In the fight to win the best talent on the market, we’ve seen salaries spiral to unprecedented levels.
Over the past 12 months, the remuneration packages at executive levels have, in at least some cases, doubled. And that’s not a terrible thing. Executive and senior leaders in Facilities Management deserve recognition for seeing companies through a global pandemic. However, as the country heads into a recession, the compensation levels aren’t sustainable.
And besides the salaries being unsustainable, there are concerns outside of financial compensation that executives care about. They are more interested in a company’s cultural foundations. They care about the organisation’s ability to collaborate with its employees. The mission and the purpose it gives to its employees are as important when senior leaders are making their decisions.
When we talk about culture, we’re not talking about the perks of the job – the car allowance, the incentives, the building. We’re talking about the meaning people derive from their job, empowerment, accountability, and autonomy.
So, what are the things that companies need to get right to attract and retain talent at the highest levels?
VISION, MISSION AND VALUES
Joining a new company at a senior level requires an alignment that goes beyond a fiscal understanding. The mission of the organisation, what it stands for, the impact it has on the world. These need to be a compelling proposition for potential executives. The company goals need to resonate with their goals.
Where aligned, there is higher engagement and a greater passion for achieving the business mission.
Where a company is clear about its values, and lives them day-to-day, the people they want to attract will gravitate towards them. They’ll be able to see that they’ll find deeper fulfilment. They’ll know they won’t have to compromise on what they believe in.
DIGITAL AND FUTURE CAPABILITIES
In a truly digital age, customer expectation is constantly shifting. This is true across every sector, and FM is no different. Customers expect more from their experiences in the workplace and in public spaces.
Companies that are ready to take on the challenge of embracing digital solutions to consumer problems, and who are agile enough to pivot as customer value changes, will be the ones who win big over the next five years.
Businesses that want to attract the best talent at the highest levels need to show that they aren’t stuck in old ways of doing things. They need to prove they’re ready for digital transformation. They must embrace innovation, and show they value forward thinking, creative strategy making.
EMPOWERMENT AND AUTONOMY
When a new senior executive joins your company, they want to know their company trusts them to do their job. They want to feel empowered to do that job in the way they know works. They want the freedom and autonomy to own their area, their budgets, their team management.
An empowered team will produce results. An empowered senior leader can have a massive impact on a under-performing department. A motivational leader can kick-start a team that is lacking confidence or morale.
Encourage accountability and ownership of projects and objectives. Celebrate and reward success, but also make room for mistakes and learnings, to encourage your leaders to innovate, take risks and try new things.
Final thoughts
Creating a company culture that appeals to senior leaders, board members and executives is a different ball game to the wider company culture.
Winning companies will cultivate and nurture certain behaviours and values. They’ll show executives how they will be able to positively influence and contribute to that environment. By focusing on these three areas, even in a world where money talks, businesses are far more likely to attract the best leaders on the market. Ultimately, retaining your top execs will come down to having a culture that creates mutual loyalty, trust and respect.
