Employees who feel aligned with company values are more likely to stay
source link: https://www.qualtrics.com/blog/company-values-employee-retention/
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Employee Experience
Employees who feel aligned with company values are more likely to stay
Employees who say their company’s mission, vision and values align with their own are far more likely to recommend their employer as a great place to work (70% vs. 25%) and to say their work gives them a feeling of personal accomplishment (72% vs. 29%), according to new research from Qualtrics. They’re also less likely to say they are thinking about leaving their current employer (33% vs. 44%).
On the other hand, nearly half (46%) of employees in the United States and United Kingdom say they are considering leaving their company because it does not adequately exemplify the values they personally hold. And over half (56%) would not even consider a job at a company if they did not agree with its values.
But what issues do employees really care about? More than 2,500 full-time and part-time employees surveyed said honesty and integrity are the most important values for companies to uphold, followed by employee well-being.
At a time of low unemployment when the demand for labor outweighs the number of people available to do the work, employees now have a greater sense of power to demand more from their employers. A regular paycheck no longer cuts it when it comes to worker expectations. Increasingly, people look to their employer for everything including providing fulfillment with meaningful work, physical safety, mental health support and protection from discrimination. Here’s how setting the right company values and living up to them can make a big difference for retention and recruitment.
Gen Z is mostly likely to leave due to mismatch in values
While the majority (52%) of workers would be willing to take a pay cut to work at a company that has values better aligned with their own, research shows Gen Z and Millennials are the most concerned about company values when it comes to choosing whether to stay with their current employer.
- Gen Z is the most likely to say they would take a pay cut to work at a company with better values, with more than two-thirds (68%) saying they would take a 5% pay cut or more, compared to just 35% of Boomers.
And it’s not just the values of the company itself that matter. Overall, 39% of workers say they are likely to leave even if the company does business with customers, partners or suppliers that have detrimental values.
- Once again, younger generations are the most likely to be concerned, with 51% of Gen Z saying they are likely to leave a company because of who it does business with, compared to 26% of Boomers.
Most employees want to see leaders speaking out on current issues
Around the world, company leaders are taking a stand on everything from the war in Ukraine to homophobia. Nearly half of employees (49%) agree it’s more important for leaders to speak out on social, political and environmental issues now than ever before. And many want companies to go beyond making a public statement and take action.
- Only 27% say their companies are taking enough action against racism
- Just 25% are satisfied with their company’s approach to climate change
- And only 13% think their company is doing enough about human rights abuses against the world
Employee well-being, climate change and racism among top issues to address
The top issues employees would like to see leaders address are employee well-being, including mental and physical health and work-life balance. These issues are followed by climate change, racism and social justice.
But it’s important for leaders to get their stances right. Some 13% of workers would consider quitting if a company leader made a statement they disagreed with about a social, environmental or political issue. And refusing to speak out is almost just as risky. Nearly one in ten (9%) would consider quitting if a company leader refused to make a statement about something important going on in the world.
Ultimately, speaking out can open a door to a conversation. Although some employees say that, if they disagree with a leader’s stance, they would consider disengaging from work (18%) or walking out of a meeting (17%), a third (33%) would address it privately with the leader.
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Methodology: This study was fielded between April 7 and April 21, 2022. Respondents were selected from a randomized panel and considered eligible if they live in the United States or United Kingdom, are at least 18 years of age and are employed full-time or part-time. The total number of respondents was 2,600. Respondents who did not pass quality standards were removed.
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Qualtrics is the technology platform that organizations use to collect, manage, and act on experience data, also called X-data™. The Qualtrics XM Platform™ is a system of action, used by teams, departments, and entire organizations to manage the four core experiences of business—customer, product, employee, and brand—on one platform.
Over 12,000 enterprises worldwide, including more than 75 percent of the Fortune 100 and 99 of the top 100 U.S. business schools, rely on Qualtrics to consistently build products that people love, create more loyal customers, develop a phenomenal employee culture, and build iconic brands.
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