Edelman: The Workplace Reconsidered
McKinsey Report: Focus on Super Stars and Value Destroyer
A new survey by Edelman finds that while 78% of the nearly 7,000 respondents in 100 countries respondents are worried about losing their jobs, by far people have greater trust in their employers than four other main institutions: non-governmental organizations; government, followed by the media.....A McKinsey & Co. report estimates the cost of work disengagement and recommends a solution based on modeling “superstars.”
Edelman says that its latest research reveals that “employees want employers to commit to action on societal issues, leverage voices within the organization that employees already hear, and embrace the employee base as information amplifiers.”
The latest 2023 Edelman Trust Index, produced by the Edelman Trust Institute, consisted of 30-minute online interviews conducted this summer.
“Of the institutions we study, 'my employer' is the most trusted by a staggering 23 points when the four main are averaged together, and with the faith employees put in their employer comes great expectations and even greater responsibility. Employers outperform the other institutions on competence and ethics, and are more believable than media and national government.”
The report adds: “Because of everything that has happened in the world over the past few years, 67% of employees are reevaluating how they spend their time and 72% believe employers need to rethink what work means to employees...The influence of young workers on their colleagues is unquestionable. They are shaping how people of all ages think about and approach their working lives.”
Over “60% of employees say they are more willing to pressure their employers to change things they do not like, and are more open to unions, because of the influence of their younger coworkers.”
The deskless worker, the report finds, is left behind. “These workers are at the periphery of the organization, are less trusting overall, and feel disconnected from corporate life. The way to earn their trust is by putting trust in them. Tangibly, deskless workers want their CEO to understand their day-to-day; they need leaders to leave their desk to help them feel more incorporated into company decisions.”
Recommendations for employers.
1. Employer trust brings responsibility. Employers need to build the infrastructure for employees to see their values expressed in how business gets done.
2. Leverage the power of Gen Z. Employees need to feel like they’re making an impact; show how the organization is doing so.
3. Prioritize the deskless employee. Demonstrate your trust by being transparent and soliciting input through surveys. Get away from your desk, experience the day-to-day work, and connect in person.
4. Align employer action. Talent strategy needs to be consistent across the enterprise, but societal engagement must be aligned to local markets and stakeholders. Lead through action, not talk.
More than half of employees report being relatively unproductive at work, according to this recent study by the New York based consulting firm McKinsey & Co. The report “identifies six types of employees and shows how companies can re-engage workers while amplifying the impact of star performers.”
The company estimates “employee disengagement and attrition could cost a median-size S&P 500 company between $228 million and $355 million a year in lost productivity Over five years, that’s at least $1.1 billion in lost value per company.”
The report urgers corporate leaders “to grasp that their workforces are not monolithic when it comes to employee experience and that the tactics to increase performance require a more segmented approach. Leaders can then apply differentiated strategies to groups of employees that boost levels of satisfaction and commitment, performance, well-being, and, ultimately, retention and engagement.”
The research “identifies six distinct employee groups, or archetypes, across a spectrum of satisfaction, engagement, performance, and well-being. These workers range from the highly dissatisfied and actively disengaged—who comprise more than 10% of an average organization and who we believe are destroying value—to a group at the other end of the spectrum that we call 'thriving stars.' At about 4% of an average organization, these super-engaged workers not only perform at high levels themselves but also appear to spread their positive engagement and commitment to others. In between these two poles is a vast middle of workers who experience varying levels of engagement and satisfaction that affect their performance and sense of well-being.”
Click here for the full report.
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