Employees are shifting company culture in the U.S. So how do employers adapt in order to attract and retain great talent?
Amidst our evolving work culture, employees are taking time to assess their core values and whether or not their company aligns with these values.
Employees are pushing for more than basic pay increases, bonuses, and the occasional in-office party. Recent cultural trends show us that employees also want:
- More compassion for their well-being
- Personalized performance meetings
- To feel heard
- Meaningful connection with coworkers and communities
- Professional and personal development opportunities for upskilling and reskilling
Let’s examine these cultural trends a bit closer.
Employees are enjoying the remote or hybrid work lifestyle that resulted from the COVID-19 pandemic. In fact, 81% of employees no longer wish to work at the office or prefer a hybrid schedule, according to a recent Harvard Business School Survey.
Furthermore, LinkedIn’s 2022 Global Talent Trends report states that when an employer satisfies employee desire of time and location flexibility, employees are 2.6x more likely to report overall happiness and 2.1x more likely to recommend the company to others.
2. More compassion for employee well-being
Focusing efforts on improving employee mental, physical, and emotional well-being can significantly benefit how your team feels about their jobs.
As an employer, keep this in mind when you’re structuring or improving how your company operates and the benefits to your employees. They’ll be much happier, contribute more readily, and will be more likely to advocate for your company in a positive light.
In order to create and maintain an engaged workforce, employees must feel they’re properly recognized for their work. This results in higher productivity and retention.
However, in May of 2021, 72% of employees said they knew they would be recognized if they contributed to the organization’s success; a 9% drop from the peak of the pandemic, which was sitting at 81% according to Quantum Workplace’s 2021 Employee Engagement Trends Report.
On the flip side, a 2021 O.C. Tanner report says that companies who ensure their employees are properly recognized are 4x more likely to have highly engaged employees and 2x more likely to have increased revenue in 2020.
In other words, being charitable with recognition equates to much higher business growth!
4. Personalized performance meetings
Consider having 1 on 1 meetings with each of your employees to provide constructive feedback and coaching. This will help spur them on to become better workers and produce better results.
5. Listen and value your employees’ input
Having employees take consistent surveys will help you to better understand what they think and where they stand.
This is so you can take action based on their responses by making improvements to help them understand that their opinions matter.
In a recent McKinsey study, 54% of employees reported leaving their jobs after experiencing a lack of recognition.
6. Meaningful connection with coworkers and communities
Did you know that American employees who have a strong connection with the company they work for are 75 TIMES MORE LIKELY to be engaged than employees who don’t? (according to ADP Research Institute)
A recent Gartner survey says one of the initiatives addressing a lack of connectedness is incorporating diversity, equity, and inclusion within the workplace by holding individual leaders accountable in meeting DEI goals when making talent decisions.
7. Professional and personal development opportunities for upskilling and reskilling
No one likes to feel they’re stuck in a position with no forward advancement. Employees will be more likely to stay and will feel more satisfied when you invest in their continued education and training.
Additionally, you’ll be able to promote internally, save on overhead costs in the future, increase the value of your employees, and give your company a competitive advantage by ensuring your team is up to date with industry trends and best practices.
In the World Economic Forum’s The Future of Jobs 2020 Report, it is predicted that about half of the world’s workforce will require reskilling and retraining by 2025 in order to adapt to technological advancement.
Investing into professional and personal development opportunities for your employees is a win-win situation.
As company culture changes, the way companies are structured and operated will need to change as well. However, the trends mentioned above will provide guidance to what you can do to adapt to the changing conditions of attracting and retaining talent!
If you’re looking to establish a tech talent pipeline for your company, feel free to contact our team! 🙌