The reality of the current and emerging business world is that you have a new competition that you may not have had in the past. No matter who you are or what you do, this applies to your company.
Your New Competition = Anyone who might attract ANY segment of your workforce.
You see, for the last...gosh 25-30 years...companies only really worried about the traditional competition. If you are a Contractor, you worried about the other contractors in your market, If you are a Retail establishment, you were concerned with other retail establishments getting your people to do the same job.
The labor quality issues and the experience economy are changing the guard. All companies are competing for much the same labor force and most of the labor force desires a place to work that is driven by receiving uplifting experiences while at work. These experiences may come in the form of personal development, opportunity for promotion (quickly!) or just working for a boss who really cares about them and includes them as an integral part of the organizations PDL (Purpose Driven Life).
Any company who provides the best experience and development for the people stands to beat the socks off their competition - new and old. My friend Tim Sanders tells a great story about Google being asked how they beat out AOL. The Google founders stated they did it with Chemical Warfare. They are referring to the human body chemicals that get triggered via feelings. Google treats their people in such a way to stimulate natural DHEA which leads to feelings of excitement, inspiration and passion. They also have a clear system that holds the management accountable for the mood state of the Google associates...yeah wow! AOL - they lead an environment that produced natural cortisol (stress hormone) within their people. By a long shot -- the winner for now is GOOGLE!
What kind of chemicals are firing inside your people?
Application: Get together with your leadership team and discuss your companies "Attraction Package" from start to retirement. What makes you more attractive to the people who can be hired by anyone? Is duplicity of your culture easy? If so...keep re-thinking and improving it.
