2. Tailor the employee experience for long-term success
Successfully attracting, engaging and retaining talent is about paying attention to the right signals, then acting on them to make change happen.
For boards, this means having a process for tracking external trends and their impact on talent. Inviting external experts, such as behavioral psychologists or anthropologists, to the board is one way to do this.
Collaborating to develop an employee value proposition that meets the needs and wants of a multi-generational workforce is also key. This should reflect diversity in the broadest sense: of choice and opportunity, and the application of skills, as well as demographic diversity and inclusion. As Shyam Gidumal, Board Director at RenaissanceRe, says in our Board Imperative Series film: “Successful organizations are going to adjust to make people feel special, individually, when they come into work.”
Boards can also expand the remit of the compensation committee to reflect the fact that talent is a long-term issue as well as a short-term hurdle. The reality is that in today’s tight labor market, pay is a factor in driving moves. However, a compensation strategy must balance the short-term need to support employees’ financial wellbeing with the longer-term need to build a brand that attracts top talent.