The New Currency For Hiring And Retaining Top Talent

Co-Founder and CEO of Phobio, LLC. Wireless industry entrepreneur with a track record of developing disruptive, technology-powered services.

Tech companies have long competed to recruit and retain the best talent in order to gain a competitive edge in competitive industries. Until recently, an important part of the equation was having the "coolest" office — free snacks and lunch, on-site gyms, pool tables and walking tracks were popular perks that were selling points for recruiters and one factor for potential employees to weigh.

Now there's a new currency. It's not unique to tech and it is important to any company that wants to hire and retain top talent: flexibility. We can thank the pandemic for driving this benefit to the top of the list of many in the workforce.

I saw lots of complaints in my social media feeds early in the pandemic when people suddenly found themselves working from home. Some struggled to find a quiet spot in the house to work, some missed having lunch with friends or informally bouncing around ideas, and others missed getting their morning Starbuck’s fix on the way to the office.

But soon enough, I saw a change in what I was hearing from friends as well as from Phobio employees. Once people set up their home offices and got into a groove, positivity replaced complaints from many. No commute, flexibility in scheduling their day and more time to spend with family are just a few of the benefits I often heard that seemed to outweigh the positives of office life for many.

By mid 2021, many companies asked workers to return to the office, and it became clear that a return to "normal" was not what many employees wanted.

At Phobio, we have adopted a hybrid work model, with everyone working remotely, and office space available for those who need it and for teams to gather for occasional meetings. This model is working incredibly well and has been considered a big plus to interview candidates. It has also been a plus for us to be able to hire the best talent for the job, no matter where they live.

In today’s economy, employees are in the driver's seat in many industries. They know their worth and what they want. Companies that adapt with freedom and flexibility as top benefits will recruit and retain the best people.

Here are some lessons I learned while running a company of remote workers:

Trust And Freedom Reign

Treat your team like adults, and they will thrive. Some managers want their team where they can see them to make sure they are working. But watching someone work doesn't guarantee results. Hiring excellent people who are right for the job and who you trust, and then letting them do the job as they choose has been the right formula for Phobio. When we hire people, we want them to have the freedom and support to do the best work of their careers. That happens by setting goals and holding people accountable for achieving them — but not dictating how or where they get them done.

Communication

As CEO, I play a big role in defining our culture. We have a casual culture with few layers and where everyone's ideas are heard. We recently added an employee member to our Board of Directors to give employees’ concerns a seat and a voice at the table.

Being willing to listen is so important in retaining employees. It's equally important for the health of the business. You never know where the best idea will come from or where you will hear about an issue that is costing you money or customers. Be available to all employees who want to meet or speak with you and regularly pop into group chats on Slack to hear what employees want to talk about in real time.

Team Building: It Doesn't Have To Be In-Person

We recently got together virtually to assemble re-entry packages for formerly incarcerated individuals to help them transition back to their communities. The kits included personal care items and notes of encouragement. The project served as a way to bring remote work colleagues together as much as it did to help others in the community.

Working together on projects like these helps employees feel connected to each other and to the company culture.

Well-Equipped Home Offices

We are a tech company, and I know how important it is for employees to have reliable and updated office equipment in order to do their jobs effectively.

If employees are struggling with subpar equipment, you lose man hours that cost more than what you pay for the right equipment. We saw success with this idea: Give each employee a stipend to buy office furniture or equipment needed to be comfortable and productive.

Career Path

Remote employees are no different than those that work in an office — the best ones are ambitious and want to have a career path with your company. It is important for managers to define career paths and communicate what it will take to get to the next level. Employees who know what to expect and who are rewarded for excellent work will stay at your company.

Shared Belief In The Company Mission

When a company's mission is clear and something that employees can rally behind, it builds a strong sense of team and community. Your employees will likely want to stay at your company to build their careers. My company builds trade-in programs for some of the world's most trusted brands and connects businesses with the global secondary market for consumer electronics. We are champions of the circular economy and ensure that each item that is traded in with us will have a second or third life. Everyone on our team is passionate about reuse and trade-in and about the fact that in success, what we do leads to a cleaner planet.

The workplace has changed dramatically over the past year and nobody knows what 2022 will bring. But one thing that will not change is that employees want to work at companies that offer the flexibility to live the lives they want to live. Employers who do that will attract and retain the very best talent in their industry.

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