Since the frightening days of September 2008, those workers lucky enough to have held on to their jobs have mostly been a docile lot, quietly enduring the increased workloads and longer hours in an effort to avoid the next round of pink slips. However, as the global economy slowly improves, so do the expectations of these employees that their hard work will be rewarded. According to a new report, employers that continue to expect their employees to do more with less can expect a mass exodus of talent once confidence is restored to the labour market.
PricewaterhouseCoopers’ (PwC) Managing Tomorrow’s People survey of 5,000 professionals worldwide found that two years of recession has changed the attitude of those who have worked through it.
“Companies are switching from survival mode to making preparations for growth, but they are mindful that taking on new employees could expose them to new risks at a time where more volatility is expected,” says Michel Rendell, PwC global head of HR services. “Consequently, existing employees are being asked to do more with less. Our survey indicates that employees may be feeling the pressure, with large numbers of respondents hoping for better work/life balance in the future and approximately one-third saying they would prefer to work for themselves.”
Rendell explains that employers that continue to demand more from their employees without considering the impact will end up hurting themselves.
“Morale and loyalty can be chipped away and result in a mass exodus of the most talented when more sustained economic growth arrives.”
New expectations
In the aftermath of the recession, most respondents (44%) still seek increased responsibility with a salary to match. However, more than one-third (36%) now choose better work/life balance as their prime objective. And flexible working arrangements are growing in popularity (39%), followed by bonuses, paid academic training and exposure to advanced networking and social activities.
The appetite for flexible working arrangements is greatest in Western Europe and North America, while Latin Americans have by far the greatest appetite for learning and development. Networking and social activities take precedence in the “newer” markets of Africa, the Middle East, Central and Eastern Europe, and Asia-Pacific, while only 9% of respondents globally said a good company pension plan was a prime attraction for them.
When asked about their ideal future employer, almost half say they want to work for a company whose values match their own. Exactly one-third say that they themselves are their own ideal future employers, and the remaining 20% want to work for an elite company that employs only the best.
To comment on this story, contact us.