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Introduction
“How 2020 Best Small Workplace YNAB Recruits and Retains Great People” is an article by Hastwell and Great Place to Work that describes the approaches employed by a small U.S.-based business, You Need A Budget (YNAB), to retain and hire top talents. According to YNAB’s Chief Operating Officer (COO), the company strives to maintain its employees’ welfare as a key to enhance its overall success. An employee survey conducted by the Great Place to Work revealed that YNAB’s workforce rated their workplace highly – 99% of the workers gave positive responses during the study. The organization also promotes a culture that triggers high employee satisfaction.
Summation
Financial health is an integral part of YNAB, which is achieved by providing financial wellness perks. The company’s COO, Chance Gurr, highlights the significance of fiscal health in improving an employee’s morale, productivity, life quality, and loyalty, as well as reducing absenteeism, thereby identifying it as a good business practice. The company empowers individuals, including its workers, with knowledge. Since its inception, YNAB has been a telecommuting workplace with more than 100 employees spread across thirty-three states and overseas. Gurr also underscores the importance of team experience in his organization, arguing that this concept is equally valuable as consumers’ experience. YNAB also has a recruitment strategy that emphasizes humility, confidence, openness, and receptiveness. The firm’s job descriptions typically help it attract the appropriate candidates. According to the COO, this approach has helped entice professionals who resonate strongly with their organizational culture. Regarding onboarding, the business has devised creative ways to welcome its recruits/teammates. According to the article, YNAB awards gift cards, packages, and welcome notes to every new employee and assigns each worker a mentor.
Despite the current pandemic, the firm has scaled from 10 individuals in 2012 to more than 100 employees in 2020. Although scaling can be difficult on a company’s culture, YNAB attempts to sustain its norm by promoting employee experience through hospitality and caring practices. According to the firm’s COO, identifying the aspects that make one’s culture unique and promoting these elements throughout the firm’s practices are crucial in building and maintaining a healthy organizational culture. Gurr argues that core values should reflect the company’s identity as opposed to its aspirations. The article also mentioned the importance of promoting employee wellness during this pandemic period. According to the writing piece, Gurr highlighted the need for prioritizing workers’ wellness, personal and financial, arguing that this approach plays a crucial role in attracting top talents, particularly for medium- and small-sized businesses.
Analysis
The article discusses the approaches used by YNAB, a small U.S -based company, to recruit and retain top talents. According to Hastwell and Great Place to Work (2020), employees’ financial health and well-being, onboarding approaches, and a firm’s recruitment strategy are crucial in attracting and retaining top talents. The aforementioned aspects have been echoed by Pride, Hughes, and Kapoor (2018) in their book, Foundations of Business. For instance, the article highlights the significance of YNAB’s benefits packages such as financial wellness perks and employee wellness packages as crucial reward systems used to address its employees’ financial and personal needs. This conceptualization has been emphasized in Chapter 9 of the text. According to Pride et al. (2018), an effective reward system must satisfy workers’ basic needs, be sustainable and distributed fairly, and recognize people’s individual necessities. Hastwell and Great Place to Work (2020) also discuss the importance of a firm’s recruitment strategy, particularly job description, in attracting new talents. This information played a critical role in expanding the understanding of the concepts included in Chapter 9 under the sub-title job analyses.
The article also mentions telecommuting, an approach employed by YNAB since its inception to foster employee experience. This information helped provide a vivid image regarding the impact of remote workplaces on workers’ morale, as noted in Chapter 10. Hastwell and Great Place to Work (2020) also highlight the importance of team experience/teamwork in promoting employee satisfaction. The aforementioned concept further expands one’s comprehension of the advantages of teams on both the organization and workers, as underscored in Chapter 10. Onboarding is another important conception highlighted by Hastwell and Great Place to Work (2020). The writing piece describes the practical application of orientation approaches echoed by Pride et al. (2018) in Chapter 9. Furthermore, the article mentions the significance of addressing employees’ personal well-being demands. This is illustrated in Chapter 10 of the text, where it emphasizes employees being given flexible working hours to ensure that they also have time to spend on their engagements. This will help them unwind and hence have a proper work-life balance.
Conclusion
I perceive employee empowerment through team experience as an integral approach that should be fostered in the workplace. This concept is associated with improved morale and creativity, increased trust in a firm’s leadership, and a robust bottom line. Workers’ benefits packages, for instance, fiscal wellness perks and employee well-being, are also critical motivational approaches that promote reduced turnover rates and absenteeism, improved quality of life, better work-life balance, and increased productivity. The selected recruitment approach by an organization plays a critical role in enhancing its ability to attract top talents in the marketplace. A company’s job description developed during the hiring process should be comprehensive and highlight the job opening’s significant components, such as responsibilities and task functions, essential skills, performance standards, and the reporting structure. Onboarding is also a valuable practice that aims to acquaint recruits with the organization. This practice triggers high retention satisfaction rates, a shortened learning curve, adherence to organizational goals and procedures, excellent communication, improved performance, trust, and minimal distress.
References
Hastwell, C., & Great Place to Work. (2020). How 2020 best small workplace YNAB recruits and retains great people.Fortune. Web.
Pride, W. M., Hughes, R. J., & Kapoor, J. R. (2018). Foundations of business (6th ed.). Boston, MA: Cengage Learning.
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