Let the past ways be revised
And always keep in mind
That bad procedures be forgot
For the enlightened kind.

For new and better policies
Away with all the chaff
We’ll lift everyone up yet
For the sake of all the staff.

A Parody of (and sung to the Melody of) Auld Lang Syne

“Everyone talks about building a relationship with your customer. I think you build one with your employees first.” – Angela Ahrendts

“Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients.” ~ Richard Branson, Founder and CEO of Virgin Group

“Diversity is not a social program, it’s a business imperative.” ~ Indra Nooyi

Employee retention is at the top of every smart CEO’s priority list. It is costly to hire and train staff and  frequent turnover can damage bottom lines, especially those of smaller and not-for-profit companies.

Since the Pandemic, workers have become smarter and choosier about where they work and what they do with their professional and personal lives. Hence, it behooves savvy CEOs to reflect and, if necessary, revise their company policies to attract and retain talented, productive and…not just satisfied and happy employees…but (to borrow from the title of one of my favorite books) raving fans! 

So, as a former employee at major corporations for some 40 years spanning four industries and someone  who has worked for and with CEOs, to start off this New Year I offer:

A CEO’s New Year’s Resolutions

1.  Pay employees fair and competitive compensation.  Include salary ranges, benefits, increases, stock options, profit-sharing, bonuses, and retirement plans.  Confirm that salaries are competitive; obtain, study and analyze salary data from current market surveys, consider the specific demands of and benefits to the organization of a position, and factor in the talent, experience and accomplishments of an employee. Be open to negotiation. Observe pay transparency laws and practices. Ensure that compensation packages are competitive. Reduce, if applicable,  CEO and other C-Suite compensation packages to reasonable levels for the benefit of the entire organization.
2. Improve Internal and External Communications. Get rid of any siloed practices among departments and ensure that information is shared throughout the organization.  Establish clear communication channels and ensure every employee — from the C-Suite to the mailroom — is on the same page regarding the organization’s mission, vision, practices and goals. Practice transparency. Review and update the corporate policy manual and require managers, in turn, to review it with their respective teams. Establish and enforce a two-way communications system between management and employees to optimize employee satisfaction, and to connect them with management and other employees at various locations. Take positions and speak out as an individual and as a corporation on social and political issues that affect employees and customers, including women’s reproductive rights, voting rights, police brutality and individual as well as CEO and corporate tax laws.
3. Provide professional development training. In addition to federal, state and local legally required or recommended training, establish/review existing training programs, including, at minimum, management training for new managers (1-3 years), leadership training for senior managers, and leadership training for women. Determine whether in-house or out-sourced training  would be optimal. Review training programs periodically to ensure that they are working the way intended.
4. Promote DEI&B (Diversity, Equity, Inclusion & Belonging) as a cultural foundation. Surveys indicate that DEI&B companies stand to enjoy improved employee retention rates, increased productivity and higher bottom line results. To ensure the success of DEI&B policies, vigorously enforce the eradication of harassment and bullying, both online and in person. 
5. Optimize Hybrid Schedules and Practices. Dispense with “productivity paranoia” and trust and respect managers to organize and oversee their staff’s work schedules onsite and remotely. Meet with  managers regularly to obtain feedback and provide support. Focus on results. And remember that hybrid work schedules have become ingrained in the American workforce, with many workers reorganizing their homes and family schedules to WFH, or even selling their homes and relocating due to WFH schedules. The workplace has evolved for the better with remote work, and it is not likely to devolve. Remote work is here to stay and offering a robust and reasonable hybrid/WFH policy will render the organization competitive and attract the best and most innovative talent. 
6. Review Hiring Practices. Review with HR and hiring managers to improve recruitment and hiring process. Confirm that HR and the hiring managers are in charge of the tasks for which they are best suited, respectively, and make changes as appropriate.
7. Address AI. Review and update how to (continue to) use Generative AI in a productive and secure manner and environment. Establish policies on how employees may use AI. Decide whether to (a) build an in-house AI software development team headed by a Chief AI Officer (CAIO) and including a staff AI scientist, AI ethicist and other AI expert technicians, or (b) hire an outside AI consultancy.   
8. Maximize Employee Work – Life Balance and Integration Benefits. Since the Pandemic, burnout has been a major problem among employees and other workers, and work-life balance, integration and well-being are paramount issues to address. Along with the aforementioned hybrid work schedules, consider offering part-time positions and flextime. Enforce federal FMLA (Family and Medical Leave Act) and any state paid or unpaid leave benefits. Review vacation and sick days policies to ensure that they are as generous as possible and practical. Provide the best employer medical insurance plans available. Assist women who require reproductive healthcare and anyone needing gender-affirming healthcare, including additional time off and travel accommodations. Improve pregnancy policy to ensure that it is fair; gender equity is essential for the health of an organization. Establish programs that help employees with financial and health and wellness issues, and comply with laws that protect and accommodate the disabled. Begin phasing in a four-day workweek before it becomes a statewide or nationwide practice, if not the law. 

There’s a lot of work to be done to make corporations fair and inclusive to its employees, and my hope is that CEOs of companies large and small, for-profit and not-for profit, across all industries, will lead the way.

But whether you are a CEO, a newly-hired employee in an entry-level position, or someone in between…my wish for you, your coworkers, student interns, shareholders, business partners, vendors, clients and customers, friends and families is to experience the most successful New Year ever! If we pull together, we can all help make 2024 a dream, and not the opposite, for all workers as well as everyone everywhere!

Until next time,

Jeanne