Attracting and Retaining a High-Caliber Workforce

Pictured above: Lexicon CEO Patrick Schueck

If you are a business owner or in a company leadership position, you know the negative impact employee turnover has on operations, culture and the bottom line. You also know how challenging it can be to attract — and retain — talented, dedicated employees in today’s labor market.

According to Forbes, around 38 percent of American employees leave their jobs within the first year and the average tenure is just four years. There are many potential reasons for this, but chief among them is employees not feeling appreciated and compensated. In fact, Forbes claims that employees who don’t receive recognition are two times more likely to seek employment elsewhere, and employees who don’t feel supported are three times more likely to leave.

Another reason employees leave, Forbes says, is a lack of advancement options. Employees want to know they can continue to learn and grow and that their employer supports them in their long-term career goals, even if that means they want to learn a new skill — or an entirely new job — at the company.

While these insights may be revelations to some employers, at Lexicon these findings are no surprise.

Our company culture is centered on supporting our nearly 2,000 team members in Arkansas and across the U.S. by prioritizing their career goals and well-being. These have been our values since my late father, Tom Schueck, founded the company in 1968, and they remain a priority under my leadership. I’ve said it before, but it’s worth repeating: Even though we’re in the steel business, we’re also in the “people” business. Our people are our greatest asset, and we are absolutely nothing without them.

Each fall, we honor Lexicon employees who have dedicated 20 years of service to the company. During an annual reception at our Little Rock headquarters, we recognize 20-year employees in front of their colleagues, friends and families. In addition to receiving a steel I-beam trophy and public recognition, each 20-year employee is gifted with a $10,000 check, all taxes paid, in recognition of their service.

My dad, who believed in the importance of company loyalty and longevity, started this incentive in 2002, and it’s a program I am proud to continue. Over the past two decades, Lexicon has honored nearly 200 employees and gifted nearly $3 million. Our employees give so much to our company, and this is just one way we show our gratitude for their expertise and commitment.

As a company, we are thrilled to recognize our 20-year employees each year and hand them their trophies and checks. Personally, it’s my favorite day of the year because I get to honor an impressive group of colleagues who are dedicated to Lexicon, to our industry and to building America.

While this could be considered our most valuable program, it’s not the only one.

I know we all have an innate need to feel safe. Timothy Clark, the founder and CEO of LeaderFactor, says it best when he states: “Psychological safety is a condition in which you feel (1) included, (2) safe to learn, (3) safe to contribute and (4) safe to challenge the status quo — all without fear of being embarrassed, marginalized or punished in some way.”

As humans, the daily grind of our work can lead us to develop habits and shortcuts that hinder our psychological and physical safety. To combat the impact this can have in the workplace and push our teammates to prioritize their psychological safety, Lexicon has launched several additional programs designed to attract and retain a talented workforce and serve our unique needs — programs I hope also make our employees feel safe.

One of the needs we identified among our workforce was the desire for continued education, to sharpen existing skills and to learn new ones. Earlier this year, we launched Lexicon University (Lex U), a workforce-development training program that provides additional tools for employees to improve in their current roles, develop skills in another field and build a career path to success for themselves and their families.

Lex U is paid for by Lexicon, is available to all employees, companies and divisions, and includes a combination of on-the-job, classroom and online training programs to meet employees where they are. The program also works with higher education partners to expand its offerings; Lex U currently is offering a three-part series in maintenance mechanics through a partnership with Arkansas Northeastern College in Blytheville.

Another concern is easy access to high-quality health care. When you’re working on the shop floor, sometimes it’s challenging to get away for a doctor’s appointment. We value our employees’ health, and we want them to prioritize it as well. We have an on-site health clinic at our Little Rock headquarters that provides in-person services to local employees and telemedicine by licensed staff to employees outside of the area. Clinic staff also make wellness visits to other locations regularly, including Blytheville and Monroe, La. This has helped us safeguard the health of our entire workforce, while also alleviating some of the physical and psychological stressors our employees face.

While we are very proud of these programs that reward our people for their dedication and hard work, we are constantly striving to identify new opportunities to encourage the speak-up culture necessary to meet the ever-changing needs of our team members.

Every day, I wake up excited to improve and ensure that Lexicon is the workplace of choice because people feel included, safe to learn and contribute, and encouraged to challenge the status quo.

Patrick Schueck is CEO of Lexicon Inc., which is based in Little Rock. The Lexicon family of companies provides a wide range of services including construction management, steel fabrication, erection, mechanical installation and plant maintenance for heavy industrial, commercial and bridge projects, as well as a full spectrum of golf course construction, renovation and management services.