How can you attract and retain employees in such a competitive market? It starts with realizing that many people want their employer to be a positive force in my life. Not only morally but also in tangible ways. Employers who invest in their well-being, reflect their values and help them thrive in mind, body, and meaningful impact are what people want. What can employers do to help employees succeed?
Improve your mental health and well-being.
As we face a global pandemic and societal polarization and the devastating consequences of racism and systemic prejudice, well-being and mental support will be a crucial business priority in 2020. McKinsey & Company discovered that “96% of companies worldwide provided additional mental-health resources for employees” in 2020. However, only one in six employees felt supported. The stakes were even higher in 2024, as more people lost their jobs, were stressed out, and burnout increased.
One key finding of a recent study was that knowledge workers and employees expect companies to put mental well-being first. 9/10 of knowledge workers surveyed stated that employee mental health is essential to them. More than half (55%) said they are crucial.
We must help employees get the mental health support they need. Leaders must be more compassionate and understanding. With new tools, benefits, and transparent policies, leaders can identify struggling employees, engage in discussions, listen, and guide them to resources. Leaders and people managers can help balance work and set reasonable expectations to ensure that people’s health is not compromised.
Prioritize values that are important to employees.
People are also more concerned about the alignment of values–another trend that has only grown stronger since the pandemic. While 8 out of 10 knowledge workers agreed that company values should be aligned with their importance in our survey, only half claimed they do. More than half of employees feel strongly that company values should mirror their own. Only 1 in 4 employees are willing to accept a job offer if they disagree.
These findings have important implications for the Great Resignation. During the economic crisis, millions of people lost their jobs. There is no end in sight. Business leaders must be mindful of the essential value issues to reduce their impact. Gartner’s survey revealed that 65% of respondents said they would like to work in organizations with strong social and environmental consciences. This includes making statements and taking action on social and political issues they care about. Leaders must rethink their priorities to make the business a force for good for “me.”
Flexibility is key. Also, invest in the development of managers and employees.
Although employee mental health and well being topped the list of important factors for employees’ overall experience, knowledge workers we interviewed also highlighted flexibility in where employees work (79%), management capabilities (79%), learning and career development (75%), as key to keeping employees motivated, happy and engaged.
The desire for more flexibility is reflected in a new Bankrate report, in which some 55% of employees say that the ability to work from home or have a more flexible schedule is more important to them now than before the pandemic–surprisingly even higher than the 52% of respondents who cited higher pay as being more important now than before.
It’s also clear that employees are looking for career advancement and learning opportunities. Gallup/Amazon asked 57% of respondents if they were interested in learning new skills and advancing their careers. Download required a Strong majority of people who took part in upskilling programs reported greater satisfaction with their jobs and a higher standard of living.
Great managers are crucial to stopping the Great Resignation. Gallup’s report on workplace learnings in 2024 noted that most employees would not be lured away by managers who have engaged them. It takes very little to attract disengaged workers. Gallup stated that “high-quality managers who support and inspire their employees are an effective barrier to retaining their most skilled workers.”
It is incredible that employees’ issues, and knowledge workers, in particular, are essential. They directly affect their well-being, values, and overall experience at work. These are the core reasons people stay and why they leave. These factors are crucial to business leaders’ success in the continuing and unprecedented battle for talent.
