We all know that money makes the world turn, but what lengths are you willing to go to make more than the next person? Recent studies have shown a shift in employee perspectives, and that people care more about the work environment and what they are doing than how much they are making.
According to surveys by the ASA, 42% of respondents said they have left a job due to a stressful work environment, and of those people, 61% have said that workplace stress has been the cause of an illness. Consequently, HR organizations are projected to move from cost reduction towards employee retention and engagement. People want to work within a company culture where they mesh well, and to do work that is rewarding and generally meaningful. As one HR manager from Deloitte recently put it, “employees are no longer looking for a career; they’re looking for an experience.”
The top rated experiences employees attribute to why they stay with their jobs may be somewhat shocking because these aspects have absolutely nothing to do with finances, but completely encompass the humanistic qualities of a company. The American Psychological Association, (ASA) reports that the top reasons for employee retention are:
• Enjoyable work
• Fits in well with other aspects of life/work-life balance
• Connection to the organization/company
This communicates the notion that people care most about being happy and enjoying their lives, including their work lives. One thing that is extremely interesting is the high correlation between job retention and connection to the company. This outweighs the importance of benefits, which should be interesting to HR professionals, because it solidifies the notion that engaging employees and connecting with them is one of the best ways to keep people from leaving.
This important aspect will cause managers to step back and evaluate management practices, employee recognition tactics, and engagement opportunities to gain feedback regarding the company culture. The bottom line is that people seem to be willing to take a pay cut in order to do what they want and be content with their career. Monster.com recently put out a statistic that 57% of the workforce plans to look for a new job this year, with the number one reported complaint being a lack of balance between work and personal life. Regardless of whether or not you like what you do, we all have other personal obligations outside of work, and society seems to be suggesting that employers acknowledge this. If employees aren’t happy, chances are that their output won’t be as high quality, so it would be advantageous to everyone to compromise, creating a pleasant work environment. We at Invero agree with this, but what are your thoughts? Would you rather make more at a company where you aren’t happy or would you take the pay cut in order to work in an employee focused work environment?