Getting and keeping talent is one of every business leader’s top initiatives. It is also the breeding ground for many headaches as the struggle is real and constant. There never seems to be enough workers, available and interested, to get the necessary work done. Between the lack of people needing a job and the rate at which people move on to new opportunities, it is incredibly hard to adequately staff our organizations.
That is where Inclusive Capitalism comes in. Inclusive Capitalism focuses on your people so your business can survive and thrive.
What is Inclusive Capitalism?
Inclusive Capitalism is defined as the effort to engage leaders across business, government and civil society in the movement to make capitalism more equitable, sustainable, and inclusive. This is a shift from a traditional mindset to a new way of thinking about how to treat your employees.
Proactive leaders are realizing that they can no longer look at short-term financials and a handful of KPIs to measure success. Inclusive capitalism looks at long-term success which includes their talent base and community – as well as upward trending financials. It’s only when employees are rightly cared for that getting and keeping talent becomes a whole lot easier.
Inclusive capitalism asks leaders to look beyond traditional methods and consider what makes organizations competitive. It pushes you to measure the things that make a difference to your people because those are the things that matter most to your bottom line. Inclusive capitalism is working towards sustainable success, not flash-in-the-pan success.
Inclusive Capitalism Includes Noteworthy Benefits
When you think long term, you consider what makes your organization attractive to talent. One big factor is benefits. Short term, you may feel you can’t afford extravagant benefits, but when you look at your turnover rate, you may decide you can’t afford NOT to offer alluring benefits.
What are some things that organizations offer that make their employees motivated and happy?
- Flexible schedules
- Generous time off – vacation, maternity, paternity
- Gym membership
- Pet benefits
- College tuition reimbursement
- Wellness stipends
- Community service projects
- Recreational opportunities: softball team, company-wide picnic, amusement park discounts
- Recognition and celebrations for individual and team accomplishments
- Food discounts
- Counseling Services
Inclusive Capitalism is Serious about Inclusion
It is probably easy to guess that diversity and inclusion are a large part of Inclusive Capitalism. Make note, however, that it is the inclusion half that is emphasized. By itself, diversity doesn’t drive results. The key is to act on the diversity within your organization by making everyone, no matter their background and preference, to feel included. To make this a reality you must develop an environment that values the fact that we are all similar even more so than we’re different.
Part of the diversity comes from finding workers in nontraditional places. At one time candidates may have been sourced from talent pools with a very similar look and background. Now hiring managers are realizing that Ivy League schools are not the only place to find great, smart talent. Depending on your talent needs, your talent pool may include prisons or rehabilitation facilities. Non-traditional talent pools are being tapped into for the benefit of everyone involved.
Inclusive Capitalism Is a Long-Awaited Mindset Change
At Centennial, we are so excited about the emerging mindset of Inclusive Capitalism. This is exactly the action we need taking place in our organizations, starting with the top leaders. An increased value placed on individuals is the hope of the future.
We are looking for organizations that embrace the philosophies found in Inclusive Capitalism. These organizations are proactive and realize that although the financial gain may not be immediate, the return on investment is far reaching and sustainable. It’s an exciting place to be and we would love to make that happen in organizations around the globe.
The Talent Magnet Institute podcast has addressed Inclusive Capitalism and similar subjects. If you find this intriguing, listen in here:
Workforce Solutions: Investing in Purpose and People with Janice Urbanik
Conscious Capitalism with Steve Shifman
Diversity and Inclusion with Dr. Janet Reid