isolved Survey Data Points to Job Security Concerns and Ongoing Recruiting and Retention Challenges
isolved’s year-end survey, Pause, Pivot or Plan: HR Trends of 2023, shows that some of the pain points from last year, such as retention and recruiting, will likely continue into 2023, with the extra complication of employees’ concerns over the economic outlook. More than one in four employees are worried about job security and fear over a possible recession, combined with daily life stressors, resulting in 69% of employees reporting they experienced burnout in the past year. This has resulted in a lack of enthusiasm and engagement. Data gathered includes:
- The number one reason for looking for a job in 2022 was a higher salary (62%), followed by better benefits and improved work-life flexibility.
- 45% of survey respondents said they were not as enthusiastic as they could be. Twenty-six percent noted performing only their required responsibilities but nothing more.
- 59% of survey respondents felt their employers could be doing more to advance their careers, and 21% felt that there was not room for growth within their companies.
- Employees have a good level of comfort with supplying data, and 77% report being comfortable with their employer examining personal data if it means a better employee experience.
“Gaining human resource efficiencies in areas like compliance and core functions and operations are mission critical in 2023 to address workforce trends that will make or break companies in the New Year,” says James Norwood, EVP and Chief Strategy Officer at isolved. “Data shows employees are more anxious, burnt-out, and financial security-driven than ever. To combat these concerns, HR departments of all sizes must evaluate what they can automate and gain efficiencies in, enhance what they can to improve employee experience and extend the impact of their team. Only then, can businesses recruit and retain the people who want to make an impact through the obstacles we may face in 2023 and beyond.”
Related article: Smaller Companies Look for Ways to Support Positive Customer Experience
Reward and Recognition Tied to Improved Employee Wellbeing
Recent research from Reward Gateway showed that workplace burnout is having an impact on employees mental health and wellbeing across the US and Australia. 84% of employees state this is an issue. Only 5% of those employees surveyed report never feeling work burnout while over 46% report feeling it frequently.
Over two thirds (69%) of those surveyed say their work wellbeing would improve if they were simply thanked more for their hard work. Sixty-seven percent report they would like to be rewarded and recognized more than they are currently. Employees who are pleased with their reward and recognition, rating it good or excellent, are less likely to experience burnout, stress, or feeling overwhelmed than those employees who rate it as poor.
“We have always understood the intrinsic power of reward and recognition, and this research validates our view that R&R is a must-have tool to enhance employees’ wellbeing in a time where it is clearly needed. With continued economic uncertainty likely to bring more disruption and potential burnout to workforces worldwide, reward and recognition can serve as an affordable and effective lever to strengthen organizational wellbeing,” says Rob Boland, COO at Reward Gateway.
Parents Are Telling their Children: Purpose Over Money When it Comes to a Career
The Workforce Institute at UKG published results of a 10-country survey of employees, C-level executives and HR professionals which focused on a variety of issues, including what parents, family members and mentors are communicating with children and teens about jobs and employers. Nearly half of employees worldwide (46%), including one-third of C-level leaders (29%) in the United States, would not recommend their company nor their profession to their children or a young person they care about. A surprising 38% of employees globally “wouldn’t wish my job on my worst enemy. This figure rises to 45% in the U.S.
Fifty-two percent of employees would advise their children that meaningful work is extremely important, a slight edge over the 50% stating the same about salary. Workers would also tell their children to choose work that gives them time to care for and spend with family (41%), a feeling of fulfillment (39%), and a successful career path (30%).
“We have to fix work today to inspire a better future for tomorrow,” says Dr. Jarik Conrad, vice president of human insights at UKG. “There has been a shift in how people view the role of work in their lives, and some have grown disengaged in their jobs when their workplace falls short on providing a sense of trust and connection. There are many great workplaces where people feel cared for, that they belong, and that their role contributes to success. We need to take the exceptional practices from those organizations to other workplaces around the world, to help people find greater meaning, enjoyment, and purpose at work.”
WTW Survey Data Shows Broadened Interest in Performance Management and Pay Programs
According to data from WTW, only one in four North America employers (26%) reported being effective at both managing and paying for performance. Additionally, there is a disconnect between the priority communicated regarding the programs and success. More than nine in 10 North America respondents (93%) say driving organizational performance is a key objective for performance management, yet less than half (44%) said their performance management program is meeting that objective. In a similar gap, nearly three in four (72%) said supporting the career development of their employees is a primary objective, but only 31% said their performance management program was meeting that objective.
“Employers have their work cut out to raise the bar on their performance management programs. Many recognize that their programs have not kept up with the changes due to the pandemic and tight labor market, yet they have not taken action. Ideally, employers will reshape their programs to correspond with new work styles and employee career aspirations and provide a better employee experience,” says Amy Sung, Work & Rewards global growth leader, WTW.
The positive is that North American employers have either started or are planning or considering improving performance management and pay for performance initiatives. More than half of employers (54%) make sure there is ongoing and meaningful performance dialogue between managers and employees in a remote/hybrid working environment; another 39% are planning or considering taking actions to ensure meaningful dialogue. Seventeen percent of employers have improved employees’ understanding of how their performance is evaluated, but 70% are planning to improve employee understanding. Thirty-four percent have strengthened the link between performance management and career development; another 60% are planning or considering doing so.
Author Information
As a detail-oriented researcher, Sherril is expert at discovering, gathering and compiling industry and market data to create clear, actionable market and competitive intelligence. With deep experience in market analysis and segmentation she is a consummate collaborator with strong communication skills adept at supporting and forming relationships with cross-functional teams in all levels of organizations.
Sherril holds a Master of Business Administration in Marketing from University of Colorado, Boulder and a Bachelor of Arts in Psychology from Rutgers University.
