Netflix’s game-changing unlimited maternity and paternity leave announcement certainly has top companies across the globe scrambling to take action. Though employers have cited competition as a key obstacle to hiring talent for some time, with Netflix’s recent announcement, the bar is raised even higher. As more companies realize the value of attracting, hiring and retaining top talent, the recruiting trade is officially a full-blown competitive sport. Before you make any huge changes in company policies, remember: there’s more to learn from Netflix’s generous benefits than what meets the headlines.
Here are our top takeaways:
What works for one company may not work for another. It’s not about mimicking Netflix or any other successful company. Instead, successful employers know how to adapt to offer the benefits their ideal employees value. Evaluate your team and understand their motivators. A team comprised of baby boomers, for example, may not respond to extended maternity leave benefits. For benefits to make sense, consider if your offerings are supported by your overall company culture and avoid wasting efforts on costly perks that go unused or unappreciated.
A recent LinkedIn study reveals a strong talent brand reduces cost per hire by up to 50 percent and lowers turnover rates by 28 percent. Top companies like Netflix understand their talent brand and what it takes to uphold it — no matter how unprecedented the efforts to gain and keep top talent may seem. You don’t have to be a top tech company to create talent recruitment practices that establish the foundation for a future of loyal and committed employees. Start by implementing strategies built around your ideal employees. It’s not about flaunting ping-pong tables and snacks. Embracing your talent brand means knowing what your values are as a company and identifying the candidate traits represent those values. Continue communicating your talent brand effectively and frequently in your hiring process, and you’re on your way to achieving a culture of like-minded star-employees.
Empower employees and improve engagement by treating staff like the trustworthy adults they are. According to Inc., employees who exercise autonomy regularly at work are happier and more productive. In Netflix case, U.S. News reports that each employee gets to figure out what’s best for them and their family, and then works with their managers for coverage during their absence. Giving employees a sense of autonomy at work, increases engagement, loyalty and motivation.
