SOUTHFIELD, Mich. — A new international survey of leaders and employees at many of the world’s largest employers, across a range of industries, shows that a common belief is actually a misconception: Money will attract workers but it won’t really keep them in their jobs.
The results of the survey by Right Management, released by Right Management Great Lakes, shows that for workers who are exploring new job opportunities, 40% say that by far the most important factor influencing them is pay/benefits, such as salary, paid time off, health benefits, bonuses and health insurance. But for workers who want to stay in their roles, nearly 40 (39)% of them say that fit with the team and organizational culture is the most important factor, with pay/benefits nearly last among common factors at 9.8%.
Right Management believes this survey should be a wake-up call for employers.
“Leaders who overemphasize attraction levers like compensation and perks may succeed in hiring talent but risk losing them quickly if they fail to deliver on what matters in the long term,” said John Bourbeau, Jr., President of Right Management Great Lakes. “To retain top performers, leaders must be able to translate organizational values into meaningful career conversations and paths for engagement.”
Worldwide, only 37% of employees consider themselves fully engaged in their work, while 41% say they are disengaged. But 53% of leaders report that their employees are fully engaged. And only 29% of bosses acknowledge any disengagement with their teams.
In sharing these survey results with its clients, Right Management is encouraging employers to act urgently, and bridge the disconnect between management and employees, by listening and learning from their employees.
“The time is now, as the work world is changing fast, to meet the needs and goals of high-performing employees,” Bourbeauf said. “So many workers feel like they are lacking the tools needed to navigate their careers. That’s where employers need to fill gaps and equip their employees for successful careers that have meaning and align with the organization’s needs.”
The study included 1029 leaders and 2402 employees at 1,403 companies with more than across the U.S., Canada, the U.K., France, Brazil, Mexico, Singapore and Australia.
