Surveying the business landscape in Southwest Florida, it’s easy to see that many outstanding firms thrive in almost every segment of the region’s economy. The characteristics of these companies that allow them to be successful may vary greatly, but even casual examination of the drivers of their success reveals a common element. Sure, it is important to have a great or innovative idea or defining concept that separates a firm from the competition. It is also helpful to have differentiated products and services with advantages in terms of performance and price. However, the common element shared by almost every successful business is much more fundamental: It is the people that make up the organization.
I spend a good bit of time each spring talking with students who are preparing to enter the job market about this common element. At Florida Gulf Coast University, 60% of students work at least 20 hours a week while attending classes, so they have experience in the workforce.
The jobs they seek upon graduation are often quite different from their previous employment. There is no doubt that working during college helps young people mature and develop their skill sets. But many of those jobs are jobs of necessity that provide the vital combination of income and flexibility in scheduling that allows students to support themselves while progressing toward degree completion. In a college student’s eyes, these are often the most important factors in determining what is a “good” job.
As students adjust to seeking permanent employment in their field of study, income remains an important consideration. But there are other factors to be considered, too.
Invariably, I encourage students to seek out employment opportunities where they will have strong mentors. This is incredibly important for young professionals just learning what it takes to succeed in the marketplace. The lessons learned from strong mentors often extend well beyond the workplace, helping these new employees figure out how to perform at a high level and still maintain a healthy work-life balance.
Workplace culture is another factor I encourage students to consider when interviewing for their first jobs in their field. A supportive culture removes or at least helps minimize much of the anxiety that new hires experience as they strive to find their place within a firm. Unfortunately, it may not be readily observable, especially for those new to this type of employment.
Consequently, I encourage students to seek out younger employees at the firm who can tell them what it is really like to work there. I also advise students to look at the firm’s employee retention. The ability to attract and retain top talent is a sure sign of a positive culture.
The best businesses in our community share the common element of being composed of good people. Ultimately, these are the types of firms where we want our children and our graduates to work. These are firms that cultivate a positive culture; mentor and develop their employees; and consistently attract and retain top talent. Make no mistake, they all likely have solid business plans, quality products and services and offer innovative solutions to their customers. However, at the end of the day what sets them apart is and will always be the people.
Shelton Weeks is the Lucas Professor of Real Estate and director of the Lucas Institute for Real Estate Development & Finance at Florida Gulf Coast University’s Lutgert College of Business.
