Wanted: Career monogamy
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The ‘Great Recession’ may have ended, but its impact on the views of the Canadian workforce may, quite literally, be life-long, according to the results of new research from Towers Watson.
The Global Workforce Study – a biennial survey of employee attitudes and workplace trends – confirms that the recession has altered the way employees view their work today. In contrast to earlier studies, the 2010 results indicate that Canadians have moved away from the employment notion of being a ‘free agent’ to become the ‘marrying kind’ – seeking lifetime careers with just one or two employers.
Eight out of 10 employees are in it for the long haul, with 43% saying they want to work for a single company for their entire career, and 34% wanting to work for no more than two to three companies over their career span. While the move toward workplace loyalty will no doubt be welcomed by employers as the economic recovery takes hold, organizations should note that employees don’t perceive the relationship as a one-sided courtship. Instead, they are looking to their employers for a reciprocal investment in the form of learning and development opportunities in particular.
The study shows that employees see career opportunity as the top reason to stay with an employer. It is also the second most important factor influencing engagement on the job, following inspirational leadership. In addition, survey respondents said that the potential to grow with a company is among the top four most important reasons to join an organization, along with pay, vacation and health benefits.
The recession has helped employees focus on what they want and need from their employers – with 60% asking for more mentoring and 59% for more clarity on defined career paths. Unfortunately, it appears that organizations are failing to listen or tap into their employees’ interests and needs. The study found that:
- Only 39% of employees think that their leaders are committed to developing employees and the talent critical to their organization’s success
- Forty-nine percent believe there are no career advancement opportunities in their current roles and another 39% believe they must leave their organization and join another in order to advance to a higher level job
- Over half of Canadians (55%) say they are often frustrated in their current roles
Growing old together: Retirement security a new focus
Respondents’ attitudes about retirement add another new element to the employment deal. The study reveals that competitive retirement benefits are now one of the top five attraction drivers for prospective recruits. In fact, the lure of a better pension elsewhere is cited by employees as the second most important factor influencing their decision to leave an organization, after higher pay.
However, while the overwhelming majority of respondents (83%) agreed that providing for their financial future is their responsibility, more than half (57%) don’t feel well equipped to manage their retirement income needs.
Canadians are clearly looking for more support from their employers when it comes to retirement planning. Sixty-five percent are asking for more regular communications on rewards and benefit programs, and 62% are asking for greater simplicity on how programs are designed and administered.
