New research has revealed that workers have reached a tipping point
In a competitive labour market where it’s hard to find the right talent, employers must re-evaluate their Employee Value Proposition (EVP), according to Aaron McEwan, HR advisory leader at Gartner.
McEwan added that organisations must ensure they are focusing on what matters most to employees and should “inject stability and balance into their workplaces”.
McEwan’s comments come following Gartner’s Global Talent Monitor report for Q218 which has revealed that workers have reached a tipping point.
It found that discretionary effort fell more than 2%, confidence in the business environment dropped nearly 1.5% and intent to stay declined 3.2%, which continued a downward trend from the start of 2018.
“Several things are happening at once – political and business leadership is wavering, global economic confidence has faltered, and the property market has weakened; employees in Australia are feeling the volatility and instability in both their personal and professional lives,” said McEwan.
“The typical employee reaction to uncertainty is for workers to put their heads down, focus and ride out the storm with their current employer.
“However, employees are getting itchy feet and they know that if they don’t move now, the looming Christmas recruitment cycle means they’re unlikely to find a new job until Q1 next year.”
Gartner data reveals that stability has become increasingly important to employees; climbing into fourth place as a key driver of attraction for Australian workers, alongside work/life balance, location and respect.
Moreover, work/life balance has climbed four places and is now the fourth most important reason why a person will leave their job.
In order to re-engage employees and stop them jumping ship, employers should look to personalise their engagement strategies, according to Gartner, Inc.
This means understanding and focusing on what employees value from their experiences with the company, rather than implementing policies, systems and processes that attempt to be all things to all employees.
An unpredictable business environment won’t stop Australian employees seeking out new job opportunities with employers who are prepared to offer them greater stability and respect.
For example, flexible work can mean different things to different employees.
One person may enjoy flexible working hours during school holidays, however others may opt for flexible working every day.
According to Gartner, it’s having the option that makes employees feel valued and satisfied with their employer.
“For example, parental leave has a greater emotional investment compared to other types of leave and often results in lots of questions and concerns about status, pay and benefits. It requires a unique approach and must be handled differently depending on the needs of the employee,” said McEwan.
Moreover, Gartner advises organisations to tailor employee experiences to suit the needs, desires and goals of the individual rather than the collective.