Since the coronavirus pandemic, record numbers of people are leaving, or thinking about leaving their jobs, and it’s vital that companies can understand the fundamentals behind why this is happening and why company culture is so important.
In an article by Mckinsey, it was made apparent that in the US, over 15million employees have left their jobs since April 2021, which is a record high. These companies are struggling to understand why their employees are quitting and have resorted to offering financial benefits and bonuses in a last-ditch attempt to continue retaining staff but are overlooking relational trust. This, as a result, is leaving employees feeling undervalued and sensing transaction rather than appreciation.
Another report by the BBC, stipulated that in a survey conducted by Microsoft on over 30,000 participants, 41% of them were thinking of leaving their current job or changing profession this year. This statistic could also increase as 36% of employees have stated that they would consider quitting their current job without a new one lined up. For many people, this desire to change was spurred on by the realisation that they should pursue their dream job, or become a stay-at-home parent, however for the majority of people, it related back to how their employer had treated them throughout the pandemic.
Further within the report by Mckinsey, it is stated that 40% of employees that are happy within their job could still be tempted to jump ship. This is down to other employers offering a better working environment.
There have been many further studies conducted to show that although financial incentives provide employees with added perceived value, due to human nature, people want to feel valued at work, feel a sense of shared identity and have purposeful interactions. For the most part, this is where employers are lacking and is what is causing employees to leave. However, companies can turn attrition into attraction if they begin to understand the foundations of what motivates their employees.
When employees were asked what their top reasons for quitting their job were by Mckinsey, the top three reasons were as follows; 54% said they did not feel valued by the organisation, 52% they did not feel valued by their managers, and 51% said they did not feel as though they had a sense of belonging at work.
A harrowing statistic uncovered by the same study stated that employees were classified as non-white/multiracial, were more likely to leave to due not feeling as though they belonged at work compared to white employees. This highlights the inequality that still resides within many workplaces.
Companies must provide a work environment that employees want to stick to if they want attraction rather than attrition. As presented by a report by Oakstone International, studies have shown that the top 8 reasons an employee will stay with an employer, include:
- Great company culture
- Believing what they’re doing has purpose
- Being recognised and appreciated
- Respecting and being respected by co-workers
- Having encouraging mentors
- Trusting the business leaders
- Being emotionally invested
- They are being treated fairly
Company culture plays such a large part for the happiness of employees, and taking a modern approach to work-life balance can be pivotal in an employees decision to stay or leave. One approach is the four day working week. Employees must work harder to fit 35 hours of work into 28, however studies have shown that due to the idea of a 3 day weekend, employees are more motivated to work harder.
Not only this, but employees feel as though they have more time to do more of the things they love in their free time. One study by Microsoft demonstrated that the shortened week led to more effective and efficient meetings, and boosted employee productivity by an astonishing 40%.
At Modo25, not only do our teams work more efficiently, but each individual feels listened to and respected. Each member of our teams has formed close knit relationships with every member of the company, right the way through the levels even up to the CEO.
We pride ourselves on offering our employees with a fully flexible work life with a healthy and desirable work-life balance with a 4-day working week. Not just that, but employees are paid on a 5-day working week salary. As a result, our teams work better together and have maximum output whilst enjoying the concept of coming to work.
If you think you would be suited to work in the fast paced digital marketing industry whilst thriving in a modern approach to work, do not hesitate to apply here, or contact a member of our team at firstname.lastname@example.org.