This means engaging with employees to discover what truly motivates them, what they hope to achieve in their personal and professional lives, and - this is more recent - how they envision their role in contributing to a better world. This may sound fluffy as, indeed, not everybody is 'an activist'. However, everybody feels better when they do good for themselves, others or the planet. What is that little something that people can do through your organisation that makes them feel better? HR can create a work environment that resonates much deeper with employees by aligning the organisation’s mission and vision with these individual aspirations.
Corporate Well-being: Feeling good at work.
Spending a significant portion of our lives at work shapes who we are and who we aspire to become. Several studies have shown a direct correlation between employee well-being and company performance. According to a 2023 Deloitte survey, 60% of employees and 75% of the C-suite are considering quitting for a job that better supports their well-being. This underscores the need for companies to invest in creating environments where employees can pursue their life aspirations, be it health, happiness, or personal growth.
The main challenge in corporate well-being lies in defining its aim: should companies create a healthy working environment or focus on improving employees’ overall health? This ambiguity often results in solutions that fail to achieve either objective effectively. In some cases, well-being initiatives may seem superficial efforts to compensate for high workplace demands without affecting real change. There is a consensus that these goals should be distinct and approached differently. Creating a healthy work environment involves more than ergonomic furniture, while supporting employee health goes beyond team-building activities. Many current solutions fail by not distinguishing between these aims, mistakenly equating means with objectives. It's crucial to first identify the desired outcomes and then choose appropriate methods guided by employees' Life Aspirations.
Creating Transformational Experiences
Work and private life are now so intertwined that expectations across these domains are indistinguishable. To meet these expectations, HR managers should foster a working environment that aligns with people's enjoyable experiences in other parts of their lives. Just as customers expect seamless, personalised experiences, employees expect the same at work. However, to foster the highest employee engagement, HR managers should even more focus on creating transformational experiences within the workplace.
This involves designing roles, projects, and initiatives that meet business objectives and allow employees to grow into the best possible version of themselves. This goes beyond on-the-job development and includes the indirect feeling of contributing to that better world we all crave. Encouraging a culture of continuous learning and offering opportunities for personal growth is essential but becomes a hygiene factor only. HR managers should promote a sense of purpose in everyday tasks to significantly enhance job satisfaction. This transformational experience will also be facilitated by a work environment that supports holistic well-being. Recognising that work significantly impacts how employees feel in their lives, companies should provide resources and support for mental, physical, and emotional health. This holistic approach ensures employees feel valued and cared for, boosting their engagement and loyalty.
The Impact on Talent Attraction and Retention
The Transformation Economy profoundly impacts how companies attract and retain talent. Young professionals, in particular, are driven by a desire to make a difference. They seek employers who offer career opportunities and align with their values and aspirations. Companies that understand and integrate these elements into their culture and operations have a significant advantage in the competitive talent market.
HR managers can develop strategies highlighting the organisation’s commitment to positive change. This could involve showcasing well-being and sustainability initiatives, community engagement projects, or innovative solutions that address global challenges. By clearly communicating how the company contributes to a better world, HR can be relevant in attracting all those passionate individuals who see their work as a means to achieve their personal aspirations.
Understanding and Integrating Life Aspirations
The key to successful employee transformations is understanding and integrating life aspirations into the organisational framework. HR managers should invest time and resources into discovering what their employees value most.
Once these aspirations are identified, HR should work to align them with the company’s mission and vision. This alignment creates a sense of coherence and purpose, making employees feel that their work is meaningful, impactful and aligned with their values and priorities. When employees see that their contributions are valued and their aspirations are supported, they are likelier to remain engaged and committed to the organisation.
Conclusion
The Transformation Economy calls for a new approach to HR management that goes beyond addressing mere needs and focuses on fulfilling the life aspirations of employees. By understanding and integrating these aspirations, HR managers can create a work environment that attracts top talent and fosters deep engagement and loyalty. In doing so, they help build organisations that are not only successful but also contribute positively to the world, aligning with the values and desires of their workforce. This holistic and aspirational approach to HR is essential for thriving in the new economic landscape, ensuring that employees feel good about their work and lives and are motivated to contribute to a better world.
Dive into Christophe's latest book 'Trends in the Transformation Economy' [here] to uncover more insights and industry-specific examples from the ever-evolving Transformation Economy.
Plus, you can snag the Life Aspirations Model straight from the shop on the website [here] !!
Thinking about booking Christophe Jauquet for a keynote? Don't be shy to reach out.
He's just an email away at christophe@christophejauquet.com.
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