Around half of satisfied employees worldwide report being open to new opportunities, with many actively searching for new roles, according to a new study.
Yet companies are underestimating this threat; and instead choosing to focus on addressing their disengaged or disgruntled groups, confirmed the study from communications agency Zeno Group. The report, A New Mindset at Work: The Evolving Workplace in 2021, found a particularly worrisome challenge for management – employee retention.
The data revealed the potential for employee turnover even among satisfied, contented employees. What employees appear to want most – and what would keep them in their jobs – are opportunities to grow and advance. Employees who do not see future growth in their roles are ready and willing to seek it elsewhere.
KEY FINDINGS
The survey of 4,000 staff across the US, UK, France and China revealed that:
- 48% of satisfied employees report being open to new opportunities.
- 21% say their employers do not recognise how many employees are looking elsewhere.
- 27% of employed workers are actively looking for new opportunities.
- 72% do not want their work environment to return to how it was before the pandemic.
- 70% or more want to work remotely several days per week.
- 73% say the ability to move within the company would inspire loyalty to their employer.
- 54% of all employees believe that now is the time for a company to consider making major changes for their employees.
WAKE UP CALL FOR EMPLOYERS
With employees clearly expecting change in the workplace, “now is the time for company leadership to demonstrate that they are aware and listening”. Employers should not wait for business pressures to ease, noted the study. They should engage with employees now to evaluate and align on the expectations of their workforce for the future.
“Our findings should be a wake-up call for employers,” stated Mark Shadle, Zeno’s Managing Director of Global Corporate Affairs. “Employees have redefined what they expect of their employers; the opportunity to move up, move ahead and achieve a bright future for themselves and their families. Leaders risk losing top talent if they don’t take a hard look at the opportunities they provide for meaningful work and growth; as well as their workplace practices, such as flexible work arrangements.”
EMPLOYEE EXPECTATIONS
Beyond hybrid work and flexibility, which are seen as permanent expectations for the new workplace, the study reveals new brand imperatives for companies to retain employees. Professional growth and career mobility rank high among employees’ expectations, according to the study. Respondents in the US said interesting work (79%), opportunities to grow (78%) and the ability to move within the company (73%) ranks high among their expectations for workplace loyalty. In all markets, workers were most satisfied with the safety and security they feel on the job. However, they were most dissatisfied with job growth/opportunities (outside their current employer).
DIVERSITY, EQUITY & INCLUSION
Employers are also not meeting employees’ diversity, equity and inclusion (DE&I) expectations, the study found.
DE&I is a top concern for most employees across all markets when evaluating a potential employer. In the US, 73% identified DE&I as “extremely” or “very” important to employment decisions. In every market, a double-digit gap exists between the percentage of employees who view DE&I as important and those who believe their employer performs strongly in the area.
DE&I and company purpose are deeply intertwined. In the US, UK and China, nearly 50% of employees consider having a diverse workforce and inclusive company culture one of the most important elements of a purposeful company; trailing only proper treatment of employees in that category.
GENERATIONAL DIFFERENCES
Across generations, millennials reported they are far happier with their jobs and ‘work life’ than any other generation in the US. In fact, they are 21 points higher than respondents 55 years and up. While in China the opposite is true; 69% of people 55+ rated “work life” highly, compared to 47% of Gen Z respondents.
The study also shows how employees’ values are shifting and how these changes shape their views on the workplace. Out of 37 values, “power” was one of the top three declining values in the US, UK and China. Instead, people chose “protecting the family” as one of the top values in all four markets (rated number 1 in the US, UK and France; and number 4 in China).
VALUES MATTER
Values are shaping the new mindset. While employees continue to say that work is an important part of their identity (71%), protecting the family, enjoying life, and health and wellness are the top rising values. By contrast, the top declining values are power, status and adventure, noted the study. Family time matters too, revealed the survey. Respondents across all markets wish they spent more time offline with their family; 75% in the US, 77% in the UK, 79% in France and 95% in China.
A strong company purpose is important, but something that is lacking according to employees. In all markets, employees were more likely to work at a company that operates with a clear and strong purpose. Across all regions, over 70% of employees say they would perform better at their jobs if they had a clear understanding of their company’s mission and values; a 21-point increase from a 2015 Zeno Group study.
STRONG SOCIAL PURPOSE
Additionally, more than 80% of employees reported they would be more likely to work at a company that lives by a clear and strong purpose; yet only around 50% of respondents felt their current company had one. Among US Gen Z respondents, 76% would be willing to accept a job earning less money if it was for an employer that shared their personal values and had a strong social purpose.
Zeno’s study of thousands of workers in four markets – the US, UK, France and China – explores the changing relationship between employees and employers. The study considered employees’ expectations for the return to the office; their attitudes toward workplace mobility; and the importance of factors such as purpose, diversity, advancement and work-life balance through the lens of geographic regions and generations. Click here to download the study.
According to a recent study, younger generations, particularly millennials are prepared to quit their jobs if employers fail to provide equity, transparency, flexibility and purpose. Click here to read more.
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