What do employees want in 2010?Tags: company culture, management, money, motivation, MTN, reward, security, Spherion, Uncategorized
Any CEO, MD and Manager worth their salt should be asking themselves this right now as they’re involved in strategy workshops and planning for the near future.
If you’re a South African company, the short answer is 4 weeks paid leave from 11 June to 11 July to enjoy the Fifa 2010 World Cup.
Jokes aside though. Two recent articles highlight the plight of the employee in 2010 as the world comes out of recession and begins its bounce-back. We hope!! But then again I bumped into an industry colleague at a coffee shop this week and he reckons the recession was just a perception!
One recent study, the 2009 Spherion Emerging Workforce Study revealed that, for the third consecutive study, financial compensation and benefits packages continue to be the most important factors in a worker’s decision to stay with or leave an employer. I believe that this is as a direct result of the recession. Employees have realised that they can no longer trust their employers when it comes to managing the company (think AIG, Lehman Brothers and the like) and that big (as in company size) no longer equals permanent (as in we’ll be around forever).
Further, employees have lost faith in the premise that their employers have their best interests at heart. Look at MTN in South Africa. The mobile phone giant has just announced that it will be cutting 400 jobs – while at the same time launching their summer marketing promotion which will see them give away millions in promotions and meaningless prizes. Meaningless to the 400 folks who used to work there and will now be watching from the sidelines while everyone else enjoys the festive season.
The irony is that while employees are craving more financial reward and job security, a joint survey by CBI and Harvey Nash shows that almost half of British companies are planning to freeze pay. Only 4% are willing to increase pay at more than the rate of inflation. I see trouble on the horizon. Of course the unionized labour force in South Africa would negate anything like this happening here!
So what would employees want in 2010?
1. Job security
2. Competitive and market-related remuneration packages with lucrative bonuses for performance
3. Transparency from their employer in terms of the company’s financial position
4. A positive working environment, with managers that take emotional states resulting from the recession into account
5. 94 percent of workers in the Spherion study say that a company that offers work/life balance options is more attractive to them. So companies better start looking at that
6. Growth potential within their company.