One of the most popular topics on the minds of modern management is employee engagement and happiness. Numerous studies and research have been undertaken and shown that there is low employee engagement across the world. What does low employee engagement mean and how does this effect any business enterprise?
Low employee engagement can lead to and has a direct effect on productivity, waited resources, and most of all create a toxic environment that noineividual want to be part of or contribute to. It is for this reason that it is crucial for all managers to have a better understanding of what their employees want and what they value in their jobs.
So what do employees need, want and care about when it comes to their jobs?
One survey done by Tinypulse in 2013 revealed that most employees had transparency on the top of their list when it came to employee engagement.
A SAP survey came to the conclusion that compensation was most that mattered to employees.
There have been numerous studies done to ascertain what employees want out of their jobs and what they value most. A recent study done by Boston Consulting Group, one of the most comprehensive, found that the most important factor for employee happiness on the job is the feeling of appreciation for the work they are doing.
The top 10 factors are:
- Appreciation for your work
- Good relationships with colleagues
- Good work-life balance
- Good relationships with superiors
- Company’s financial stability
- Learning and career development
- Job security
- Attractive fixed salary
- Interesting job content
- Company values
In the survey, the Boston Consulting Group separated their 26 factors into several categories and the results showed that the top factors were “work environment” or “job content and opportunities.” What is interesting that came out of this study, contrary to many other studies undertaken previously which revealed that compensation as the #1 factor for employee happiness, the Boston Consulting Group placed this factor at #8. What this reveals, gone are the days where you can pay an employee large sum of money, treat them badly, and then expect them to do their jobs given the high salary.
Globally, there is a shift in the balance of power from the organization towards the employees. Today, there are numerous choices and opportunities for individuals to evaluate when seeking to make a living. Instead of working for big corporate, individuals can now do, for example, choose to join a small growing startup, become a freelancer, drive for Uber, create their own product and sell it on Easy, Amazon, or Ebay.
The reality of the current work environment is that cash is no longer the #1 factor to attract employees to a company. It is time for all organization to re-evaluate the way they treat their employees and ways to create a more desirable and engaging place to work.