October 26, 2023
Do you know what workers want?
With priority shifting from employers’ needs to candidates’ wants and back, it may be impossible to know what your team members are looking for from management. In a time of economic uncertainty, you’d think it would be compensation – but according to many studies and surveys, employees have some desires much higher on their list.
Advancement in careers and capabilities.
We all know that the job market is becoming increasingly competitive as each day passes, with many employees sticking with their current company instead of entering the massive population of job seekers. But employees are hoping for opportunities for growth, and many are willing to jump ship without the incentive of such development. While your team may not be able to promote individuals, embracing further advancement of skills (or helping someone learn a new skill altogether!) may assist team members in not feeling complacent. It will also assist individuals to contribute in a meaningful way. Not only will they look at the gesture as a benefit, but your whole company will; individual growth means ultimately helping your team progress as a whole, too.
It’s time for transparency.
We don’t need survey results to tell us that all employees want to feel valued by their company. Open communication is incredibly important to help engagement between management and employees. By allowing all individuals to participate in presenting ideas up for discussion, your team can encourage inclusivity and reach new goals by collaboration in a way that may not have been possible before. Employees in the workforce today want the freedom to express their opinions in a method that could impact your processes, and who knows? It’s more than likely their contributions could help the overall success of the company!
Benefits beyond the norm.
While we hate to mention the Great Resignation that many HR folks saw happen in the last few years, it’s a perfect example of candidates holding the power regarding employment. During that time, the main benefit on everyone’s mind was simple: compensation. While we are shifting back to employers’ needs being more prevalent, there are still plenty of industries out there that are struggling to hire the best candidates to fit open positions. One surefire way to stand out from the rest of the competition? Getting creative with benefits. This could mean your average free lunch or snacks in the office or offering commuter benefits (reimbursement for transportation, etc). A fast-growing option that resonates with many employees is health insurance coverage with a further scope. This may include mental health care, assistance with infertility treatments, or other innovative choices that may enhance your employee’s overall well-being and life.
Support, security, and stability.
Company culture is a real thing, and if your team has yet to embrace a positive one, it’s possible turnover will be much higher. By providing support to your employees, your team is fostering a relationship that goes beyond a company and its workers. Flexible work hours or hybrid work schedules give your team members a constant reminder that their employer sees them as people rather than just employees (not to mention, many studies show that a happier employee means more productivity). Of course, some companies cannot offer such options, but there are plenty of other opportunities to enhance company culture. By ensuring individuals feel secure and stable in their positions, they’ll feel more inclined to not only stay with the company – but make sure to contribute to the future of it, too.
It’s no surprise that companies that meet the expectations of their employees have less turnover. However, by exceeding those expectations and fulfilling the wants and needs of their team members, many studies have shown that productivity tends to be at an all-time high. As we get closer and closer to 2024, make sure you’re setting yourself up for success with current and prospective employees by knowing what is most important to your team!