What do employees expect from employers? And, what are the top things employees want from employers? What employees value the most? If companies want to motivate their employees, they need to understand what employees expect – and the answer is going to differ for each individual.
Secondly, it’s been a tough job market post-2008 Recession. Many employees simply cannot offer things employees want, but still, offer additional perks and other incentives to attract top talent. It doesn’t seem like a bad idea either – 57% of respondents in a survey said perks and benefits play a decisive role when people are pursuing a job. A lot of companies are offering nifty perks that employees value most. Amazon recently announced they’re testing a 30-hour workweek. Netflix gives employees one year of parental leave to both salaried and hourly employees. Airbnb recently began offering employees a $2,000 stipend annually to travel.
WHAT EMPLOYEES EXPECT
What about companies that cannot offer insanely generous benefits? How are they going to attract the Millennial workforce? After all, by 2020 Millennials will make up a third of the global workforce. Recent surveys have found that their work expectations aren’t really much different from ours – they want a career that offers financial incentives, a solid health insurance, a career that offers quick progression and more. Read on.
1. MONEY, MONEY, MONEY
The single most important thing your employees value most is: Money. And why shouldn’t it be? Don’t we all want to be paid what we’re worth? That said, money is no substitute of a great workplace culture.
In a widely cited paper by Angus Deaton and Daniel Kahneman, the emotional well-being levels increase with salary levels. Money most certainly plays an important role in motivating employees because absence of financial incentives will put their safety and survival into jeopardy. Money helps on satisfying the social needs of the employees because it is recognized as a symbol of respect, status and power.
2. A SOLID HEALTH INSURANCE
Glassdoor says Employee Health Insurance is ranked as the most desirable benefit by employees. A solid health insurance typically doesn’t translate into an additional expense for employers. You’re not only making an investment but also incentivizing employees so they stay healthy and productive. It also shows that you care about your employees’ health and well-being, and is a good way to increase employee motivation.
3. A PROMISE OF WORK-LIFE BALANCE
Thanks to the current economy, many of us are picking up the slack from former employees that were laid off. Some are still doing the work of two or more people, which often demands working way past 9-5 and sacrificing more than just personal time. A healthy work-life balance is amongst the few most desirable things employees value the most.
To encourage a healthy work life balance, start hiring temporary staff during peak seasons instead of requiring full time and salaried employees to work full time. This would enable employees to take the much needed time off to relax and unwind. Moreover, this would help diverse employees with enhanced skill sets bring more value to the workplace.
4. AN OPPORTUNITY FOR CAREER DEVELOPMENT
According to recent Gallup poll, what millennials really want is an opportunity for advancement and professional development. When employees are greeted with the opportunity to advance their career development, they are more likely to remain loyal with their employer. However, when an employee feels stagnant in their role, they are much more likely to look elsewhere to climb the ladder.
Employers should offer programs to help employees advance their career development. If you provide an employee with the opportunity for growth and advancement, they are more likely to stay longer with the company.
5. A SENSE OF PURPOSE
Your employees, especially those who are troubled by Imposter Syndrome are looking for a sense of purpose and meaning in their work. But where does the sense of purpose come from – the employee or the employer?
A sense of purpose comes when the organization is able to connect with what the employee does to contribute and give it their all. Let’s be honest here – it’s difficult to get excited about your job when most days you aren’t sure if you are even needed at work. Go one step further and create a purposeful team of employees.