It’s time for employers to break away from tradition to retain top talent
The eLearning Industry study and its surprising findings were featured in Money Review, the leading business and financial publication in Greece. We also wanted to give our community an opportunity to explore the findings. So we recently published the 1st volume and today we bring you the 2nd volume of the translated publication.
Based on research findings, employers who insist on traditional methods do not create a particularly conducive work environment. But there is a solution to every problem, at least for anyone willing to take the necessary steps to stop losing talent and productivity. Here are 5 principles that the research found.
1. Benefits must play a bigger role in company culture
The way we work is changing and we are now going through a transition period. “As a result, there is understandable confusion,” explains Christopher Pappas, “as hybrid work, robust benefits and opportunities for career growth, and continuous learning seem to be more important perks than the office ping-pong table or team bonding. activities, the latter being principles of “traditional” corporate culture.
82% of post-pandemic employees don’t necessarily appreciate the value of traditional company culture. However, they enjoy other benefits more: flexibility (32%) and benefits combined with better pay (29%). 49% said leaders have created perks/bonuses that aren’t competitive or simply don’t excite them.
“Amidst the war for talent, companies have begun offering higher pay, flexibility in terms of hours, location of employment, as well as development programs to get ahead of their competition. It is becoming clear that employers must invest in benefits and recognize that this is a new way of doing things,” notes the founder of eLI.
2. Adopt a modern definition of corporate culture
The research revealed a gap between how management perceives company culture and what it means to the modern employee. About 4 in 5 employees (78%) say company culture has changed since the pandemic, while 50% of employers don’t understand its new definition or what their employees want. At the same time, half of employees (50%) believe that their leaders do not understand what makes a strong company culture or what employees want.
This is especially concerning when you consider that “more than half of people working in healthcare (54%), technology (53%) and manufacturing (52%) believe their leaders don’t know what they want,” notes Christopher Papas. 42% of participants say their managers don’t understand what really motivates them, while 53% admit managers believe working onsite is the company culture. 48% add that leaders only care about getting the job done – no matter what that means.
“If employers were to take into account what employees say about company culture, they would see that almost half of them (45%) prefer paid time off over company culture,” explains Christopher Pappas, adding that one of the most disturbing findings is , that 40% of employees don’t believe their employers care about (or prioritize) their mental health and well-being, especially at a time when mental health is taking a big hit.
3. Listen to your employees’ priorities
Employees are often more in touch with the business side of the company than with management itself. That’s why “their input on what can be improved is essential. That’s why it’s useful to give employees the space to say what they think – before they pass their ideas to the competition,” instead of taking a know-it-all approach. reports Christopher Pappas, his company’s Best Place To Work award, proving that it’s not all just theory.
48% of employees say they were either never asked for their opinion on improving culture, or their employers never acted on their feedback. As a result, 46% of employees are considering looking for another job.
This disconnect they feel when leaders ignore their opinion makes them feel disengaged and threatens their tenure in a particular workplace, with 46% saying that a company’s culture-related decisions have made them think about looking for a new job.
4. Promote diversity and equal treatment
It is impossible for an organization that lacks diversity and equal opportunity to know success. “Diversity is not just about race or ethnicity, but about ways of thinking,” explains Christopher Pappas. At the same time, 41% of employees say the companies they work for do not prioritize diversity, while 30% say their management is biased against women and specific minorities. 53% of retail and hospitality workers say their employer is neither diverse nor interested in prioritizing.
“All of this is happening at the same time that DEI initiatives are becoming a top priority for employees and job seekers,” adds Christopher Pappas. When it comes to equal treatment, 60% of employees say leaders promote like-minded people. The same argument was supported by 69% of technology workers, while 78% of manufacturing workers and 75% of retail and hospitality workers said their employers show favoritism.
When it comes to opportunities for development and advancement, more than half said their organization does not offer any learning and development programs to help them improve. As a result, 34% of employees worry that they don’t have the necessary skills to get a promotion or a better position at their company. One in three would consider leaving because they don’t have access to the tools and resources they need to improve their careers.
Christopher Pappas notes that “companies are defined by their employees, so we need to invest in them, listen to them and find solutions to make their working days easier. That’s the only way to succeed. When employees create their own work environment (instead of others doing it for them), they are happier and more productive.”
Editor’s note: We invite you to download The Future Of Work Report 2022: Cultural Trends and What Employees Want to explore the dynamics between management and employees when it comes to company culture to retain top talent. It also looks at what employees today really value and how they think employers are doing when it comes to designing a great workplace.