Operating at the high-stakes intersection of business, media, and politics. Head of Comms & Public Affairs at Global Strategy Group
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The “Great Resignation.” “Quiet quitting.” For employers who have been hit with record turnover, higher employee costs and falling morale, it seems like there is no end to the bad news.
But there is some good news on the horizon. Smart employers are using lessons learned and, as the labor market begins to cool, can gain from the tumult over the past few years.
With so many Americans actively applying for new jobs or open to leaving their current job, it’s imperative that you understand what your current and future workforce is looking for. It boils down to four basic values: balance, purpose, recognition and communication.
Balance
The Issue: Work-life balance is important to workers, with 53% reporting that new jobs they acquired since the pandemic had a better work-life balance than their previous ones.
The Answer: The key is finding out what balance means to your employees. Hours worked may be part of it, but it can also mean professional development opportunities, flexible working options or a sense of purpose that’s in tune with your company’s. Empower managers to have conversations with their direct reports about what they need to feel more balanced at work. Connect employees with existing programs and benefits (flexible work hours, childcare benefits, tuition benefits, volunteer time off, etc.) and collect feedback as you consider additional programs and initiatives.
Purpose
The Issue: According to a recent report from Gartner, employees are increasingly looking for work that aligns with their personal values.
The Answer: This doesn’t mean that everyone is looking for a nonprofit or advocacy job. It can mean that they appreciate how their employer supports its employees, or simply that they believe their employer is a good corporate citizen in the way it conducts business. Look at your company’s vision and values and how you bring them to life in your business. Share these stories internally, and encourage your employees to do the same.
Recognition
The Issue: In March, our company conducted an online survey of U.S. adults nationwide, which included 1,000 employed adults and 816 job seekers (defined as anybody actively applying or open to a new job). Our research found that 53% of those surveyed say feeling valued at work is more important since the pandemic. Yet one in five employees are looking for new jobs because they don’t feel valued or respected.
The Answer: According to a 2022 Gallup report on engagement, managers need to continue discussions with top employees that focus on what they’re doing right and how best to maintain their well-being. Examine how you are communicating with your workforce. Is recognizing achievement and giving credit where credit is due part of your corporate culture?
Communication
The Issue: According to Gallup research, poor communication can drive employees to quit. Further, Gallup notes that, “employees who work in an environment where communication is open, timely and accurate are more engaged and demonstrate a greater intent to stay with the organization.”
The Answer: Audit your internal communications for substance, frequency and engagement. It’s time to update your capabilities, which could include new platforms and channels and/or more sophisticated and engaging content. In addition, employees continue to prioritize two-way communication and are looking for avenues to ask questions and provide feedback.
Employers who proactively address these issues will be a step ahead as the labor market settles. Knowing what’s important to employees is not only a good way to attract better talent, but also an excellent tool for retaining your best employees.
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