With more than a quarter of the world’s workers actively seeking new roles, it’s little wonder that employers are pulling out all the stops to retain quality talent. Gym memberships, paid parental leave and flexible or remote working options are no longer ‘nice-to-haves’ but basic expectations of employees who know their worth.
Yet a growing body of research suggests there’s a far simpler (and more effective) way to reduce attrition. “In the past, we would talk about job satisfaction; today we talk about purpose and meaning,” says Dr Lindsay McMillan, Managing Director of Australian workplace research firm Reventure. “Given that we’re at work more than any other part of our life, people are very conscious that it creates some sense of intrinsic value and worth inside them.”
In 2016, McMillan led a review of the Australian workforce, which found that 72 per cent of employees were looking for purpose and meaning in their work – with younger respondents, in particular, deeming it a top priority. “We’ve got this incredible churn factor within work today,” says McMillan. “If millennials and younger generations feel they’re not getting value out of their work personally, they’ll just leave.”
MEANINGFUL WORK
Numerous studies support these findings. One survey by WorkHuman revealed the number-one reason employees remained with their company was that they found the work meaningful. In another by Calling Brands, respondents claimed that, aside from pay and benefits, ‘deeper purpose’ is the most significant factor when considering a new job.
Denne historien er fra April 2020-utgaven av The CEO Magazine Asia.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra April 2020-utgaven av The CEO Magazine Asia.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Lito German Is Driving Change And Accelerating Growth For Sandbox
After years in the automotive industry, CEO Lito German is now driving change and accelerating growth for importer and distributor Sandbox Middle East.
They're Pioneers In Enshrining Green Values Into Everything They Do
CEO Chamaiporn Uerpairojkit explains how thai plastics giant tpbi was committed to sustainability long before the government made an industry-changing announcement last year.
Maverick Unicorn
Spotify co-founder and CEO Daniel Ek is a textbook example of the startup gurus propelling their companies to billion-dollar valuations.
''Increase The Velocity''
Adapting Camfil’s business model to work at a faster pace was critical for the business to thrive in today’s China, according to managing director Michel Moulin.
Device Manager
Covid-19 tore the world’s tech supply chains asunder, the effects of which are still being felt today. But through steady management and quality of work, malaysian component manufacturer analog devices has managed to thrive during the storm.
Going Antiviral
Chiaphua Industries chief marketing officer and co-founder of Germagic Hamilton Hung has transformed the appliance manufacturer into an antiviral research and development powerhouse. And he has done so with patience and vision.
Risk Vs Return
Add pandemic fallout to a low interest-rate environment and you have a challenge for highnet-worth investors. Where might opportunities lie?
Expect The Unexpected
For lockton philippines insurance & reinsurance brokers ceo vic valledor, providing affordable premiums for the poorest families is vital, especially considering the recent challenges of the covid-19 pandemic.
The Ultimate Investments
With the global economic recovery from the pandemic underway, many analysts are suggesting now is the time to invest – but will whisky, soybeans or bitcoin find a way into your portfolio?
The Future Of Fintech
Covid-19 has accelerated the world’s shift to a digital economy, and airwallex co-founder and president Lucy Liu wants to make sure there are more female fintech leaders with her at the top.