It's Time For Employers To Stray From Tradition To Retain Top Talent
eLearning Industry's study and its surprising findings were featured in Money Review, a leading business and financial publication in Greece. We wanted to give our community the chance to explore the insights, as well. So, we recently published Part 1, and today we bring you Part 2 of the translated publication.
Based on the findings of the research, employers who insist on traditional methods don't create a particularly beneficial working environment. However, there is a solution to every problem, at least for anyone who is willing to take the necessary steps to stop losing talent and productivity. Here are the 5 principles that the research found.
1. Benefits Must Play A Larger Role In Corporate Culture
The way we work is changing, and we are now experiencing a transition period. "As a result, an understandable confusion arises," explains Christopher Pappas, "as hybrid working, robust benefits, and opportunities for career growth and continuous learning seem to be more important privileges than a ping-pong table at the office or team-bonding activities," the latter being principles of "traditional" corporate culture.
82% of employees don't necessarily appreciate the value of traditional corporate culture less following the pandemic. However, they enjoy other benefits more: flexibility (32%) and benefits combined with better salaries (29%). 49% stated that leaders had created benefits/bonuses that are not competitive or simply don't excite them.
"In the midst of a talent acquisition war, companies have started offering higher salaries and flexibility privileges regarding work hours, location of employment, as well as development programs to get ahead of their competition. It's becoming clear that employers must invest in benefits and recognize that this is the new way of things," notes the founder of eLI.
2. Embrace The Modern Definition Of Corporate Culture
The research detected a gap between how leadership perceives corporate culture and what it means to the modern employee. About 4 in 5 employees (78%) state that corporate culture has changed after the pandemic, while 50% of employers don't understand its new definition or what their staff wants. At the same time, half of the employees (50%) believe that their leaders don't understand what makes for a strong corporate culture or what employees want.
This is especially worrisome, considering that "over half of the people working in health (54%), technology (53%), and production (52%) believe that their leaders don't know what they want," notes Christopher Pappas. 42% of participants say that their leaders don't understand what really motivates them, while 53% confess that leaders believe that working on-site is corporate culture. 48% add that leaders only care about getting the work done—regardless of what that entails.
"If employers were to take into consideration what employees have to say about corporate culture, they would see that almost half of them (45%) prefer extra paid time off instead of corporate culture," explains Christopher Pappas, adding that one of the most unsettling findings is that 40% of employees don't believe their employers care (or prioritize) their mental health and well-being, especially at a time when mental health is taking a great hit.
3. Listen To Your Employees' Priorities
Often, employees are more in touch with the business side of the company than the leadership itself. As such, "their opinion as to what can be improved is essential. Therefore, instead of following a know-it-all approach, it's useful to give employees the space to speak their minds—before they take 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 that they have either never been asked for their opinion regarding culture improvement or their employers never implemented their feedback. As a result, 46% of employees are considering searching for another job.
This disconnection they feel when leaders ignore their opinion makes them feel disengaged and threatens their stay at a specific workplace, with 46% saying that culture-related corporate decisions have caused them to think about looking for a new job.
4. Promote Diversity And Equal Treatment
It's impossible for an organization that lacks diversity and equal opportunities to know success. "Diversity doesn't just refer to race or ethnicity but also ways of thinking," clarifies Christopher Pappas. At the same time, 41% of employees state that the companies they work for don't prioritize diversity, while 30% note that their leadership is prejudiced against women and specific minorities. 53% of retail and hospitality employees say their employer isn't diverse and is also not interested in prioritizing it.
"All this is taking place at the same time that DEI initiatives are becoming the top priority for employees and work candidates," adds Christopher Pappas. When it comes to equal treatment, 60% of employees say that leaders promote people who have the same mindset as them. The same argument was supported by 69% of tech employees, while 78% of manufacturing workers and 75% of retail and hospitality employees said their employers display favoritism.
Regarding opportunities for development and advancement, more than half say their organization doesn't offer any Learning and Development programs to help them improve. As a result, 34% of employees worry that they don't possess the necessary skillset to gain a promotion or a better position in their company. One in three would consider leaving since they don't have access to the tools and resources they need to improve their careers.
Christopher Pappas comments that, "companies are defined by their employees, therefore, we must invest in them, listen to them, and look for solutions to make their workdays easier. This is the only way to succeed. When employees create their 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: Culture Trends And What Employees Want to explore the dynamics between leadership and employees regarding company culture in order to retain top talent. It also delves into what employees genuinely value today and how they feel employers are doing when it comes to designing a great workplace.
