The Evolution of Work and the Importance of Purpose
Monday, November 18, 2019
Posted by: Gary Hotze
Joe Spallina, VP, Assurance
The evolution of work has come a long way. Long gone are the agrarian days characterized by survival, strength and stamina. Over the years, employee value propositions and development focuses have shifted from satisfaction and craft mastery in the industrial age to engagement and creativity in the information age. Today’s work environment can best be described by the word “purpose” with an employee value proposition focused on meaning and fulfillment.
So what does this mean for today’s employers looking to increase recruiting, retention and productivity? We recently had the opportunity to explore the world of Generation Z and Millennials through a work recognition study conducted and published by daVinci Payments. Here’s what we found:
Simply put, today’s employees aren’t satisfied at work and most don’t plan to stick around at their current job for long. Only 57% of Millennials intend to stay at their job for at least two years – this number falls to 22% for Generation Z!
A major factor contributing to these low retention rates is recognition. Only 50% of employees believe their management team recognizes strong job performance. More so, 67% of employees aren’t satisfied with the investment their employer makes in terms of rewards and recognition.
Why is this important? Recognizing employees, no matter how little, helps them achieve personal fulfillment. This leads to more engaged employees who are more likely to stay with their company and become positive promoters of their organization.
Here are a few steps employers can take to increase their recognition efforts:
- Invest in the personal and professional growth of employees. Offer to cover the costs of educational trainings and career development courses or give bonuses to employees for successfully passing exams.
- Institute a ‘high-five’ system. Allow employees to send electronic high-fives to one another for a job well done and display the high-fives to foster ongoing success.
- Use prepaid rewards to recognize strong job performance or participation in a company wellness program.
You don’t always need flashy or expensive incentives to show your employees they’re appreciated and recognized. A little can go a long way in strengthening retention and recruiting efforts and increasing productivity.
Want more information on how to improve your employee recognition strategies? Talk to the ‘A’ Team!