For the love of money: Why culture remains on top.

18 Jul, 2019

Kirsten Siegel shares her philosophy on creating a great place to work.

What does it take for a company to have employees with tenure of ten, fifteen, or more years who are just as happy as they were when they joined?  Spoiler alert: it’s not the money.  I’m not saying you can get away with pay that isn’t competitive or benefits that are sub-par.  What I am saying is that money isn’t everything.  Employees who find themselves in a bad environment, or don’t feel valued, will eventually leave… no matter the pay.

So, what’s the secret when it comes to creating loyalty if it’s not all about the all-mighty dollar?  Here are my observations, based on more than fifteen years in biotech and pharma recruiting:

• Even a great product can’t save the day.  We are all taken by a shiny object; especially one that will save lives or rewrite history.  Still, even an amazing invention isn’t enough when the culture isn’t healthy.  After the fanfare dissipates, turnover ensues.  
• Fantastic leaders are, at their core, good people.  They are strong, yet humble.  News flash: Just because you are kind, doesn’t mean you are weak. Caring about the people who work for you is a hallmark of leadership.
• The personal touch still matters.  Don’t just phone it in.  Stop and say “hello.” Ask about your employees’ hobbies and their families; acknowledge their birthdays and work anniversaries.  Emails and text messages will never replace the connection of a real conversation.
• Do right by your people.  Invest in them.  Develop them.  Recognize them.  Respect them.  Treat them like adults.  Rules and policies are important, but flexibility is key. 

At the same time, employees need to hold up their end of the bargain.  An arrogant employee, no matter how successful, will eventually have a negative impact on the organization.  Humility is a key trait for both employee and employer.

Finding a great match between a candidate and a company that “sticks” is what makes my job just as satisfying now as it was when I began recruiting.  I would love to help you with your next search – contact me at ksiegel@becsearch.com so we can get started today!