A Glimpse into Todd's Background

Thank you for joining us for this interview series! Our readers are eager to learn more about you. Can you provide some background about yourself? What experiences have shaped your journey?

I hail from Ottawa, Ontario, Canada. My academic pursuits took me to universities in Waterloo and Kingston, and I began my professional career in Toronto. In 2006, I received a promotion while working at Citigroup, which brought me to the United States, and I became a U.S. citizen in 2012. My career path has led me through various Financial Services firms in Human Resources roles across different locations, including Jacksonville, FL, the San Francisco Bay Area, and now Las Vegas, NV.

One of the most pivotal experiences in my life was obtaining my doctorate in Organizational Change and Leadership from the University of Southern California. Balancing the rigorous demands of the program with my executive responsibilities and family life was challenging, but it profoundly enhanced my understanding of organizational dynamics and human behavior. Each geographical and career shift has broadened my perspectives on culture and people. For instance, living in Jacksonville and San Francisco exposed me to contrasting political climates while allowing me to cultivate friendships that transcend societal divisions. Additionally, my time with a Japanese bank and experiences in Tokyo enriched my appreciation for diverse cultural interpretations.

Evaluating the Disconnect in Business Preparedness

Let’s dive deeper. Experts have warned about the "Great Resignation" since the 1980s, yet many companies seemed unprepared when it occurred. What do you believe led to this disconnect?

Numerous forecasts about the labor market have failed to materialize. I remember predictions from the 1980s suggesting a shift towards reduced work hours, but instead, the average American worker's hours increased. An economics professor of mine likened the study of economics to driving at high speed while only looking in the rearview mirror; the reality is often clearer only once we’re already in it. The current labor market's dynamics were hard to foresee, with a unique convergence of demographic shifts, the introspection inspired by COVID-19, and specific skills shortages. At the onset of the pandemic, who would have anticipated the struggle to find employees as COVID's effects began to wane?

Adapting to the Current Labor Landscape

What steps must employers take to navigate this new landscape effectively?

Given the current worker scarcity, businesses will seek to lessen their dependence on traditional labor. Various trends that were already in motion before the pandemic have accelerated, such as automation and artificial intelligence, which could reduce the need for human workers in the medium to long term. In the short term, employers need to think creatively about how to utilize their existing workforce more effectively. This might involve redeploying staff to critical areas or tapping into the limited pool of contingent workers.

Understanding Workforce Dissatisfaction

From your perspective, what were the main factors behind the Great Resignation? Why do you think so many employees feel dissatisfied?

As we hopefully move past the pandemic, social scientists will likely explore the long-term effects of measures like social distancing and remote learning. I anticipate that some negative impacts will emerge. Extended isolation and disruptions to essential routines may have taken a toll on many Americans, contributing to widespread employee dissatisfaction and record-high resignation rates as individuals seek to fill the social and emotional void created by the pandemic. I believe that as we recover, the labor market will stabilize alongside improvements in the physical and mental health of the workforce.

The Gig Economy and Employee Loyalty

While many employers praise the entrepreneurial spirit and the opportunities within the gig economy, this can lead to a lack of loyalty among gig workers. Can a balance be struck? Is it feasible for employers to expect loyalty from freelancers?

Researchers like John Boudreau and Ravin Jesuthasan have extensively examined how to effectively structure jobs to optimize performance. Their key insight is to dissect tasks and ensure that work is allocated appropriately for maximum effectiveness. From their findings, companies should evaluate how various worker types can contribute to their value proposition, starting with a clear understanding of task distribution.

The Role of Management in Employee Retention

It’s often said that "people don’t quit jobs, they quit bosses." How has this been evident during the Great Resignation?

Managers play a crucial role in their employees' growth, commitment, and motivation. The most effective antidote to the Great Resignation is strong management. Managers who set clear objectives, connect these to a wider purpose, provide constructive feedback, and empower their teams will excel in attracting and retaining talent. The demand for exceptional managers has never been more critical.

The Importance of Job Satisfaction

I often say, "If it’s fun, they charge admission. But you get paid to work here." While I jest, there’s truth in it. Every job has its challenges, but how vital is it for employees to enjoy their work?

In a corporate setting, being part of a team striving for excellence can often overshadow individual job satisfaction. Reflecting on my own career, I've experienced times when all the factors for job enjoyment seemed present, yet I felt unhappy. For instance, I held a lucrative position in my mid-20s with ample autonomy, but the organization lacked a clear mission, leaving me feeling lost. I left within six months for a more fulfilling opportunity.

The Impacts of Workforce Discontent

How might an unhappy workforce affect a) productivity b) profitability c) employee health and well-being?

At Credit One Bank, we are committed to creating programs that enhance career satisfaction and foster engaged, skilled, and goal-oriented employees. Research indicates that employee engagement and commitment are closely linked to positive organizational performance. Interestingly, studies show that busy employees, even when facing challenges, often remain motivated and productive. Those who manage their time effectively may feel unhappy at times but still believe in their capability to meet goals.

Psychological safety plays a critical role in employee well-being. There is a strong connection between nurturing colleagues and positive self-efficacy beliefs, which are vital for success. Without a psychologically safe environment, these beliefs can diminish, making it harder for employees to thrive.

Enhancing Job Enjoyment

What can employers, managers, and executives do to enhance job enjoyment for their workers?

Humans flourish when challenged within their capabilities. This belief aligns with Vygotsky's concept of the Zone of Proximal Development (ZPD). Individuals learn best when tasked with challenges that push their limits, provided they have support from more experienced colleagues. Reflecting on one’s career, growth often occurs when faced with challenges that initially seem daunting. Managers should focus on ensuring employees operate within their ZPD.

Improving Company Culture

Can you share strategies for employers and executives to enhance company culture?

Culture can be a nebulous term, interpreted differently by many. I define culture as the behavioral patterns that are reinforced over time within an organization. If leaders identify cultural deficiencies, they should clarify the desired behaviors and address any knowledge or motivation gaps preventing employees from exhibiting them. Implementing reinforcement mechanisms is crucial to sustaining these new behaviors.

Key Strategies for Talent Attraction and Retention

Now, let’s get to the crux of our conversation. What are the "5 strategies employers should adopt to attract and retain top talent during the labor shortage?" Please share examples for each.

Despite the changes, core strategies remain relevant! The current labor shortage necessitates a renewed focus on evidence-based practices that enhance talent attraction and retention.

1. Manage Your Employer Brand Thoughtfully: At Credit One Bank, we’re dedicated to sharing our story—emphasizing our achievements while acknowledging areas for growth.
2. Focus on Candidate Experience: Each interaction with candidates matters significantly. At Credit One Bank, we continually refine our talent acquisition processes to enhance the candidate experience.
3. Leverage Your Talent: Encourage top performers to tap into their networks to bring in high-quality candidates. Talent attracts talent.
4. Ensure Competitive Compensation and Benefits: With inflation at a historic high, companies must remain vigilant about their total rewards programs. We've restructured our compensation to align with market standards.
5. Invest in Employee Development: Since managers play a crucial role in retaining talent, we prioritize their development through programs that enhance their leadership capabilities, ensuring they can support their teams effectively.

A Personal Connection

We often have influential figures in business, entertainment, and sports reading this column. Is there someone you would love to have a private meal with, and why?

I’d love to have lunch with Dexter Holland, the lead singer of The Offspring. He’s also a USC grad like myself, and we both took extended breaks between our master's and doctoral studies. It would be interesting to discuss his successful music career and share insights on our doctoral journeys. Plus, I’d love to capture some photos or footage to show my 14-year-old son, who is an aspiring guitarist and a big fan of the band.

Engagement and Connection

How can readers follow your work online?

I encourage readers to connect with me on LinkedIn. They can also follow Credit One Bank on social media platforms like Facebook, LinkedIn, Twitter, and Instagram to learn more about our initiatives aimed at creating an outstanding workplace for our employees.

Thank you for this insightful conversation! Wishing you continued success in your endeavors!