Talent retention is an ongoing issue across organisations. Plus harnessing the innate potential of employees is also crucial, as they are the most important asset any company has.
To attract and retain good employees requires a giving culture. Looking after their needs, and providing an enabling environment which fosters learning, growth and contribution is part and parcel of that giving.
For example, Google, who was named was named the 2014 “Best Company to Work For” for the 5th time in a row by the Great Place to Work Institute and Fortune Magazine offers maternity benefits of a maximum of 18 weeks off at about 100 percent pay. Plus the father and mother of the newborn are given expenses of a maximum of $500 for take-out meals in the initial 3 months they spend at home with the baby.
While Discovery Communications with brands like Discovery Channel, TLC, Animal Planet, Investigation Discovery, and OWN offers free classes and events, like African dance classes and chocolate-making lessons to watercoloring, fly-fishing, and improv seminars. Another fun perk? Discovery has an in-house wellness center so employees can see primary care doctors and pick up prescriptions in the offices.
In another instance, the phenomenal growth success of Starbucks rested on its philosophy of treating their employees as partners and offering its customers a special experience each time they visit their coffee shop. Starbucks is known to open stores early to let a customer in, and have even set up tables at train stations to offer free coffee. These are grounded on the principle of service and giving. And it’s also smart business practice.
Robert Greenleaf first coined the term Servant Leadership in 1970 and it has been widely used since. It implies a leader who is a giver. One, who sees the richness of others, facilitates their growth and potential.
A servant leader is less of a boss and more of a partner. In their book Firms of Endearment, Sisodia, Wolfe and Sheth show that companies from Costco to Wegmens are working to become the ultimate value creators, generating every form of value that matters: emotional, experiential, social, and financial. Part of the organizational vision of these firms is a dedication to servant leadership. These firms have done 8 times better in terms of return on investment compared to the S & P 500 firms for 10-year period ending June 30, 2006.
Part of Servant Leadership is showing respect to your colleagues. One of the participants at a two-day event for senior corporate executives, was sharing a situation in which he had replaced a supervisor who was demoted to another position in the same team.
The participant was sharing his frustration at not only not getting cooperation from his predecessor but also having the whole team support the old leader. Another participant shared a similar situation, but with a positive outcome. This other participant said that when she realized what was happening, she was extra careful in terms of making sure that the old leader “saved face” among his peers. She did that by showing tremendous respect to the previous leader, involving him in key decisions and seeking guidance from him in front of his peers. This approach of showing respect not only prevented employees taking sides but also resulted in the old leader’s help and cooperation in carrying out the new leader’s tasks. Giving respect and allowing the old leader to save face created a favorable outcome for all concerned.
In a research of 200 high potential leaders around the world (those who could jump at a moments notice to better paying positions elsewhere) Marshall Goldsmith and Mark Reiter in their book What Got You Here Won’t Get You There reveal that what kept the employees loyal were meaningful work, camaraderie, community feeling and pursuing part of their calling — not a pay check.
The ultimate for any organization is to have the employees see their work as a calling. To create enormous success for all stakeholders and make a positive difference to worthwhile causes.
Companies such as UPS, Hewlett Packard and Starbucks who have had some sort of employee ownership either by way of stock purchase plan or stock options have seen great growth in their businesses.
To conclude, companies that have embraced service and giving have out shone their competitors. They are better positioned to withstand economic turmoil. It’s good business to care. And it’s better for communities in which they work.
(Excerpts from the book, ‘The Power of Giving’ by Azim Jamal & Harvey McKinnon)