A new international survey of leaders and employees at many of the world’s largest employers across a range of industries shows a common belief is actually a misconception: Money will attract workers, but it won’t really keep them in their jobs.
The results of the survey by Right Management in Southfield, released by Right Management Great Lakes, shows that for workers who are exploring new job opportunities, 40 percent say by far the most important factor influencing them is pay/benefits such as salary, paid time off, health benefits, bonuses, and health insurance.
But for workers who want to stay in their roles, 39 percent say a fit with the team and organizational culture is the most important factor, with pay/benefits nearly last among common factors at 9.8 percent.
Right Management believes this survey should be a wake-up call for employers.
“Leaders who overemphasize attraction levers like compensation and perks may succeed in hiring talent, but risk losing them quickly if they fail to deliver on what matters in the long term,” says John Bourbeau Jr., president of Right Management Great Lakes. “To retain top performers, leaders must be able to translate organizational values into meaningful career conversations and paths for engagement.”
Worldwide, 37 percent of employees consider themselves fully engaged in their work, while 41 percent say they are disengaged.
But 53 percent of leaders report their employees are fully engaged. And 29 percent of bosses acknowledge any disengagement with their teams.
In sharing the survey results with its clients, Right Management is encouraging employers to act urgently, and bridge the disconnect between management and employees by listening and learning from their employees.
“The time is now, as the work world is changing fast, to meet the needs and goals of high-performing employees,” says Bourbeau. “So many workers feel like they are lacking the tools needed to navigate their careers.
“That’s where employers need to fill gaps and equip their employees for successful careers that have meaning and align with the organization’s needs.”
The study included 1029 leaders and 2402 employees at 1,403 companies across the U.S., Canada, the U.K., France, Brazil, Mexico, Singapore, and Australia.
Right Management Great Lakes powers careers through coaching to help individuals and organizations grow.
With more than 40 years of expertise, Right Management provides career transition coaching, leader development coaching, non-leader development coaching, and assessments for talent selection and development.
