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Australia and New Zealand’s largest public employer of choice survey shows less than half (40 per cent) of all employees are satisfied with their job, 45 per cent are planning to look for another role in the next 12 months and only one third (33 per cent) would recommend their employer.
Now in its second year, theInsync Surveys and RedBalloon 2011 Dream Employers Survey, attracted over 7100 responses from the general public.
When asked what employees most want to improve about their workplace, the top gripes were systems and processes (41 per cent); communication (39 per cent); and rewards and recognition (38 per cent).
RedBalloon founding director Naomi Sims on said “We work with many businesses that already have formal reward and recognition programs in place, but they are not part of the company culture and employees do not understand how they align to the company values.”
"This is often a symptom of poor communication and role modelling from leadership and management teams. It’s so important to keep these programs fresh and constantly changing, so that employees feel engaged and have a purpose that makes them want to give their discretionary effort each and every day.”
“Rewards and recognition are vital in attracting, developing and retaining key talent, and having a great company culture and high levels of employee engagement will be crucial once the thrill of a fatter pay cheque has worn off.”
The top three drivers that make a Dream Employer in 2011 are pay, benefits and conditions (38 per cent), work/life balance (37 per cent) and culture (36 per c ent). This is a significant shift from 2010 when the top motivation was brand or company reputation, dropping from 41 per cent to 27 per cent this year.
When asked what employees like best about working for their current employer, the top retention drivers were work-life balance (46 per cent); culture (39 per cent); and pay, benefits and conditions (33 per cent).
Ms Simson says this finding should be seen as a warning to organisations who may be left wanting if they put all their emphasis on fatter pay packets.
"Paying people fairly is an absolute must, but cash rewards don't inspire employee loyalty. Studies have shown that non-monetary incentives have a higher perceived value and are 24 per cent more powerful at boosting performance than cash incentives.
"The employee feel-good generated by a pay rise only lasts as long as it takes for the extra cash to be swallowed by the mortgage or credit card payment. Keeping peop le engaged is about being treated fairly, granted autonomy, and the opportunity to learn and develop with a sense of purpose.
“Those who put all their eggs in the salary basket will pay the price with higher staff turnover rates, and reduced productivity from disengaged staff. And worse, they could become damaging brand ‘badvocates’.”
The rise of the employee ‘badvocate’ The Dream Employers Survey shows that only one third (33 per cent) of employed respondents are prepared to recommend their employer.
According to Insync Surveys CEO James Garriock “Over time research has shown that three quarters of companies have more detractors on staff than advocates. In almost all cases, customers are more likely to be advocates than employees, and this is a major challenge and missed opportunity."
The “badvocacy” findings are supported by a recent survey from international resear ch and advisory firm the Corporate Executive Board, showing a significant rise in the percentage of employees who would not recommend their former employer - 75 per cent in 2011 compared to 42 per cent in 2008.
The highest number of employees planning to look for another job within the next 12 months were from the energy (66 per cent), hospitality (66 per cent) and state government (57 per cent) sectors.
The top 20
The top 20 Dream Employers as voted by the public were Google, self employed, Virgin Group, Qantas, Apple, Microsoft, OMD, Walt Disney, BHP Billiton, Getaway, United Nations, police force, Vodafone, NASA, Rio Tinto, departments of defence, Commonwealth Bank, Cadbury, Facebook and Lonely Planet.
New to the list in 2011 are NASA, Rio Tinto, Cadbury, police force, departments of defence and Facebook. Making way for these new additions are Sydney Water, Coca Cola, eBay, Salmat and ABC, who have all dropped from the top 20 this y ear.
Insync Surveys and RedBalloon are running a free webinar unpacking the results of the 2011 Dream Employers report with loads of advice and insights. To register or for more information visit https://www1.gotomeeting.com/register/875692081
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