Recently, we were asked to be a part of a panel hosted by the Accenture Innovation Hub in Houston to discuss where various industries are in evolving their culture to inspire innovation and avoid disruption.
While we covered many themes, the topic of the impact of the Employee Value Proposition and its direct link to Brand stood out to us. Let’s look at the hypothesis the group started with:
“Innovation is essential for business growth and prosperity.”
As the adage goes, if you always do what you always did, you’ll always get what you always got. Cool, if nothing else is changing and if your organization is happy where it is. However, few companies are where they want to be on the profit curve and even fewer are immune to the forces of creative destruction.
Imagine a world in which the average company lasted just 12 years on the S&P 500. That’s the reality we could be living in by 2027, according to Innosight’s biennial corporate longevity forecast. In the aspirational life span of a company, 12 years should be just a fleeting moment. We usually get into business to build something lasting, at a minimum build it to sell. If your company has growth aspirations, it’s not going to get there by behaving the same way, hiring the same skill sets and hoping for divine intervention.
Indeed, innovation requires a shift in thinking, a diversity of thought and an updated cast of characters. New and different skills, roles, values, incentives, metrics, and rewards all have to come together. Trial, risk, diversity and failure are the recipe for innovation for all industries. It isn’t owned by, or the responsibility of, the tech teams. And large organizations, specifically heavy industry like Oil & Gas, Metals & Mining, can struggle to get this baked into their DNA.
We know that innovation is born from passionate human capital thriving in a fit for purpose environment. With all its promise and beauty and cool factor, AI, digitization and automation need real human critical AND creative thinking, both sides of the brain on fire! Think of the possibilities when we look outside our box for diversity of skills and thinking, looking to unlikely players in the form of organizations and people and places.
Creative Spaces
“If you look at history, innovation doesn’t come just from giving people incentives; it comes from creating environments where their ideas can connect.”- Steven Johnson, “Where Good Ideas Come From: The Natural History of Innovation.” The interior design may be viewed as an unnecessary expense when your office spaces are looked at as just another expense to manage. The leaders in the market place show that investment in office design turns their spaces and campuses into assets that reflect their culture, attract top talent and represent their brand to their customers. Most people are more productive when their work space is designed around their needs, rather than around rigid lines of cube farms or private offices. So, don’t just put a fish in an open floor plan and expect it to live. Add water and give her a bicycle!
Powerful People
What’s your game on attracting and retaining the best of the best? All organizations are looking for the best talent that money can buy. But the labor market is tight, the war for talent is real, and too many organizations assume HR ‘has got this’ and ‘that’s not my job.’ And so, organizations aren’t marshalling all their resources for this war.
In addition, we know that high pay is not the only, or best, way to attract and keep the best minds. It can be easy to assume that money is what attracts top talent but, that isn’t necessarily true. In fact, employees want more than just money and benefits; the intangibles matter, too. Culture, relevance…does your organization do or stand for something that matters? Your employees are human, not matter what generation they belong to.
Awesome EVP
“To reap the rewards of growth and prosperity, your employee value proposition has to be awesome.”
The Golden Rule – are you treating people well? Can you feel the passion in the air? Does it feel like a family? “There are no shortcuts. Treat people well, and your reputation will attract the best,” Jean Ali Muhlbauer, The Muhlbauer Companies, LLC in a story for Forbes. Do you consider your organization kind? “Kindness works in customer service and it works in relation to attracting and retaining talent. Benefits can be matched, but kindness is unique. Employees will always ask the question: Does this company care about me? Great companies work hard to create ways of showing kindness to their employees,” Ken Gosnell, CEO Experience in the same story from Forbes.
Sing that Song!
How will the world know of your greatness? Your EVP has to be shouted from the rooftops – by ALL your current employees. Joe Shaker Jr., president of Shaker Recruitment Marketing told HR Dive, “There’s absolutely a war for talent right now. In these instances, it’s critical for employers to stress their differentiators, tell their brand story and really focus on attracting new talent.” Any candidate,” Shaker said, “regardless of experience, wants to know what that employer is going to provide for them.” Leveraging your good name in the market is important, he said. “Early career candidates have a lot of options right now, so employers really need to focus on branding themselves to build awareness and affinity.”
Enquiring Minds Want to Know
“Is your reputation, your brand, helping or hurting your ability to win the war for talent?”
Employers with a strong brand have an advantage. Your brand doesn’t just exist to attract customers, it’s a tool that should be leveraged across the board. An April 2018 survey from Glassdoor, one of the world’s largest job and recruiting sites, suggests employers with low brand awareness will get overlooked by job seekers. Moreover, candidates are 40 percent more likely to apply for a job at a company in which they recognize the brand compared to a company they have not heard of. Not surprisingly, the same study indicates that 60% of employers identify their own brand awareness as a significant barrier or challenge to attracting and hiring candidates. Sound familiar?
Branding is of significant importance in the talent war and thus on your organizations ability to grow and prosper. We also know that a portfolio of companies with a stated purpose significantly out-perform even the S&P500 (BrandFinance). Are you able to clearly articulate the mission or your company? What you are uniquely here to do? Talent wants to be involved in something relevant. How are you articulating your purpose so that it inspires others? Is every touchpoint communicating with clarity on your culture, your benefits, your opportunities?
What’s so Special?
How is your brand setting you apart from the other choices top talent has? What is your industry doing to help or hurt your image? The cast of characters doesn’t change much from year to year: Banking, Insurance, Government, Oil and Gas all jockey for the top spot of America’s most hated industries. So what can you do to encourage top talent to consider your organization?
Scale matters
Get the collective industry voice to change the industry narrative and invest in talking about the positive aspects and opportunities that await. “Being silent gives others the space to tell your narrative for you and perpetuate the myth that your industry can’t do anything right or for the good of the whole.”
Stand out
If the industry isn’t looking so appealing to top talent, take this as the opportunity to promote your differences from your industry competitors. And in this case, its not about product differentiation, it is about EVP differentiation. Talk about all the cool things going on in your organization and why others should want to join the “Cool Kids Club.” Why should the best minds come to your organization over all the other choices they have in your industry?
According to Troy Steece, project manager at Korn Ferry Futurestep in an interview for HR Drive, “A good brand can make your organization more recognizable and top-of-mind. In a May 2018 article, Michael Page encourages companies to take charge of their brand and share it. “In order to develop a strong, personable brand it is important to share your business story. Showcase the work your business does and the vision behind the brand. What does your brand stand for? What is the long-term vision of the company? When the goals and company mission align with that of your employees, your teams are more motivated and productive. Professionals who are passionate about your brand and the work they do are valuable assets to any business.”
Just as Innovation is not left to the tech team, brand shouldn’t be placed down in the basement of the logo and PowerPoint department. Unfortunately, this is most common in B2B industrial companies. They don’t have a strategy for their brand much less align that brand strategy with the business strategy, thus the brand isn’t infused into all functions of the organization and it’s used as just a logo or an ad campaign. However, when the brand embodies the purpose of the company, it has the power to inform the choices, content and conduct of all aspects of the organization. When you empower all of your employees with this knowledge, the brand provides direction and becomes a tool that everyone uses. It’s hard for your employees NOT to recruit in the course of their everyday business.
Your brand will act as your calling card and set expectations for potential employees (good and bad). The more you invest in your brand, having it deliver the message you want in the market, the less you have to work on recruiting. Let your brand do the heavy lifting for you, drive your effectiveness on recruiting and retention of top talent, increase the propensity to develop an innovation culture in your organization and reap the rewards of growth and prosperity!
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