Attracting Highly Educated Professionals

We already know what doesn't work to attract and retain knowledge workers—bribery. Attracting and retaining knowledge workers are the two main tasks of people management. We already know that bribery doesn’t work here. In the last 10–15 years, many American companies have used bonuses or stock options to attract and retain knowledge workers. This approach is always a losing one because profit declines eliminate the bonus, and falling stock prices render the option meaningless. Then the worker feels cheated. Of course, knowledge workers need to be satisfied with their compensation, as income and benefits dissatisfaction is a major obstacle in their work. Knowledge workers know they can leave. They have both mobility and self-confidence. This means they should be treated like volunteers working in non-profit organizations. The first thing such people want to know is what the company does and what its goals are. Next, they are interested in personal duties and responsibilities. Therefore, they should be provided with appropriate work. Intellectual labor involves continuous learning and practice. Moreover, knowledge workers want respectful treatment (not so much for themselves as for their knowledge). Such workers hope to make decisions within their area of expertise. TIP OF THE DAY Manage professionals like volunteers. Respect them and their knowledge. Allow them to make decisions within their competence.