Employees are feeling unappreciated and disillusioned in their current roles, and businesses need to do all they can in order to retain critical talent, a new survey has warned.
The trend of feeling unsupported also highlights a major difference between business optimism and the mood of the workforce coming into the post-global financial crisis environment.
The Chandler Macleod Group Post GFC Candidate Study Report reveals about 95% of the survey’s 930 respondents are now looking for work, with 73% actively looking and 57% optimistic of finding a job within the next 90 days.
Additionally, about 72% are actually looking for work outside their current industry, with 91% looking for job security before they actually make a switch.
The top reasons given for searching for new work were limited career opportunities, cited by 41% of respondents, feeling undervalued, 24%, and losing faith in the current organisation, 18%. The most important conditions in a new job were cited as job security at 91%, work-life balance at 86%, overseas posting opportunities at 25% and bonus structure at 48%.
David Reynolds, CMG executive general manager, says businesses have spent the last 12 months putting more responsibility on their employees and subjecting them to pay cuts or freezes, and many are feeling undervalued.
“A lot of companies cut staff and put a lot of pressure on existing people to step up and take more responsibility, with longer hours and four-day weeks or what not. That’s been a big negative impact, even though they may have been necessary for companies to survive.”
Reynolds says the fact 72% of respondents are looking for work outside their current or most recent industry will shock business owners, and says the improving economy will see a progressive “exodus” of workers moving to different companies.
He says businesses, especially SMEs, must communicate with their workforce in order to determine what can motivate and drive their performance, and increase the likelihood of them staying with the company.
“Job security is important. They’re not likely to make a move until there’s sufficient confidence, and that’s what we’re starting to see now. I’ve only been at work a few days and I’ve had people already tell me they’ve replaced some workers.”
“Don’t assume because workers aren’t complaining that they are happy. My recommendation is to spend time with your staff and make sure you do understand what motivates them, and make sure they are in an environment where they can provide feedback on what’s working or not working.”
“They need a sense they are contributing to the company, and need to know what it means for their career. At the end of the day, is it a good place to work?”
Reynolds says small businesses need to ensure they are thinking not only about survival, but how to ensure their talent stays with the company during the down times.
“I know a couple of businesses where the pressure has really been significant for the owners and managers, but it has become all about their survival rather than thinking about the people around them. You’ve got to think about how the environment impacts your people; it’s about good management, good communication and good leadership.
Reynolds suggests a number of different techniques for improving employee satisfaction, including communicating the company’s mission, identifying talent gaps and filling them, developing strategies to attract talent, update succession planning strategies and be open about staffing needs and career development paths.
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
