As the global economy inches closer to a recession with elevated inflation, interest rate growth hikes, and increasing debt burden employees are reprioritizing what they want from their employers. They are now more focused on factors such as job security and a safe and comfortable environment, finds global communication agency BCW.
The BCW’s first global survey, which was conducted with over 13,000 people in 15 countries, revealed that over half of workers value the basics of job security and safety. They also believe that the culture of their workplace is most important when it comes to their personal experience.
The survey also revealed that instead of focusing on flexibility to choose a work setting (e.g. at home or the office) employees are more likely to prioritize the importance of having a secure job and comfortable environment.
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In India, although different generations prioritize different priorities, the survey revealed that the pay and benefits drivers do not make the top 10 list of most important expectations of workers in India. Around half of the country’s employees consider the culture of their workplace to be very important. They also believe that the effectiveness of their leadership decisions and the communication between their managers and employees are some of the factors that influence their personal experience. India’s competitive salary ranks 36th overall.
What employees value most in their workplace
While Gen-Z (below 25) wants open, honest internal communication, millennials (aged 26-41) rate a safe, comfortable workplace as their top expectation. Gen-X (aged 42-57) expects employers to take a stand on issues that matter. The Baby boomers (aged 58-67) value visible, effective leaders
The survey, which was conducted across five industries, revealed that over half of the workers that were examined value the basics of job security followed by workplace safety and comfort, salary and benefits, and workplace culture. The much-talked topic of the flexibility of choosing where to work (hybrid work culture) ranked 12th among all the respondents.
Around half of all workers globally say they are very likely to stay at their job for the next 12 months. The survey found that employees’ intent to stay grew by 18% if they were satisfied with the basics of their salary, job security, and the workplace. Interestingly, these numbers are even higher among Millennial and Generation Z employees (30%).
Difference in expectations of employees
While Gen-Z workers consider the culture of their company to be very important, they pay less attention to the salary they receive. On the other hand, the survey revealed that the employees of the Baby Boomers consider pay and benefits to be more important than the basics of culture and leadership. Salary and Job security rank next.
The expectations from line managers vary depending on the generation. For instance, the workers of Generation Z prefer to work with managers who are able to provide them with soft skills such as empathy and support. Millennials, on the other, prefer managers to recognize them and provide growth opportunities.
James Morley, Head of BCW Change, BCW’s organizational change and employee experience practice observed that the survey highlights the expectations of workers vary significantly between generations. It also highlighted the disconnect between the current experiences of people from different generations and their expectations.