Why retention is the ‘Future competitive advantage’ – William Vanderbloemen

It turns out that fun office perks like pizza parties and free snacks aren’t as valuable as they used to be. According to the Fortune 100 Best Companies List, it’s “meaningful work” that’s winning over top talent. On today’s episode of The Small Business Show, we’re pleased to welcome back William Vanderbloemen, the Founder and CEO of Vanderbloemen Search Group, author, and Forbes contributor, to discuss what the future workplace will look like.

Key Takeaways 

1. William Vanderbloemen emphasizes that today’s workforce, especially millennials, values meaningful work and a company’s purpose over traditional perks like free snacks. He highlights the shift in priorities from superficial benefits to deep cultural values and purpose-driven work environments.

2. Retaining good employees is no longer just a strategic move, it’s a crucial competitive advantage for businesses. Vanderbloemen underlines the significant effort and cost involved in replacing a good employee, underscoring the urgency for companies to create an environment that not only attracts but also encourages employees to stay longer.

3. Furthermore, Vanderbloemen underscores the necessity of understanding what motivates each employee individually. He shares his experience of realizing that not everyone values the same rewards and recognition, stressing the importance of managers learning and adapting to their team member’s unique preferences, making them feel heard and appreciated.

4. Additionally, Vanderbloemen discusses how successful companies build a culture with clear, rewarded values. Van Der Blumen explains that company culture is about how employees behave and interact while working towards their goals and that fostering a positive culture is essential for attracting and retaining talent.

5. Nevertheless, Vanderbloemen advises businesses to remain agile and adaptable. He acknowledges the rapidly changing landscape influenced by factors such as AI, the pandemic, and a multigenerational workforce. He emphasizes that no one has all the answers, and companies must stay flexible and responsive to ongoing changes.

"Instead of settling for three years with a star employee, how do I make that five? That means having a higher purpose, great cultural values, and a fantastic office environment." - William Vanderbloemen