While you may know what you expect of your employees, do you also know what your employees want from you?
Your employees have letter of expectation about how you and your leaders should behave. If they are not satisfied, they will look elsewhere for work. The cost of turnover can range from 16 to 213% of an employee's annual income. Now is the time to review your company's practices and see if you are living up to your employees.
Modern businesses must meet employee expectations.
To increase employee engagement and retain employees at your company, you must get to know your employees and learn the best business practices to address them. Although individual employees might not be open about their expectations, many studies have revealed what employees want in modern business.
In 2023, adaptability is key to business success. Find out everything you need to create more resilient and engaged teams.
Let's start with what is already known:
Employees expect respect and fair pay in today's business environment. They also want to feel safe and secure at work. They expect respect and dignity from all employees. This is according to SHRM's Employee Satisfaction Report.
According to SHRM, the five top contributors to job satisfaction are:
- Respectful treatment at all levels of employees
- Overall compensation/pay
- Employees and senior managers can trust each other
- Security of employment
- Opportunities to utilize your skills and talents in your job
This list shows that employees value respect over job security, pay, and benefits. SHRM reports that this trend has continued every year since 2014. 72% of female employees agree, while 57% of male employees agree. This indicates that respect for all employees is important to job satisfaction.
Employee satisfaction is directly related to the ability to utilize their talents and skills in work. What if they were given opportunities to grow their skills within your company?
A recent Bonusly poll revealed that many respondents cited career advancement as a key driver of employee engagement.
People will leave if you fail to live up to their expectations. This is especially true if your company culture is not what they want. In the Bonusly survey, almost half of the respondents said their boss was underappreciated.
You might be surprised by the last turnover statistic. Check out the complete list of surprising employee retention statistics.
What other expectations do your employees have?
Today's employees seek meaningful work and companies offering a healthy work/life balance. Modern employees expect positive company cultures and mentorship. Let's take a look at each one to find out more.
Scope Today’s employees demand more than just a paycheck. According to a poll, 57% of younger Americans stated that they want to be part of something that is enjoyable or makes a difference in society. This shows that fulfilment is key to employee happiness.
Even if you don't work for an organization with a strong vision, it is worth communicating your short- and long-term business goals. Your employees will feel more purposeful and fulfilled when they are reminded of your goals' positive impact on their coworkers, end-users, and other stakeholders.
The purpose is closely tied to culture, often immediately apparent within a company. Culture is the company's personality and greatly impacts an organization.
Why is it that employees today value culture at work so highly? They want to feel connected and be part of something bigger than themselves. These shared goals can help you feel connected and secure.
A great onboarding procedure is not something you can have, but it's a must. BambooHR interviewed more than 1,000 Americans who were currently employed. Nearly a third indicated that they had left their job within the last six months.
Why do people leave so quickly? A poor onboarding experience.
The first few days of an employee's stay at a company are a powerful indicator of the future. Onboarding experiences are what employees see, hear and do during work hours. They can confirm or discredit new hires' impressions during the hiring process. Employees who feel misled during their interview can severely impact their productivity and engagement or even force them to quit.
Opportunities for growth
Employees who feel disenfranchised in their professional growth are three times more likely to search for a new job.
Modern employees look up, and 59% believe that opportunities to learn and grow in their job search are very important. It was ranked among the top three most important job attributes for younger workers, which separates them from older generations.
This is a critical area for many companies, as only 39% say they have learned something in the last 30 days that they can apply to their jobs. Companies that offer career development and training opportunities can retain and engage employees and give them a competitive advantage.
Please take this as an example: 40% of employees who don't rate their supervisor's performance highly interviewed for a job in the past three months. Only 10% of those who rate their supervisor highly interview for a new position. Your manager can ruin your employees' experience at work. Every leader in your company must continue to improve their management skills to keep them happy.
A company's culture is also affected by strong leadership. Employees won't believe in the company's mission if leaders don't live up to company values and beliefs. Leaders must talk the talk and walk the walk to influence their employees.
Mentorship and guidance are great, but employees want control over their work. Employees want to control when, where and how they do their work. Micromanaging is not something that people like. It indicates trustlessness.
You can show your employees that you trust them by not micromanaging them and allowing them to do their job independently. This is the second most important expectation employees have about their employers, according to SHRM. You can also recognize the outstanding work of your employees by giving them more autonomy.
Recognizing employees is a key component in keeping and engaging them. It's a simple and low-overhead interaction that is often overlooked. It costs nothing and takes only a few seconds to say "thanks."
Implementing a peer recognition program can reduce the cost of recognition. Instead of depending on a handful of people to see, acknowledge, and reward each employee's valuable contributions, empower everyone within your organization to recognize one another. Peer recognition has the added benefit of fulfilling modern employees' autonomy expectations, allowing them to express their values and expectations through the praises they give each other.