There’s been a lot of talk of the “Great Resignation,” employees fleeing their current jobs to find greener pastures, with the “green” coming primarily from hefty salary hikes and enhanced benefits packages.
And while that may be true, today’s employees are prioritizing something else even more valuable: work-life balance.
In its recently released 2022 Global Talent Trends report on the reinvention of company culture, LinkedIn found that companies that don’t take flexibility and worker well-being seriously won’t meet the expectations of today’s professionals — and could lose them.
The pandemic has caused employees to rethink their priorities and relationships with employers. At the top of their employment wish list are flexible work arrangements and more work-life balance, working for employers who value their physical and emotional well-being. And if their current company doesn’t? Employees are ready to walk away.
As a result, companies are also exploring how to evolve their cultures to align with employees’ wishes. The study revealed that to attract, retain, and grow great talent, companies need to fine-tune — or completely overhaul — their culture to meet the expectations of professionals to be seen as human beings first.
Based on proprietary data gleaned from the billions of actions taken on the platform, millions of employee engagement surveys, and case studies from some of the most successful companies today, the report cites three areas driving the reinvention of company culture:
One-size-fits-all no longer applies in the work world; employees want flexibility in where, when, and how they work. For example, rather than use hours at the office as a metric for performance, they’re seeking companies who focus on results.
Flexibility is becoming a key value proposition for employers, with 35% more engagements when a company post mentions flexibility. The report also cites an 83% increase in job posts mentioning flexibility and a staggering 343% more mentions of flexibility in company posts since 2019.
Those employers who can deliver an equitable experience for every employee, regardless of where or when they work, and build strong, high-functioning cultures will succeed in retaining and attracting the best talent.
The report found that when employees are satisfied with their company’s time and location flexibility, they’re 2.6x more likely to report being happy and 2.1x more likely to recommend working for the company.
Employees are leaving companies that promote a hustle and grind culture for those that offer holistic well-being.
Employees favor a human-centered culture grounded in care, compassion, and trust. The report found that if employees feel cared for at work, they are 3.2x more likely to be happy at work and 3.7x more likely to recommend working for the company.
Companies that promote well-being have a distinct advantage. The study revealed that women, especially, resonated with company content around well-being, showing that they were 41% more likely to engage with “well-being” company posts than the average post. Additionally, since 2019, there has been a 147% increase in the share of job posts that mention well-being and a 73% increase in company posts about well-being.
But talking about well-being isn’t enough. The report states that fostering a culture that prioritizes its people’s mental, physical, and emotional well-being starts at the top, with empathetic leaders who embrace and model flexible work arrangements, healthy work habits, and taking time to recharge.
3. The “Great Reshuffle”
The pandemic has led to a massive shift in what matters most to people, dramatically impacting the labor market. The report calls this phenomenon the “Great Reshuffle” and found that it’s caused companies to rethink their values and culture while workers actively seek flexibility, a culture of caring, and work-life balance — even if that means leaving their current employer.
Not surprisingly, this unprecedented willingness to look for new opportunities if their needs aren’t satisfied means worker job shopping is on the rise. The report cited a 2x increase in job posts viewed per application in 2021 compared to 2019.
For employers, there is a clear directive to prioritize, renew, and promote their cultures. When a company post talked about its culture, the report found a 67% increase in engagement from job seekers. Indeed, the report states that having a caring culture has become a pivotal asset for companies worldwide that want to win big in the new battle for talent.
Perhaps Teuila Hanson, Chief People Officer at LinkedIn, sums it up best: “Company culture is swiftly evolving, and to keep up, organizations must innovate and think progressively. We have this singular opportunity to create the culture and circumstances that will allow each employee to do their best work and to lead their best life.”
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