Lesson 2: Topic 15 of 21
When workers are treated well, they work harder and more productively, delivering value to investors and customers alike. Fewer things get mis-shelved or priced incorrectly, both major sources of lost profit in the retail sector. When workers are treated better, they might in turn treat customers better, too, leading to more sales.Kathryn Edin and Luke Shaefer
Bayada, mentioned in the introduction, was one of several corporations appealing to the Federal government to give them more funding so they could hire and retain staff. Taxpayer bailouts may be a sweet deal, but since not all of us can count on getting them, it’s a limited option at best. What else can one do?
Because you have to do something. The labor situation is “an absolute flaming crisis,” says Israel Nachfolger, CEO of Pinnacle Group. Some establishments are asking older employees to delay retirement. Fast Food giant McDonald’s is rolling out free child care and tuition assistance in certain markets. Hiring bonuses are now being advertised by various employers who aren’t used to offering them, such as the Federal Transportation Security Administration and rideshare companies Uber and Lyft. Twelve hour shifts, long a staple of the healthcare industry, are being asked of employees at Mod Pizza and other restaurants.
These anecdotes, given the increased demands placed upon employees, serve to emphasize that keeping them satisfied is by far the most impactful element of a cultivated corporate culture. Some might argue this is the only thing that a business culture encompasses; we disagree, but for that reason this section comprises the longest part of this course. You can’t have a company culture if you don’t have employees, after all, or if the ones you do have are disoriented, disgruntled, overwhelmed, or incompetent. All four elements of Seek them, Cement them, School them, and Satisfy them! need to be in place in order to have a dynamic, productive, and engaging company culture. Plus, when those things are in place, the word will spread, enhancing your ability to attract new hires ― in other words, you create a continually positive feedback loop. Employees who are glad of their jobs become “brand advocates” that keeps the culture going forward in a positive direction.