Engagement and Appreciation
Here is a stat that puts things into perspective. A study from 2016 shows that employers that if they do not receive recognition for their work, they are more than twice as likely to quit [source].
Engagement is a wide ranging idea but a large part of it is feeling that our work is meaningful and that our actions are having an impact. If our work disappears into a black hole where no feedback comes out, it becomes exponentially harder for employees to care.
We have seen it framed as a difference between what an employee wants and what they need. Obviously, every employee and every human wants to be paid more, as well they should. But every employee and every human needs to be appreciated.
How many people do you think feel engaged by their job? The answer might surprise you. According to YouGov, only about half of brits like their jobs [source]. That suggests there could be a massive chunk of the workforce that could be tempted away from their current employment if they feel confident in a different working culture.
Training and Development
Money, flexibility and engagement are all vital, but at Placed we think there is one factor that is more overlooked than all the others. LinkedIn Learning suggests that 94% of employees would stay with a company longer if there were training and development opportunities. [source]
What makes training and development such a powerful incentive, to the point that people will leave jobs that lack it? Because with good training, everything else follows.
The road to making a meaningful impact in the world is paved through learning. We achieve the change we are looking for only after a great deal of personal development and upskilling to our most effective forms.
Money, too, follows training, as captured by the title of Cal Newport’s best selling bible for finding career success: So Good They Can’t Ignore You: Why Skills Trump Passion in the Quest for Work You Love.
Your workers want to be their best at work. The best thing you can do it to make changes to your training and development plan to allow that to happen. Implement a quality, transparent career framework, and you will reap the rewards.