The Truth Economy
When I was the CEO at Job Portraits, I would talk a lot about an idea I had called the truth economy. Work is important to people (workers), to industry (employers), and to the fabric of society. The truth economy is what occurs when candidates and employers build and communicate identities based on truth instead of posturing toward each other with ideas about what they think the other party values. What an absolute waste of time and money.
When it comes to companies that are aware of their employer brand and managing it there is a dance that I have witnessed where employers are building brands off of “insights” instead of facts. They want to be attractive to candidates in a competitive job market, so they zero in on what they think candidates want to hear. That is not an entirely bad idea, it’s just not as effective as showing candidates the reality of working at your company.
Candidates are not stupid. They know companies are not perfect. They know that despite the best (or worst) efforts of employers, they will face some degree of inequity, disorder, and uncertainty. They know they will have to work hard. Ultimately, candidates want to know what is likely to challenge them, and whether it is worth it. What they want to know before saying yes, is the obvious stuff like what they will do, how will they grow, what they will get paid, and who will they work with. They also want to know how they will navigate the frustration of systemic social inequity and organizational disorder and uncertainty that are inevitable in every organization.
Are there employee resource groups? Does the company have a road map? What kind of protocols are in place? What elements of the culture are the employees proud of? What elements of the culture are targeted for change? What is all of this effort in service too? Do the elements of the culture support them personally and are they equipped to navigate what is challenging to them? Giving candidates an honest view of these topics can help create alignment. Alignment is the magic word, but first, let's talk about candidates.
On the other side, candidates are trapped in a hellscape of representing themselves and their experience in a way that will optimize their chances of getting through an ATS, a recruiter, and a number of interviews and tests. This is a deeply problematic setup for arriving at alignment and it is probably best to not go down that road for this post. I will say that the hiring process is in the hands of the employer and it is in the best interest of the hiring party to make as much space possible for a candidate to show themselves honestly so that we can find, say it with me….alignment.
When employers and employees use the truth to find true alignment, then there is a foundation strong enough to build on. When there is a strong truth-based foundation for these working relationships, we can build mutual loyalty and trust. This will lead to retention. When retention (of satisfied and capable employees) goes up, we have co-investment. Co-investment is the foundation for the truth economy.
My vision of the truth economy is that industry and workers are meeting each other’s needs and the needs of society. I think that when workers, industry, and the public have earned each other’s trust, it builds a stronger economy for everyone. Not only do I believe that a truth economy will reduce the costs associated with turnover and training, but I think it will also build smarter stronger businesses that serve the public in more significant ways.
The truth always wins. I have told my twelve-year-old and executives over and over again, it is always easier and smarter to tell the truth.