Big Shot Companies Challenged by Talent

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What It’s About: Companies that typically would attract top talent without trying very hard, are putting the following risk statements in their quarterly filings to the Security Exchange Commision:

Amazon:

"In addition, changes we make to our current and future work environments may not meet the needs or expectations of our employees or may be perceived as less favorable compared to other companies' policies, which could negatively impact our ability to hire and retain qualified personnel."

Intel:

"Competitors for technical talent increasingly seek to hire our employees, and the increased availability of work-from-home arrangements, accelerated by the COVID-19 pandemic, has both intensified and expanded competition."

PayPal:

"The loss of the services of any of our key personnel, or our inability to attract, hire, develop, motivate and retain key and other highly qualified and diverse talent, whether in a remote or in-office environment, or address the safety, health and productivity of our workforce could harm our overall business and results of operations.

So What?: At the same time, super rich Apple introduced a retention bonus system that backfired: Read the following from a recent Inc article:

“In an effort to retain staff amid rising fears that Meta will hire away top developers, Apple offered bonuses to some of its brightest engineers to round out the 4th quarter of 2021. The incentive to stay came in the form of stock bonuses reportedly ranging from $50,000 to $180,000. But a month later, the some six-figure incentive has had the opposite effect for the company that has now made more money than any other company ever: people are leaving, and not for the reason Apple feared.

It's not that the monetary incentive wasn't high enough or that Meta is making Apple staff offers they simply can't refuse. But people are refusing to stay at Apple following such a glaring illustration of the inequities, and general insensitivity within its environment.”

Now What?: The low unemployment rate, fight for top talent, new post pandemic work arrangements, changing personal priorities, etc. means that a fancy employment brand and throwing money at people is so 2020. Organizations must have thriving cultures and almost a plan of one regarding attracting and retaining top talent . Please don’t insult people by just throwing money at folks. Yes, we all want a great paycheck AND more. Try putting your thoughtful people/culture action plan in disclosures… Not just your warning statements.

Think Big, Start Small, Act Now

- Lorne

One Millennial View: I’m trying to remember the last time I was more interested in WHERE someone worked, than what they did there. I have zero of my friends’ business cards (if they even carry them… Which I doubt). Has the prestige of corporate brand names worn off, without us really noticing? As these top engineers probably figured out, if they’re good enough to have money thrown at them by the big shots, then they can likely lend their talents anywhere. Who cares where it is, if it’s what you do that matters most?

- Garrett

Edited and published by Garrett Rubis.

Big Shot Companies Challenged by Talent

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