Want to Retain Me? U.S. Workers Say 'Show Me the Money'
New study highlights disconnects among effective employee engagement strategies
ATLANTA, Oct. 2, 2012 /PRNewswire/ -- According to a study by Randstad, U.S. workers are most likely to identify promotions or bonuses as one of the most effective ways to keep them engaged. In the latest Randstad Engagement Index, 36 percent of workers say this is among the most effective motivations, however, only 27 percent say their employers actually practice these types of incentives and just 28 percent say their companies have a formal system to recognize and reward employees. This disconnect between employees and their employers is also evident when it comes to performance reviews. While only 16 percent of employees rank performance reviews as an effective means of keeping them engaged, reviews are the most commonly practiced employee engagement activity, as indicated by 46 percent of employees.
Randstad's study points out several engagement disconnects and also confirms where employers are getting it right. For example, employees do agree their employers implement some of the most effective engagement tactics such as encouraging employees to share their ideas and opinions (45 percent) and investing in employees' careers through training, professional development and continuing education (38 percent).
"One of the most challenging obstacles for employers is finding what works for their culture and employees when it comes to keeping workers engaged and invested in their work and the company," said Jim Link, managing director of human resources for Randstad U.S. "Compensation usually ranks at the top of the list, however our research shows it is important to offer a full package of motivating tactics that not only provide benefits but also promote leadership and professional development. This study tells us that employers are doing some things right, but when it comes to finding ways to help boost morale and decrease turnover, relying on annual performance reviews as the only engagement tool is far from sufficient."
Perhaps because many workers have stayed with their employers longer than they planned while waiting for the job market to turn around, nearly a third of employees also perceive having a comfortable and stimulating work environment as one of the most effective incentives. However, employees also indicate that it would not take them very long to find a new job. According to the Index, 56 percent of employees believe it would take three months or less to land in a new position.
"It is important for employers to assess their employees' needs and create programs that stimulate and inspire their workforces," said Link. "An investment now in promotions or bonuses, along with impactful programs aimed at motivating, recognizing and rewarding employees, will help with retention efforts, increase productivity, and boost employee confidence in their companies."
The Randstad Engagement Index measures the attitudes and perceptions impacting employee engagement within companies today. The findings represent employees' priorities, concerns, outlook and intent around both their current employer and future career plans. The quarterly study targets employees to help employers further understand and better engage their workforces.
The Randstad Engagement Index is comprised of findings from quarterly waves of research targeting employees and annual surveys of employers. The fifth wave of findings was conducted June 28 - July 18, 2012 from a national sample of 3,251 aged 18 and older who are currently employed full time from Ipsos' U.S. online panel were interviewed online.
Weighting was used to balance demographics and ensure samples reflect the U.S. population of working adults.
Employees and employers were surveyed to compare notable differences in perceptions and attitudes. Multiple waves of research allow for trending and to track changes in perceptions and attitudes over time. Research into employee attitudes and perceptions will be conducted quarterly. Research into employer attitudes and perceptions will be conducted on an annual basis.
About Ipsos Public Affairs
Ipsos Public Affairs is a non-partisan, objective, survey-based research practice which conducts strategic research initiatives for a diverse number of American and international organizations, based on public opinion research. They are the international polling agency of record for Thomson Reuters, the world's leading source of intelligent information for businesses and professionals. To learn more, visit: www.ipsos-pa.com.
About Randstad US
Randstad is a $22.5 billion global provider of HR services and the second largest staffing organization in the world. From temporary staffing to permanent placement to inhouse, professionals, search & selection, and HR Solutions, Randstad holds top positions around the world and has approximately 28,700 corporate employees working from its nearly 4,700 branches and inhouse locations in 40 countries. Founded in 1960 and headquartered in Diemen, the Netherlands, Randstad Holding nv is listed on the NYSE Euronext Amsterdam.
Learn more at http://www.randstad.com.
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