The most recent data suggest a continued disconnect between employers and employees regarding the effectiveness of various employee retention tactics such as financial compensation, benefits and work/life balance programs. Three-quarters of employees surveyed view healthcare benefits (78 percent) and compensation (75 percent) as most crucial to retaining them. The data further illustrate only 34 percent and 26 percent respectively are currently satisfied with these components of their job.
The Study also shows that 29 percent of workers say their company has put less effort into retaining employees and only 13 percent have put in more effort to keep them on the job.
"Our Study indicates some very troubling trends in the employee-employer relationship," says Roy Krause, Spherion(R) president and CEO. "The workforce is largely dissatisfied with their employers' efforts on the factors they feel are most important to them and will keep them in their current jobs."
Krause continued, "It is imperative employers not only understand, but adapt accordingly to their employees' evolving needs and attitudes toward work if they intend to maintain current talent levels through skill shortages. While employees are definitely redefining their idea of 'career success' and putting a premium on things like work/life balance programs, providing comprehensive benefits, commensurate financial compensation and a secure work environment that fosters creativity and participation will always be critical to long-term employee retention."
To help employers better understand evolving workplace values and what fosters company loyalty and productivity among employees, the 2007 Spherion(R) Emerging Workforce Study(R) tracks a decade of changing attitudes and trends and offers further insight into what the contemporary self-reliant and highly confident emergent worker is looking for in terms of personal and professional development.
Professionally, nearly every worker surveyed preferred jobs allowing them to think creatively (96 percent) and required an innovative approach to tasks (91 percent). Personally, employees say the most attractive workplaces are those that help them meet family obligations through the use of flex-time, job sharing, telecommuting and other work/life balance programs. In a change from previous Studies, a growing number of workers now state that job stability and security are important facets of an attractive work environment. Sixty-four (64) percent of all workers say their level of commitment to their employer is based on the promise of long-term job security.
"Our new data point to a renewed desire for security and stability among workers today which is most likely a result of continued economic and political uncertainty," concluded Krause. "While some factors regarding job security are certainly out of any employer's control, it is crucial to engage employees on a regular basis and solicit their feedback on their personal job satisfaction and work environment. This will not only help retain crucial talent, but help make them more productive and loyal as well."
Additional Results from the 2007 Spherion Emerging Workforce Study:
- Only 13 percent of employers are doing more to retain workers, while 29 percent are actually doing less - according to employees.
- 62 percent of workers say they have confidence in making a living outside of the traditional/corporate work structure and becoming a contractor, free agent or contingent worker - an increase of eight percentage points from 2003.
- Growth and earnings potential is an extremely/very important retention factor to 68 percent of workers, but only 24 percent of workers are satisfied with their current growth and earnings potential.
- Compensation is the second most important retention factor for workers (75 percent say it is an extremely or very important), but only 26 percent are satisfied with their current level of compensation and 60 percent of workers don't believe they are paid what they are worth.
- Time and flexibility are extremely/very important to 65 percent of all workers, but only 37 percent say they are satisfied with their time and flexibility.
- Three in 10 (31 percent) of workers plan to look for a new job in the next year.
- 61 percent of workers plan to work until they are 65 or older.
- 37 percent of workers say they don't have the training needed to meet their career goals.
