By Thomas Schaffner, senior partner and country head in Synpulse’s UK office; and Lars Sorstrom, senior partner in Germany office.
The employment landscape has rapidly evolved, and companies are at a crossroads, faced with the challenge to balance the needs and expectations of their employees with those of the business. Companies are now expected to invest in the human element of work and build progressive workplaces to attract and retain talents.
The pandemic has allowed employees to reimagine the state of their workplace environment and recognise what they truly want as valued members of their company. Remote and hybrid work options, competitive salary and incentives, and professional development opportunities play a significant role in shaping the future of work. But there is definitely more to it than that.
Prioritising employee experience
Employees treasure companies with a ‘people-first’ culture. They want to feel empowered in the roles that they play while working towards the company’s mission. One of the most overlooked aspects of attracting and retaining talent is the human element of work. Employees now, more than ever, want a sense of purpose in their jobs – one that aligns with their personal values and ambitions. They want to feel valued by their colleagues, managers, and leaders. They want a share of voice within the company – to be able to speak their minds and be free to pitch innovative ideas and witness them turn into tangible end products. They strive for work-life balance that supports growth in other areas of their life, not just work. Overall, employees seek a more fulfilling and meaningful experience at the workplace.
Leaders who do not understand this are putting their business at risk and end up losing their most valuable resource – their people. However, this can be avoided if companies take a step forward to implement an employee-first experience.
Sharing the company’s success
As Steve Jobs said, “Great things in business are never done by one person. They’re done by a team of people.” The success of a company is very much the success of its people too. However, companies must walk the talk. And leaders must work hand in hand to make a significant shift in the way they value and reward their employees. Success-sharing is imperative to make a successful team.
In order to stay ahead of the curve, overcome The Great Resignation, and win the war for talent, companies are now finding innovative ways to reward their employees – ways that resonate with them. Companies are also now expected to stay up-to-date and be in sync with the evolving industry trends and benefit programmes. At Synpulse, for example, our employees do not only work for us; they co-own the company with us. Our recently created and launched Tokenised Employee Participation Programme is a testament to our One Spirit initiative where everybody is part of the company’s success. This programme grants our employees rewards in the form of ‘Synpulse Tokens’ where they receive an equal amount of profit based on their country’s performance, regardless of seniority. We see this success-sharing programme as an effective way to create a purpose, promote a deep sense of equality, and instill an entrepreneurial mindset amongst its employees. For us, this goes beyond the Token, but is a huge part of who we are as a company – our culture, our values, and our people. For us, this is living the One Spirit.
It takes dedication and a forward-thinking approach for a company to build a people-first culture. When a company provides the best for its people the benefits will be seen in talent attraction and retention. With this level of commitment, companies will witness satisfied employees, higher productivity, increased client engagements, and improved business performance.
With the persistence of the Great Resignation, it is imperative that leaders make bold moves to stay ahead of the times and take advantage of this rare opportunity to explore elevating their employee experience and sharing its success. It is never too late – winning the war for talent is still possible, if companies are willing to succeed, with their employees.
Synpulse is a global professional services company and a valued partner of leading players in the financial services and related industries. We accompany our clients throughout their transformation journey – from strategy and development to implementation and management. With our tech powerhouse, Synpulse8, we collaborate with our clients to co-create digital experiences with innovative technologies and proprietary methods.