There is a growing desire from employees to work for organisations with a solid reputation, reward for performance, clear career trajectory and a culture of collaboration. It is no longer just about how much they can make or if they can become the top employee. They want to work for an organisation that provides a greater meaning beyond generating profits for the owners or shareholders.
Surprisingly, employers continue to underestimate the importance of their employee value proposition. Over nine in ten (91%) employees consider it important that their workplace provides some greater purpose or meaning beyond making money, however just 85% of employers believe their workers feel this way. Both male (90%) and female (92%) employees do feel this way, and it is not just important to younger workers but widespread across generations (94% under 35, cf. 91% 35-49, 90% 50 years and over) around Australia and New Zealand and across industries.
Astonishingly, more employees than employers are aware that their organisation has an EVP.
When the predicted talent shortage comes to fruition, organisations that can redefine their employee value proposition to include a balance of economic, technological, demographical and social aspects will be able to differentiate themselves and stand out from the crowd by becoming a company that people want to work for.
What can employers do better?
Just over half (53%) of employees believe their employer looks after their needs well, and the same proportion (54%) believe their employment contract meets their needs. But just as many employers agree (30%) as disagree (36%) that promoting meaning is more about effective marketing to staff than creating lasting change.
It is not all bad news for employees, almost half (49%) of employers agree that employees have forced their organisation to become more conscious of the impact they have on people, culture and the environment, and 33% have reshaped their talent management practises to include a greater focus on meaning.
Organisations in New Zealand are more likely than their Australian counterparts to have changed their management processes to include a greater focus on meaning (54%; cf. Australian employers 31%), and New Zealand employers are more likely to disagree that promoting meaning is more about marketing to staff than creating lasting change (67%; cf. Australian employers 33%).
* Today’s workforce is more dynamic and more demanding than ever. Data is becoming a valuable currency. Employees are demanding more flexible, dynamic and diverse work arrangements. A multigenerational workforce – four generations working side by side - breakneck technological advances and increasing globalisation are forcing the business world to re-think previously successful people strategies.
This whitepaper explores emerging trends in talent management and examines how we are managing talent in an environment increasingly characterised by change.
For Talent Management – the next wavewe surveyed 233 senior managers, leaders and specialists and 287 employees across Australia and New Zealand to gain their insights into talent management.