I’m willing to bet that the majority of us have worked for bosses who knew nothing about us as individuals and were only interested in how well we pulled our weight in the company. But if we’ve been lucky enough to work for someone who actually took the time to know us and offer support in our individual pursuits, the contrast is enormous.
In his latest book, The Retention Trap, the CEO of Butterball Farms, Mark Peters, shares a commonsense yet transformative approach to employee retention that’s purpose-fit for today’s workplace reality. Contrasting worn-out tactics for trying to address talent churn — revolving around increasing pay and benefits that focus solely on numbers — Peters describes new approaches that involve treating employees with humanity and empathy. He incisively shares how doing so positively impacts both workers and a company’s bottom line.
Peters writes, “As employers, we are so focused on gripping tightly to the people we have that we are not practicing openhandedness. That is the retention trap: being closehanded around talent…”
Presenting uplifting on-the-ground examples spanning industries and company size, Peters offers business leaders an array of suggestions for how to redirect their talent retention practices. He describes both the steps and mindset needed for successfully putting in place new frameworks to gain a new understanding of their workforce and restore more satisfaction in their workplaces. He spotlights both large organizations, such as Amazon and Verizon, and their efforts to upskill their workers for the future, along with smaller pioneering companies, such as Greyston and Dave’s Killer Bread, that employ individuals who are often deemed unemployable, such as the homeless or those with a criminal record.
Peter’s own venture, The SOURCE, in his region of West Michigan has enlisted other CEOs and community leaders to assist their workers in navigating challenges that interfere with excelling in their jobs. Through partnerships with social services agencies and other resources, they collaborate around ensuring that any barriers — from finding a childcare provider to identifying appropriate vocational training — are made available. In doing so, they contribute to enriching their talent and buttressing their company’s current and future needs. He explains how this model is a way to “tap the power of compounding.”
A suggested starting place to better know individuals within our organizations is to institute personal development plans that allow employees to express their dreams for future. With this knowledge, company leadership can then support them in getting there.
Peters shares that “everyone in your organization has needs and desires that go beyond what is present in the workplace. The magic happens when you tap into those with some intentionality… By investing in people, you are putting faith in them and nourishing your relationship with them.”
Becoming intentional about providing pathways for employees’ growth and success — becoming “talent incubators” — is an investment that he says will earn business leaders more of a return. It gives companies a competitive advantage because the investment both equips workers with the skills needed for the future and differentiates the company as a great place to work.
Acknowledging that some leaders express concern that their workers may take the training they’ve provided and move on to use it elsewhere, Peters stresses that when companies collectively educate workers, they raise the net talent systemwide — which helps society as a whole.
The Retention Trap is a well-argued and supported proposal for business leaders to make the paradigm shift to a more holistic, human-centered approach to talent retention. Supporting and developing their people, their businesses, and their communities will ultimately raise the net talent systemwide.
Learn more at www.RetentionTrap.com.
Garth Thomas