McKinsey&Company
Make your workplace “sticky”
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Ti amo, mon cheri. Amid a labor shortage, employers are attempting to motivate workers by offering them more than just a regular paycheck. That’s led employers to explore their employees’ “love languages,” or the forms of appreciation—such as praise, time off, or gifts—that mean the most to individual workers. Research indicates that workers who feel appreciated miss fewer days of work and are less likely to leave. [NYT] |
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Modern love. In industries where compensation is roughly equivalent among competitors, companies use benefits to lure talent. Employees today tend to characterize benefits packages that include remote-work options, unlimited PTO, and extensive healthcare coverage as “modern,” and traditional benefits (such as a set number of days off) as behind the times. About 80% of US workers say a flexible schedule is an important consideration when weighing a job offer. [Fortune] |
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Buh-bye. More than 4.3 million US workers voluntarily quit their jobs in December 2021—and many of them may not be that eager to return to the workforce. In a recent McKinsey survey of almost 600 workers who voluntarily left a job without another in hand, 44% said that they have little to no interest in returning to traditional jobs in the next six months. That’s a problem for businesses, since the number of current job openings exceeds the number of new hires by 4.6 million.
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Love ’em or lose ’em. Reviewing compensation and benefits is just the first step to retain workers. Companies must also invest in building “sticky” workplaces by listening to employees, addressing their concerns, fostering a sense of community, and measuring outcomes. Find out why workers are leaving, why some are returning, and how to keep them for good. |
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| — Edited by Katy McLaughlin |
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