When searching for a job, most of us want to find a place that offers competitive pay and benefits that make the work experience enjoyable. After reviewing the 2020 Fortune Best Companies list, I noticed a few companies stood out because of employee feedback and factors such as employee tenure. Take Wegmans, for example. As a retail company operating in one of the most challenging industries—retail and hospitality—it is impressive to see how well they perform. Having worked in entry-level and higher-level roles in this industry, I can attest that it is known for high turnover rates. However, Wegmans stands out, with 31% of its employees staying for two to five years and an impressive 91% of employees reporting they enjoy working there.
Companies like Workday and Cisco, which also operate in customer-facing industries, have excellent employee retention rates, with 93% and 94% of their employees saying their companies are great places to work. These companies share common traits: high retention rates and diverse workforces, including employees from multiple generations such as Millennials, Gen X, and Baby Boomers. From this week’s learning materials, I have come to understand that a good frontline manager is crucial to their team’s success. This week’s readings challenge the traditional “Golden Rule” (Buckingham & Coffman, 2016, p. 2), suggesting that effective managers attract top talent.
The companies listed on the 2020 Fortune list excel at building strong teams. I was reminded of a popular quote circulated in Forbes and other professional blogs stating, “Good people don’t leave bad jobs; they leave bad bosses” (Kelly, 2019). This is often the key to improving “sales, profit, growth, retention, and customer satisfaction” (Buckingham & Coffman, 2016, p. 4). After reflecting on this week’s reading and lectures, I can csay Michael’s management style resonates with me. It’s a style that I thrive in and would love to adopt in my approach to managing a team.
This week’s materials really shed light on HR management and recruitment functions. While great managers attract top talent, finding this talent in today’s competitive job market is no easy task. Our focus wasn’t just on HR functions like recruitment and selection but also on diverse management styles and how successful managers tailor their approaches to meet the needs of their teams, doing away with standardized management styles.
Sources:
Buckingham, M., & Coffman, C. (2016). First, Break All the Rules: What the World’s Greatest Managers Do Differently. 2016 edition.
Kelly, J. (2019). “People Don’t Leave Bad Jobs, They Leave Bad Bosses: Here’s How To Be A Better Manager To Maintain And Motivate Your Team.” Forbes.