Four suggestions for retaining talent

Companies recruiting in a talent war like the one we are witnessing, should be looking for a sustainable path forward. They should consider the following:

Stress the mission and purpose continuously with new hires and current employees

Employees are looking for purpose and meaning in work especially since they spend on average of 90,000 hours working over their lifetime and this can reach up to 150,000 hours for those in the tech space. Monster’s research found 74% of Gen Z workers prioritize purpose over a paycheck. Companies frequently fail to communicate their purpose and mission often enough and this is vital for retaining talent.

Offer routine wellness breaks

Wellness breaks are crucial for maintaining productivity, reducing stress, and improving overall well-being at work. OpenAI does have a paid sabbatical program, but it is after five years of service. Is this even a benefit when the average turnover at OpenAI is less than one year? The key is to build a culture of wellness rather than offer sporadic wellness breaks during the year.

Support autonomy for employees

Building a culture of trust and autonomy will drive talent retention. Autonomy in the workplace allows employees the freedom to work in a way that suits them while delivering on their objectives. No one wants to work for a micromanager. Workplace autonomy needs to be cultivated through culture and norms and ultimately can improve job satisfaction, engagement, and retention by encouraging empowered decision making.

Make continuous learning and recognition part of the company culture

Gallup and Workhuman research show that effective employee recognition, which is genuine, fair, and tailored to individual employees, improves motivation and job retention. Beyond recognition, companies need to craft a compensation package to give employees meaningful ownership, a work environment that vales their time and invest in their on-going development. The current OpenAI stipend for employee learning and development is $1,500 per year. This is inadequate given the unprecedented pace and scope of change in AI. Consider creating the Altman award for breakthroughs in AI research.

Remember the movie, The Shawshank Redemption?

OpenAI needs to prove Morgan Freeman’s character Red wrong when he says, “Some birds aren’t meant to be caged. Their feathers are just too bright.” The companies that will shape the future of AI are those that give their teams a reason to stay and see their ambitions and dreams come to life.