What Do Employees Want From Their Employer? [11 Things]
Employers are struggling to retain and hire employees. One study shows that 82% of employees are considering a job change within the next 12 months. Instead of being a competitive job market, it’s a competitive talent market, and employees have more freedom to choose their employer.
Businesses are starting to see the damage caused by this change. Employee turnover affects many aspects of a company, including revenue, customer service, productivity, and more. In the past five years, employee turnover has cost $223 billion.
If employers want to avoid the consequences of turnover and hire the best talent, they need to be willing to dig deep and ask the tough question: What do employees want from their employer?
Keep reading to learn 11 of the most influential factors people consider when deciding where to work.
11 Things Employees Want from Their Employers
Here are 11 definitive answers to what employees are looking for in employers.
1. A Focus on Well-Being
COVID-19 has changed people’s perspective regarding their health. Well-being, as currently defined by employees, is not just physical health but mental health as well. In fact, 67% of employees think employers should provide mental health support, and 63% feel that preventive mental health care is as important as preventative physical care.
People want to know that companies care about employees as individuals and not just as tools.
Different ways to invest in the well-being of employees include mental health benefits, discussing and preventing burnout, and ensuring employees feel like they’re making a difference in the company.
2. Better Benefits
Benefits have always been important. But with the high competition to acquire talent, people are demanding more than basic health insurance and a 401(k).
When looking at potential employers, 73% of employees say health and wellness offerings influence whether they join the company.
Popular benefit trends include:
Better mental health resources
Financial wellness resources
Improved parental leave for both parents
Increased paid time off
3. Career Growth Opportunities
People always want to improve, whether it’s in their personal or professional lives. Employees tend to feel stifled when a company doesn’t offer growth opportunities. When employees feel stifled, they start seeking other options. As of 2019, 44% of employees believed they didn’t have enough opportunities for professional growth in their current positions.
Employers must invest in learning development initiatives so employees can gain new skills. In addition to retention rates, this investment pays off in the ability to promote internally instead of bringing in outsiders.
4. Corporate Social Responsibility
People are beginning to evaluate current and potential employer values and contributions to society. When searching for jobs, 79% of people research a company’s mission and purpose before applying.
Corporate social responsibility (CSR) is a newer trend in the corporate world that focuses on a company’s commitment to improving society. People seek socially conscious companies to feel better about their contribution to the world—which leads to higher morale and a sense of fulfillment.
CSR can mean partnering with or donating to social justice causes or creating sustainability policies. Choosing something appropriate for your company is crucial—an inauthentic CSR initiative can do as much damage as not having any at all.
5. Fair Compensation
Adequate compensation is what employees really want, but conversations about it have always been a struggle between employees and employers. The fierce competition for talent has further exacerbated the problem—three out of four employees plan to leave their jobs due to compensation and benefits.
6. Flexible Work Schedules
Flexible working doesn’t just mean working from home, though employees now expect that option—97% of employees want to work remotely at least part-time for the rest of their careers.
A flexible work schedule means choosing the location and times one can work. Employers must let go of the idea that if they give this freedom, employees won’t work at all and instead embrace the benefits of flexible work schedules.
7. Improved DEI Initiatives
Diversity, Equity, and Inclusion (DEI) initiatives are essential for the future of every company. In 2019, 79% of employees wouldn’t accept a job with a higher salary if the company failed to do something about an employee involved with sexual harassment.
Additional behaviors that potential/current employees won’t tolerate are:
Using customer data without consent (76%)
Creating environmental problems (72%)
Paying minority and female employees less (71%)
It’s easy to forget employee contributions in the busy everyday operations of keeping a business afloat. Still, now more than ever, employers must take time to acknowledge employees who go above and beyond.
Only 25% of employees feel highly valued at their company. Something as simple as a genuine “thank you” can have lasting positive effects. When employees feel appreciated, they’re more loyal and productive and have higher morale.
9. Recurring Performance Evaluations
Employees want to know how they’re performing at work, and waiting until they make a mistake to do a performance evaluation can leave them with a negative mindset. Instead, employers should schedule monthly or quarterly performance reviews so employees get consistent updates and can ask their managers questions about their position.
More than half of employees stay with a company that encourages feedback and learning. Performance evaluations are also a prime opportunity to recognize an employee’s hard work.
Everyone wants to be respected, but there still seems to be a divide between employees and employers/managers. For 58% of employees who quit a job, their manager was the main reason they left.
Simply put, employees want to be treated as humans. Employers must ensure the workplace has a culture of respect regardless of a person’s position.
11. Work-Life Balance
Thanks to the flexibility of remote work, employees have thought more about work-life balance and its importance. This balance is part of the reason employees want to continue having flexible schedules. Work-life balance is very important to 61% of employees.
Other ways for companies to help create a better work-life balance are to provide employees with more paid time off, better parental leave policies, and offer burnout management resources.
Davinci Can Offer You and Your Employees More Flexibility
Employers looking to provide flexible work options for both in-person and remote employees should partner with Davinci. Davinci has a variety of meeting and coworking spaces for you and your employees.
With thousands of locations to choose from, you can meet your employees where they are regarding their schedules, meeting them for evaluations, a shared workspace, or other needs unique to your business.
Contact Davinci today to reserve your space.