In our last post we discussed the second reason (Culture supports everything a business is trying to do. It drives quality, profit, and employee passion.) culture is important from their book “Every Town Is a Sports Town: Business Leadership at ESPN, from the Mailroom to the Boardroom, George Bodenheimer and Donald T. Phillips (Authors).
In this final post regarding the book, we will discuss The Third Reason: a great corporate culture attracts an industry’s best people- and that results in more action, superior products, and better efficiency. Millennials and for that matter, all of us want to work in a place that we enjoy. In a survey conducted by Global executive survey by Futurestep, a division of Korn Ferry (NYSE: KFY), the following conclusions were determined:
Survey of top recruiting advantages for global organizations:
• 63% reported that Organizational Culture was the priority for selecting an employer
• 6% wanted higher salaries
• 5% Advancement opportunities
These findings are significant. Prospective hires are being coached to ask cultural questions and HR departments are asking questions to determine cultural fit. Abraham Mazlow got it right when he created his hierarchy. Get the financial and safety stuff out of the way and then create an environment where people can feel they belong and then grow where their aspirations take them. When that occurs, magic is made in every aspect of your business.