by Julie Tuggle-Nguyen
On the journey to rebuild and engage our workforce, part of the challenge is to look beyond the paycheck. Offering our teams the flexibility they need and infusing purpose into each role will help build a workforce that is productive and engaged, in part because they can bring their passion for the work to the job. While compensation has always been a key driver in hiring and retention, it is certainly not the only factor on which we can compete for and retain top talent. In fact, in conversations that I am having everyday with potential candidates and new hires, it is the purpose of our bank that differentiates us in the market and allows us to recruit incredible talent locally and throughout the US. There may be 100 banks competing for the same talent with largely the same products, but no one can compete with our purpose.
The shift in routines during the pandemic left time for personal reflection. How many people found themselves asking, “Does my work have meaning.” “Is it purposeful?” “Beyond a paycheck, is it soul satisfying?” Every business has a purpose beyond making money. Being able to harness that purpose can help drive passion among your employees. Does your team understand the purpose of your business?
Helping your people understand what it means to be a member of your team can help them have a deeper connection to your company. At Midwest BankCentre our purpose is to help our regional communities thrive through access to capital. That is grounded in relationship. It is grounded in trust. It is something that matters to our employees and our communities.
Most companies were created beyond the goal of simply making money – profits are a by-product. If your team cannot articulate how their work ladders up to the organization’s purpose, they are at risk for poaching or burn out.
This can be true for employees at every level of the organization, but is especially true in roles that are largely transactional and seen as performing a series of tasks. Employees who have a line of sight as to how that task aligns to the overall purpose and impact, see their jobs as so much more.
At MBC, our employees see that they are building relationships one customer at a time. They understand that good relationships grow into successful partnerships that can open doors for our customers. They understand their part in helping the bank fulfill its mission to ensure that every person, every business, every community has the chance to dream big and that begins with access to capital.
Our employees moved mountains throughout COVID in the space of PPP loans because they we were driven by a deep sense of purpose. They worked incredibly long hours because they we understood that our clients and communities were depending on them. Our teams saw and understood how they could make a difference. As a result, together we achieved more than we would have ever imagined. Personal and business purpose worked in harmony to drive exceptional results for everyone.
Just as employees have paused to consider what’s next, as business leaders we also have the unique opportunity to reset, pause and ponder the future. Here are some things to consider:
- What is your personal purpose? What purpose does your business serve? How do you make a difference in the life of your employees? Of your customers? Businesses were created to solve a problem beyond the goal of simply making money. This gets to the heart of why you exist.
n When you can answer those questions, it’s time to ensure team members understand those drivers. How do you communicate purpose within your organization? How do you reinforce it? Do employees have visual reminders in the workplace? Is it driven into your decision making processes? When work is soul-fulfilling, employees bring enthusiasm, creativity and collaboration to the table.
- Finally, how do you connect team members’ individual purpose with organizational purpose? Is there opportunity for them to share their ideas and thoughts around their drivers? Do they have a way to share how to do things better? Do you celebrate the wins and tie success back to the purpose?
As a business leader, I challenge you to consider your purpose and to bring it to the forefront. Purpose is a powerful tool in hiring and retaining top talent. It is your differentiator, your competitive edge.
Julie Tuggle-Nguyen is EVP of Human Resources, Midwest BankCentre.
Submitted 3 years 26 days ago