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Why companies don’t seem to get what employees really want

  • November 8, 2021
    Why companies don’t seem to get what employees really want

    By January next year, workplace regulations should ease and people should be able to return to physical offices.

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    But what has happened over the last one and a half years will mean that when companies examine and recalibrate a new work model, they may find things will never get back to business as usual.

    Our research at EngageRocket found that workforce resilience levels - the employees’ confidence in their company’s future - have dipped between 2020 and 2021 by 17 per cent. Research by Microsoft shows that over four in 10 employees worldwide will consider quitting in 2022.

    The reasons behind this trend are complex and cannot be addressed by raising wages or enhancing benefits alone. While compensation remains a determining factor for joining a company, the reasons for staying are much more profound and rooted in human psychology and the fulfilment of fundamental human needs.

    On the surface, one would expect that employees would hold onto their current roles during a period of economic turmoil.

    However, global labour sentiment indices signal a different trend – the experience of the average employee in the workplace changed overnight due to COVID-19, leading to higher risks of burnout, different work-life balance requirements, and a cognizance of the need for more purposeful work.

    All contributing to the "Great Resignation Wave" that affects organisations globally.

    To adapt to shifting employee expectations, many organisations responded by dangling the "high-salary carrot" to attract and retain the best talents. But studies have proven the law of diminishing marginal utility of income at play; indicating there is a ceiling to how much satisfaction people derive from salary hikes.
  • November 13, 2021
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