It’s been a running story for several years now, and one that Human Resources professionals continue to battle every day: the talent shortage.
Unemployment is at its lowest point of the century and the ability to attract, engage, and retain top talent has never been so difficult. Many strategies have been posed on ways to mitigate these challenges, from improving office space to offering progressive employee benefits like pet insurance or counseling services. Still, though, when it comes to recruitment and retention, culture is king.
Fueling a Positive Employee Experience
LinkedIn’s 2018 Workplace Culture Trends report revealed that 70 percent of American professionals would not work at a top company if they were exposed to a negative workplace culture. Furthermore, 65 percent of workers would take a pay cut rather than endure a bad environment. These numbers go to show just how integral culture is to the holistic employee experience.
The LinkedIn study also identified reasons why an employee would stay with an organization for the next 5+ years. Ranking number one (at 46 percent of respondents) was “a sense of belonging,” followed by “benefits over perks,” at 44 percent. It’s clear that employees want to feel like part of a team at work, and that their employer genuinely cares about their wellbeing.
Ultimately, it’s the company’s management team that sets the tone for culture – but it needs to be an inclusive effort from all departments and teams. Culture is critical to the total employee experience, so everyone should be encouraged to help shape it. When employees are given the opportunity to make an impact on workplace culture, they are more likely to be happy and productive. This goes a long way toward creating that sense of belonging and retaining employees for the long term.
Employee Benefits Still Matter
On the benefits side, employers need to consider employee wellness beyond traditional core benefits like health and dental insurance. A look at the big picture includes mental and monetary health. Financial wellness programs have become a particularly important offering. MetLife’s U.S. Employee Benefit Study shows 49 percent of employees are concerned, anxious, or fearful about their financial security – which negatively impacts mental health. This is especially true for student-debt-riddled Millennials, who now comprise a majority of the workforce.
Still, depending on industry, location, and culture, workplace demographics are extremely diverse and vary from organization to organization. A tailored approach to offering benefits that appeal the most to your team will inspire loyalty and promote retention.
A Paradigm Shift in Work Styles: Physical to Digital
For HR leaders and executives, creating a culture of belonging while also offering the benefits that employees want has become increasingly challenging. The employee experience has shifted in large part from the physical world to the digital. People are working remotely, communicating electronically, and collaborating in new ways. So, how can business leaders promote a positive workplace culture in today’s digital age?
We explore this and other factors impacting the state of corporate culture in our executive guide, A Holistic Approach to Blending the Physical & Digital Employee Experience. Download your complimentary copy today, and share it with your peers and colleagues.