{"id":541,"date":"2020-11-10T14:19:24","date_gmt":"2020-11-10T14:19:24","guid":{"rendered":"http:\/\/www.oasisdiscovery.com\/ediscovery-unredacted\/?p=541"},"modified":"2022-01-14T17:18:58","modified_gmt":"2022-01-14T17:18:58","slug":"benefits-or-culture-what-do-employees-really-want","status":"publish","type":"post","link":"https:\/\/www.oasisdiscovery.com\/ediscovery-unredacted\/news-and-events\/benefits-or-culture-what-do-employees-really-want\/","title":{"rendered":"Benefits or Culture: What Do Employees Really Want?"},"content":{"rendered":"\n

For most modern companies, the idea that \u201cpeople are the key to our success\u201d is not an exaggeration. Qualities like innovation, creativity, grit, integrity, teamwork, and raw brainpower simply can’t be spelled out in the employee manual; instead, organizations must rely on attracting the types of people that make these qualities come to life. <\/p>\n\n\n\n

This\nmay seem obvious but it’s remarkable how many organizations fail\u2014despite their\nbest efforts\u2014to attract and retain top talent. While they\u2019re busy creating\ninsane benefits packages, tricking out offices, granting stock options,\nthrowing lavish parties, and signing bonuses, they\u2019re still struggling with\nkeeping their best employees and attracting new ones. More often than not, it’s\nbecause they have a reputation: a reputation for being a shitty place to work. <\/p>\n\n\n\n

This is why leaders need to understand that benefits<\/em> and culture<\/em> are not the same, and although the difference between them may seem academic at first, there\u2019s a clear distinction that has real-world consequences. Ask Goldman Sachs<\/a> or Uber<\/a> how it\u2019s been going for them lately; despite their ability to deliver great benefits, people just don’t want to be part of their culture anymore.<\/p>\n\n\n\n

The Difference Between Benefits and\nCulture <\/strong><\/p>\n\n\n\n

Benefits are things you get in\nexchange for work<\/em>. Obviously, money is at the top of the list, but benefits also include\nthings like a nice office, prestige, challenges, good coffee in the break room,\nand other perks of the job.     <\/p>\n\n\n\n

Culture is what it’s like to work somewhere.<\/em> Of course, culture can be defined in terms of values, attitudes, social norms, and the like, but at the end of the day, an organization\u2019s culture governs the day-to-day experience each individual has. Culture determines things like blame, politics, competition, cooperation…or simply how likely you are to smile during a meeting. <\/p>\n\n\n\n

Benefits are the things you get <\/em>from work; <\/em>
Culture is what it\u2019s like<\/em> to work there. <\/strong><\/p><\/blockquote>\n\n\n\n

So,\nno\u2014a ping-pong table or a progressive PTO policy doesn\u2019t equal \u201ca great\nculture.\u201d Those are simply benefits<\/em>.\nSure, they may serve as symbols of culture or as tangible expressions of an\norganization’s values, but they are not culture; they don\u2019t dictate what it\u2019s like<\/em> to work there<\/em>. What does <\/em>equate\nto culture is the likelihood of employees playing ping-pong at three o’clock in\nthe afternoon or whether people feel comfortable taking time off.<\/em> <\/p>\n\n\n\n

Benefits\nare basically table-stakes when competing for the best-of-the-best. Sure, they\nmay get people to interview for open positions and they may even be enough to\nget a few to join the team, but eventually, a great culture is the only way to\nkeep talented people engaged. <\/p>\n\n\n\n

The Consequences of a Toxic Culture<\/strong><\/p>\n\n\n\n

 Organizations with a toxic culture will\nexperience:<\/p>\n\n\n\n

  1. Failure to attract talent.<\/em> Reputations count because most talented people have options for where they work. The bottom third of the talent pool will work anywhere willing to put up with mediocrity, but those in the top third can make a living anywhere. For them, the quality of their work environment is often the deciding factor and they won\u2019t look twice at an organization with a bad reputation.      
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  2. Turnover<\/em>. Whether it\u2019s a new car or a new job, benefits wear off. People become accustomed to their salary, they get used to the coffee, and they take the holiday party for granted. What doesn\u2019t wear off? Working with a bunch of fools\u2014that’s painful every single day. No matter the benefits package, a toxic culture will force good people to leave.
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  3. Poaching<\/em>. It’s only a matter of time before a talented person gets hit up by a competitor promising them the world. This isn’t the good ol’ days where employers can keep their best and brightest hidden behind closed doors; LinkedIn has changed all of that. However, a strong culture can be a durable advantage, keeping employees loyal as they receive countless DMs from greedy recruiters.
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  4. Overpaying for talent<\/em>. One way to keep people around despite a toxic culture is to throw money at them. This seems to work in some industries (finance comes to mind), but even then, it’s rarely a long term solution. Eventually, employees will realize the money just isn\u2019t worth it anymore, especially if the organization has to cut back on the compensating benefits.
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  5. Leftovers. Over time, a toxic culture will drive talented people away and repel any new ones from joining to take their place. What’s left over? The people that couldn’t get out, or those who are willing to put up with just about anything for the money and healthcare.<\/li><\/ol>\n\n\n\n

    Offering Culture as a Benefit<\/strong><\/p>\n\n\n\n

    Culture,\nif done right, can be the most important benefit of all. <\/p>\n\n\n\n

    When\nI started Oasis eight years ago, we didn’t have the luxury of overpaying for\ntalent. Nor did we have a great office in a swanky part of town (we didn’t even\nhave an office). We didn’t have healthcare until almost five years in, and our\ntime-off policy amounted to “take time if you can.” In other words,\nthere weren’t many benefits to working for Oasis. <\/p>\n\n\n\n

    Yet, from the very beginning, we’ve been able to attract our industry’s most talented individuals away from much larger, well-established companies. Not only did we attract the best, but we\u2019ve also had zero turnover. No one has ever quit. After eight years and almost forty employees, we’ve built a team that not only outperforms our much-larger competitors but is widely considered a \u201cgreat place to work\u201d\u2014 which, in my opinion, is the highest compliment a company can receive.<\/p>\n\n\n\n

    All\nof this is thanks to our culture<\/em>.\nPeople want to work at Oasis precisely because they want to work with the\npeople that work at Oasis. Our team is smart, dedicated, and a blast to work\nwith\u2014all qualities that mean a lot to the industry veterans we regularly\nattract. <\/p>\n\n\n\n

    Culture is Key<\/strong><\/p>\n\n\n\n

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