The State of Organizations 2023 - Flipbook - Page 18
The lesson here? Even if a company is offering, say,
more flexible working time or is reconsidering its pay
packages, its inaction in other important relational
areas may be creating a lopsided employee experience.
Finding the right formula
Regardless of whether the rate of worker attrition
speeds up, slows down, or finds its equilibrium,
organizations need to heed the lessons from this
unprecedented shift in the labor market and remain
focused on creating tailored employee experiences.
Organizations can only unlock talent as a competitive
advantage if they can better understand what
different cohorts of employees want and need.
One size doesn’t fit all
Gone are the days when simply focusing on
compensation, job title, and financial security was
enough to keep most of a workforce satisfied.
Leaders need to identify the discrete workforce
segments (traditional workers, nontraditional
employees, working parents, early-stage
employees, late-stage employees, and so on)
in their organizations and tailor employee value
propositions that are specific to those groups. It isn’t
about giving people money or work–life balance or
purpose; it’s about providing any or all those things
in the proportion that’s best suited to a particular
segment. Indeed, 40 percent of respondents in
the State of Organizations Survey we asked about
the topic say their companies are attempting to
improve employees’ experiences by meeting their
individualized needs (Exhibit 12).
The answer may come from bottom up
To improve workforce retention, some employers
are cocreating employee value propositions
with their workers. Some of the most striking
innovations in this regard have come from business
leaders who understand that employees’ mood
and morale directly affect customers’ experiences
and, hence, the top and bottom lines. One example
is a trucking company whose drivers were leaving
in large numbers because they were unhappy
about working at inconvenient hours. The company
changed tack, making customers pay more for
overnight delivery, and turnover among drivers
decreased significantly.
Exhibit 11
Respondents point to work–life balance and compensation as critical
elements of the employee experience.
Factors affecting employee experience, employee retention, and new-talent attraction,
% of respondents (n = 697)¹
50
Good work–life balance
Adequate total compensation package
49
Career development and advancement potential
36
Work-model flexibility (eg, remote work,
part-time model, flexible working time)
Sustainable performance expectations
16
Employee health and well-being support
16
Meaningful work (eg, social-sector cause, purpose)
16
Reliable and supportive colleagues
1
24
32
15
Exhibit
Exhibit
12
of
To attract and retain employees, companies can consider individualized needs.
Measures implemented to create a better employee experience, % of respondents (n = 697)¹
40
36
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