Wells vs fences, a lesson in talent retention

About ten years ago, I heard a thought-provoking webinar on innovation and distinction hosted by Stephen Shapiro and Scott McKain.   During the call, Scott related a story from a Tasmanian cattle farmer that surfaced a terrific key action for anyone working to build enduring customer relationships. Today, the same concept applies to retaining top talent.

The cattle farmer had shared a discovery that saved him a lot of time and money.  Apparently, ranch properties in Tasmania are large, so large that fence-building can become a perpetual endeavor no different than the painting of the Golden Gate Bridge.  (They say that the Golden Gate is always being painted.  By the time the painters finish, it’s time to start painting it again.)

Rather than building fences to keep the cattle in, one rancher got the idea to dig a deeper well. The deeper the well, the cooler the water, the greater the draw to his precious livestock (the less need for fences).

Scott and Stephen reframed the analogy to business and shared how cell phone companies back then insisted on building fences rather than focusing their efforts on a deeper well.  (penalties for breaking contracts versus incentives for staying)

Light bulb!  Are you applying some portion of your week to digging wells for your people? Is your employee value proposition stronger today than it was last year or even one quarter ago? Or, are you still spending valuable time building and maintaining your fences…working to enforce non-compete agreements or iron-clad bonus plans that won’t pay out if someone leaves early? 

What could you do each week to become even more attractive to your people?

Think about this personally.  It’s not just about contract terms.  What are you doing each week to be more attractive to your team?  Are you doing your best work and living your best life so your people want to stay and learn from you? Are you expressing care and empathy for their well-being? What makes you attractive?

Please share something you are doing to dig deeper wells with your people.