I know of a company which is now owned by the third generation. In both their marketing for customers and in recruiting they sell themselves as a third generation family business. Tucked into a corner of the Presidents’ office is a cherished family picture. It is of two brothers, probably in their late twenties or early thirties. Behind them is a truck. The picture memorializes the very beginning of the company.
Freebies are very expensive, time consuming and hard to stop once started. Even worse, freebies don’t work. Freebies can take the form of food trucks, rich benefits, emotional events or activities. The participation level and the impact taper off quickly. Your employees will soon be looking for a new fix with new freebie. I have never seen any of those type of activities work in the long term.
Recently I was involved in a conversation with an executive about what I did. We spoke about the backbone of his company. The people who made him money and helped grow his company. We covered the importance of not having turnover in this area and making these people as productive as possible. After we talked for a while he said, “Oh so you are a strength coach for my backbone!!” I had never thought about it that way; but, he was correct.
High value employees can smell desperation from miles away. They will have plenty of opportunities and will not go somewhere that is desperate. High value employees always know what comes along with the desperation. They want no part of it. Low value candidates will look for desperation. They know they have a greater chance of being hired. Low value will not care about the other factors as it will not affect them.