In the midst of the big resignation, benefits and compensation are no longer enough
NEW YORK, 20 October 2021 / PRNewswire / – While competitive compensation and generous benefits are key to employee satisfaction and retention, a new global study by management consulting firm Weber Shandwick United Minds and KRC Research reveals that the ability making a meaningful contribution to work is just as important. Double The contribution effect, the study finds that while employees want to retain the agency and flexibility they gained during the pandemic, feeling valued and motivated for their contributions are two of the top three predictors of retention and satisfaction today (the main predictor being to work in a positive environment).
âGiven our new ‘normal workplace’, we set out to assess the key drivers of employee satisfaction, retention and advocacy in the context of the unprecedented war for talent. We spoke to nearly 2,800 office, frontline, and trade / manufacturing workers in seven countries, and found that in this diverse sample, strong employee experience relies on opportunities for workers to perform meaningful work. and fulfilling, âsaid Kate bullinger, CEO, United Minds.
The contribution effect and employee retention
While flexible working and innovative perks dominate the conversation about how to retain talent as companies go through the Great Resignation, it’s not the only discussion companies should be having.
âOur research shows that employees want a fair deal. They want an inclusive and safe culture. And they want agencies to do their jobs on their terms. However, often the missing link in building a workforce Loyal and Successful is about empowering people to work. that enriches their lives. Now is the time for companies to reimagine their employee experience for a very different employee-employer relationship in the future, “said Bullinger.
In The contribution effect, United Minds looked at the Employee (EX) experience from two perspectives: stated importance and derived importance. Stated Importance is about what employees say is most important to them in an ideal job – which is top of the list and often discussed at the bargaining table. Derived importance goes under the hood using correlation analysis to understand how well each of the 79 factors determines what Actually stimulates satisfaction, advocacy and retention.
By evaluating EXs in this way, four key findings emerged, which collectively form a comprehensive picture of the mutual contributions necessary to shape a top-notch employee experience. In addition, they provide a roadmap for executives who want to grow and improve their employee experience.
Pillar 1 – What is not negotiable: Fairness and security
Employees expect to be treated fairly, to feel supported, safe and included, regardless of their role or experience. Pay equity and job security are not just about pay equity and job security. Yet there is a troubling threat to fairness. Research shows that 1 in 3 employees report experiencing unfair treatment, including discrimination and harassment in the workplace – and unfair treatment is the biggest negative influence on EXs. Topping the list of those reporting unfair treatment are non-white people, aged 18-34, and cultural / religious minorities – the main reasons being age (35%) and gender (22%).
Pillar 2 – What I donate: Employee contributions are as important as company benefits
Feeling valued for useful contributions is a good predictor of employee satisfaction, which means defining this factor is particularly important. Simply put, people want to do a good job and in return, be recognized for it.
Among the results, 70 percent of employees who say they feel motivated are also satisfied with their work, compared to 6 percent who are not. Yet three in 10 employees (30%) are not motivated to do their best.
Pillar 3 – What I get: Employees appreciate the agency and balance
The ability to work remotely is not among the factors that actually boost retention (# 58 of 79 factors). What comes first is work / life balance (# 5), indicating that flexibility is important, but only as a driver of true balance.
âWhat matters in the long term is what flexibility at work symbolizes. Giving people the autonomy to self-manage demonstrates trust and confidence – and this reflects a willingness to listen and meet employees where they are, âsaid Ben Kalevich, Executive Vice President, United Minds.
Pillar 4 – What We Create Together: Employees Seek Meaningful Pleasure
Having a positive work environment and a pleasant workplace rank first and fourth, respectively, of the 79 factors determining derived satisfaction. Specifically, employees who view their work environment as positive are more than 7 times more likely to stay, while employees who have fun at work are more than 5 times more likely to perceive their organization as one of the best. .
In this case, fun and positivity is about immersing people in solving original, difficult, and important problems. It’s about creating a deeper affinity with peers and, ultimately, with the employer.
The contribution quotient scores the organizational EX, shows that leaders are doing better than others
To gauge how well an organization delivers a superior employee experience, United Minds and KRC Research created a Contribution Quotient (CQ) score that analyzes the performance of the above four pillars to assign an overall score. The higher the QC, the more likely an organization’s employees are to stay, stand up for the business, and feel satisfied.
The average QC across the study organizations is 72 (out of 100), with only 17 percent of the dataset achieving an âexcellentâ score of 90 QC or more.
Leaders fare better than individual contributors, with a 76 CQ versus 70 CQ, respectively. From an industry perspective, professional services outperform all others at 75 CQ.
Harassment and discrimination create the greatest divergence, with a reduction in CQs of 16 points from those treated unfairly versus those treated fairly.
United Minds Launches Nexus Model and Employee Survey
Aligned with the main findings of The contribution effect, United Minds has developed a universal and predictive EX model – nexus – that can predict more than 50 percent of an employee’s experience, regardless of geography, job type or level. Using the Nexus diagnostic, United Minds can either run a 10-minute employee survey or work with customer data to compare their EX performance to benchmark data.
United Minds’ employee experience, culture and engagement advisors use tools like Nexus to advise dozens of Fortune 500 companies and other large organizations on best practices for building workforce.
âOur one-of-a-kind predictive model provides a framework for any organization to better understand the impact of their current EX on retention and advocacy, and how it can be improved,â said Kalevitch.
For more information on the model or research, visit https://unitedmindsglobal.com/nexus/
About United Minds
United Minds is a management consulting firm specializing in transformation. Drawing on a wide range of specialists, the company helps organizations bring about positive and lasting change by combining data-driven strategy and creative communication solutions, involving stakeholders every step of the way. For more information visit www.unitedmindsglobal.com
About Weber Shandwick
Weber Shandwick is a leading global communications network delivering next-generation solutions to brands, businesses and organizations in major markets around the world. Led by world-class strategic and creative thinkers and activators, we’ve won some of the industry’s most prestigious awards. Weber Shandwick was appointed to Ad age Agency A-List in 2020 and Best Places to Work in 2019. Weber Shandwick was also honored as To provoke World Agency of the Decade in 2020 and PRWeek’s Global Agency of the Year in 2015, 2016, 2017 and 2018. The company won over 135 Lions at the Cannes Lions International Festival of Creativity. Data-driven, with insights at heart, the agency deploys cutting-edge and emerging technologies to inform strategy, develop critical insights and increase impact across all industries and specialty areas, including marketing from brand and B2B, health marketing, change management, employee engagement, corporate reputation, crisis management, data and analytics, technology, public affairs, social impact and financial communications. Weber Shandwick is part of the Interpublic Group (NYSE: IPG). For more information visithttp://www.webershandwick.com
About KRC Research
KRC Research is a global, non-partisan opinion research consultancy that turns data into intelligence to help our clients meet challenges. A unit of the Interpublic Group of Companies (NYSE:IPG), KRC Research delivers the quality and personalized service of a small business with the reach of a global organization. Comprised of multidisciplinary research professionals, strategists and investigators, KRC has worked for more than 30 years to provide information to businesses, governments, non-profit organizations and the communications companies that represent them. Our subject matter experts have extensive experience in research methods applied to communications, public health and marketing campaigns, company and brand reputation, and consumer, stakeholder engagement. and employees. For more information visitwww.krcresearch.com
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