It’s time for employers to break away from tradition to retain top talent
The eLearning Industry study and its surprising results were featured in Money Review, a leading business and financial publication in Greece. We also wanted to give our community the opportunity to explore the ideas. Thus, we recently published Part 1and today we bring you Part 2 of the translated post.
According to the research findings, employers who insist on traditional methods do not create a particularly beneficial work environment. However, 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 the 5 principles that research has found.
1. Benefits need to play a bigger role in corporate culture
The way we work is changing and we are now in a period of transition. “As a result, understandable confusion arises,” says Christopher Pappas, “as hybrid working, strong benefits, and opportunities for career growth and lifelong learning seem to be more important privileges than a ping-pong table. in the office or team cohesion activities”, the latter being principles of the “traditional” corporate culture.
82% of employees do not necessarily appreciate the value of traditional company culture less as a result of the pandemic. However, they benefit more from other advantages: flexibility (32%) and advantages combined with better wages (29%). 49% said leaders have created perks/bonuses that aren’t competitive or just don’t interest them.
“In the midst of a talent acquisition war, companies have begun offering higher salaries and flexibility privileges regarding working hours, location, and development programs to get ahead of their competitors. It’s becoming clear that employers need to invest in benefits and recognize that it’s the new way of doing things,” notes eLI’s founder.
2. Adopt the modern definition of corporate culture
Research has detected a gap between how leaders perceive corporate culture and what it means to the modern employee. About 4 in 5 employees (78%) say the company culture has changed after the pandemic, while 50% of employers don’t understand its new definition or what their staff want. At the same time, half of employees (50%) believe that their leaders don’t understand what makes a strong company culture or what employees want.
This is all the more worrying since “more than half of people working in healthcare (54%), technology (53%) and production (52%) believe that their leaders do not know what they want. “, notes Christopher Pappas. 42% of respondents say their leaders don’t understand what really motivates them, while 53% say leaders think on-site work is part of the corporate culture. 48% add that leaders only care about getting the job done, no matter what that entails.
“If employers took into consideration what employees have to say about the company culture, they would see that almost half of them (45%) prefer the extra paid time off to the 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 wellbeing, especially at a time when mental health is taking a beating. touched.
3. Listen to your employees’ priorities
Often, employees are more in touch with the business side of the company than with management itself. As such, “their opinion on what can be improved is critical. Therefore, instead of following a know-it-all approach, it is helpful to give employees the space to speak up, before they don’t submit their ideas to a competitor”, informs Christopher Pappas, his company’s Best Place To Work award, proving that all this is not just theory.
48% of employees say they have never been asked for their input on improving the culture or that their employers have never implemented their feedback. Thus, 46% of employees plan to look for another job.
This disconnect they feel when leaders ignore their opinion makes them feel disengaged and threatens their retention in a specific workplace, with 46% saying corporate decisions related to culture made them think twice looking for a new job.
4. Promote diversity and equal treatment
It is impossible for an organization that lacks diversity and equal opportunity to be successful. “Diversity does not only refer to race or ethnicity, but also to ways of thinking”, specifies Christopher Pappas. Meanwhile, 41% of employees say the companies they work for don’t prioritize diversity, while 30% note that their leadership is biased against women and specific minorities. 53% of retail and hospitality employees say their employer is not diverse nor interested in prioritizing it.
“All of this is happening just as DEI initiatives are becoming the top priority for employees and job candidates,” adds Christopher Pappas. In terms of equal treatment, 60% of employees say that managers promote people who have the same state of mind as them. The same argument was supported by 69% of technology employees, while 78% of manufacturing workers and 75% of retail and hospitality employees said their employers were showing favoritism.
When it comes to development and advancement opportunities, more than half say their organization doesn’t offer any learning and development programs to help them improve. As a result, 34% of employees fear they don’t have the 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 career.
Christopher Pappas comments that “Companies are defined by their people, so we need to invest in them, listen to them and look for solutions to make their working days easier. It’s the only way to be successful. When employees create their work environment (instead of having others do it for them), they are happier and more productive.”
Editor’s note: We invite you to download Future of Work Report 2022: Cultural Trends and Employee Expectations explore the dynamics between leadership and employees regarding corporate culture in order to retain top talent. It also delves into what employees really value today and what they think employers do when it comes to designing a great workplace.