Cheryl Fields Tyler is CEO of Blue Beyond Consulting, building effective organizations where both the business and the people thrive.
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This article is the second in a series that explores business as a force for good in all its dimensions.
What are the keys to attracting and retaining employees in this incredibly competitive talent market? I think it starts with understanding that many people want their employer to be a force for good for me—not only in a moral sense but in ways that are tangible and real to them in their daily life. People are looking for employers who actively invest in their well-being, reflect their values and help them flourish in mind, body and meaningful impact. So, what can employers do?
Elevate mental health and well-being.
In 2020, well-being and mental health support became a true business imperative as we faced a global pandemic, societal polarization and the tragic ongoing consequences of systemic prejudice and racism. In 2020, McKinsey & Company found “96 percent of companies globally provided additional mental-health resources to employees, but only one in six employees reported feeling supported.” The stakes rose even higher in 2021 as workplace shortages, stress, burnout and challenges mounted, including heightened urgency around its convergence with diversity, equity and inclusion.
A key finding from a recent study we conducted is that employees—and knowledge workers, in particular—expect companies to prioritize not only their physical and social well-being but especially their mental well-being. In fact, 9 out of 10 knowledge workers we surveyed said employee mental health and well-being are important to them, with more than half (55%) saying they are very important.
If we are to provide the mental health support that employees clearly need, we must train leaders to demonstrate greater empathy and understanding with teams, backed with new tools, benefits and clear policies, so they can identify employees having difficulty, engage in conversations, listen supportively and guide them to helpful resources. Leaders and people managers can also help teams balance workloads and set reasonable expectations so delivering results does not come at the expense of people’s health.
Prioritize the values that matter to employees.
People also increasingly care about values alignment—another “for me” trend that only grew stronger with the pandemic. While 8 in 10 knowledge workers taking part in our survey agreed that company values should align with their personal values, just over half said they actually do align. Employees feel so strongly about company values mirroring their own that more than half (52%) say they would quit their job, and only 1 in 4 are likely to accept a job if values are not in alignment.
These findings have major ramifications for the Great Resignation, which has seen millions of workers quit their jobs during the pandemic economy—and no end is in sight. If business leaders are to mitigate its impact, they must pay close attention to the values-related issues that matter most. A Gartner survey found that 65% of respondents “report they would like to work for organizations with a strong social and environmental conscience, which includes making statements about and taking action on the social and political issues they care about.” Business being a force for good “for me” requires leaders to rethink their priorities and take real action on values-related issues.
Provide flexibility, and invest in manager capabilities and people development.
While employee mental health and well-being easily topped the list of factors important to employees’ overall experience, the knowledge workers we surveyed also identified flexibility on where and when employees work (79%), manager capabilities (79%), and learning and career development (75%) as essential to keep employees happy, motivated 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.
Additionally, it’s clear that learning opportunities and career advancement are now sought-after employee benefits. Asked if they are interested in learning new skills or upgrading their skills to advance their careers, 57% of survey respondents told Gallup/Amazon (download required) they are “extremely” or “very” interested in doing so. Additionally, strong majorities of those who participated in upskilling programs report greater satisfaction with their jobs and an increased standard of living.
Great managers are also key in putting a stop to the Great Resignation. In its report on 2021 learnings about the workplace, Gallup noted that it takes more than a 20% pay raise to lure most employees away from managers who engage them and next to nothing to poach most disengaged workers. In other words, the report said, “high-quality managers who inspire and support their teams are an effective moat of protection for retaining their most talented workers.”
It’s remarkable that the issues of utmost importance to employees—and knowledge workers in particular—speak very directly to their well-being, their values and their overall employment experience. They are core elements as to why people are staying, and why they are leaving. Understanding—and acting on—these factors can give business leaders a considerable advantage in the ongoing and unprecedented war for talent.
Next up in the business-as-a-force-for-good series: What does it mean for business to be a force for good for “us” as an organization—and why is an effective company culture so important not only for employee retention but also for both the business and the people to thrive?
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