Today’s workforce demands more than just perks, paychecks, and benefits, according to a new survey released today of leaders and employees at many of North America’s largest employers, across a range of industries.
The results of the survey by Right Management, released by Right Management Great Lakes in Southfield, shows leaders are out touch, believing they can buy employee loyalty with on-site gyms and moderate pay increases.
Since the pandemic, employees have reevaluated what they want from their leaders and organization, with a desire for more engagement and loyalty from their employers, according to Right Management.
When asked what keeps them engaged and satisfied at work, 33.9 percent of employees said “fit” — meaning their alignment with their team and their employer’s organizational culture. This includes work-life balance, value congruence, and how well employees get along with their coworkers and managers.
For “career support,” meaning opportunities to advance and do meaningful and purposeful work and their ability to achieve success, 31.4 percent of employees responded affirmatively, while 20 percent of employees answered, “training and development,” including feedback and coaching opportunities.
In turn, 8.3 percent of employees answered “money,” including pay and benefits. Importantly, when leaders were asked their perceptions of their employees’ feelings, 21.2 percent answered “money.”
However, leaders do agree with employees that “fit” is the top factor when 32.4 percent of them, just a percent and a half fewer than employees listing that first, for employers, ahead of only money.
Given the disproportionate focus on money by employers, Right Management believes the survey shows that employers are investing in the wrong factors and unaware of their minimal impact on engagement.
“An organization is only as good as its people, so it’s up to managers and leaders to create an environment where every individual can achieve their full potentials,” says John Borbeau Jr., president of Right Management Great Lakes.
“When people are motivated and cared for, they give their best because they know their contributions matter. By investing time and resources in understanding people and their motivations, employers enhance loyalty, retention, and create sustainable growth.”
In sharing the survey results with its clients, Right Management is encouraging employers to customize approaches to career stages to improve employee retention. For example, factors like pay and learning are more important early in careers and show a decrease by mid and late-career stages.
Career support, on the other hand, becomes increasingly important to workers over the course of their work life, peaking at mid-career and then slightly decreasing in the late-career stage.
However, “fit” stays relatively stable over time. So, a strategic approach would target early workers for additional learning and development and mid-to-late career employees for more tailored, individual-focused career guidance, according to Right Management.
“Unfortunately, too many organizations provide a one-size-fits-all career support model rooted in the career ladder approach,” says Borbeau. “This often includes a single, stagnant career path, formal learning, and development based on achieving the next rung on the ladder and manager coaching focused on upward mobility. This traditional model has been proven to lead to continued turnover, hampering a company’s growth potential.”
The study included 401 leaders and 1,002 employees at 1,403 companies with more than 1,000 employees, 75 percent in the United States and 25 percent from Canada. Industries surveyed include IT, financial and business services, and manufacturing.
Right Management Great Lakes enhances careers through coaching to help individuals grow and organizations thrive. With more than over 40 years of expertise, Right Management provides career transition coaching, leader development coaching, non-leader development coaching, and assessments for talent selection and development.
To view the full results of the survey, visit here.
For more information, visit rightgreatlakes.com.
