Talent management strategies are helpful for SMEs, startups and organisations of all strengths. We covered a lot of interesting stuff about how Google is practically a ‘recruiting machine’ and how it drives its employees to be continually innovative and achieves almost zero retention rate.
Google has taught us a lot about talent management. No doubt, its talent management strategies are the reasons behind its huge success. For many young millennial professionals, landing a job at Google is perhaps a dream come true. After all, they have some great talent management tools that drive their company culture.
Here are a few more aspects that make up an amazing company culture.
Talent Management Strategies for startups
The 1000 millionaires
As you might have already heard, Google employees might be making one of the best pay packages in the industry. However, another great tool Google uses to drive it’s retention rates is by the phenomenal income from employee stock options.
When they went public in 2004, Google reportedly created 1000 millionaire employees. By now, we are sure their worth is far more, the rate at which the company has grown over the years is exceptional. Today Google is worth somewhere around $279B, surely you can imagine the power of offering stock options to employees here.
However, it also brings to attention the negative drive such wealth implicates. Companies receive many applications from talented people motivated by the money aspect. And it becomes hard to differentiate among the ones that are genuinely interested in the work and those motivated by the pay package.
We firmly believe that the work still remains the major attractor for top talent at Google.
Benefits that take away your breath
Many companies now offer you benefits that are on par with industry standards. But at Google, the level of convenience and privileges for employees is just breath-taking. Before we list out some of their best perks, there are two things we want to make absolutely clear.
First, these benefits are not only for employees as a beacon to attract top talent, but they are also designed to encourage collaboration, break down barriers between functions, and to stimulate individual creativity and innovation.
Beware of the ‘wrong people’
Secondly, these benefits occasionally attract the ‘wrong people’, that is, smart people who are motivated by the benefits and not what it implies. In such cases, it becomes hard to not think about employee intentions creating screening challenges.
In addition, some people also argue that so many benefits might add to distraction in the less-focused workers.However, just by providing amazing benefits you cannot guarantee great that the top talents swarm at your organisation. You need to have a strong employment brand and design jobs that challenge the employees on a continuous basis and offers growth.
A list of some benefits that every employee will appreciate
- Flexible hours for almost every professional employee
- Casual dress every day, well beyond business casual
- Employees can bring their dogs to work every day
- On-site physician and dental care
- Three weeks’ vacation during the first year
- Valet parking for employees and also car wash and detailing
- Maternity and parental leave
- A ‘no-tracking of sick days’ policy
- Free recreation and food everywhere and also a gym to work off all the snacks
- On-site dry cleaning and a coin-free laundry
The benefits help engage all employees in a better way. They also set up a positive work environment that drives them to perform better. The culture promotes collaboration and performance.
Concluding talent management strategies
While we learned how implementing some practices can become great tools for managing talent, but not all these tools are universal. One has to choose effective tools to shape their company culture and enforce a talent management strategy unique for their culture.