In the decade since the onset of the financial crisis of 2008, employees have become more confident and secure in the belief that their employer cares about them, but have become less satisfied with their workload, career progression, and pay and benefits, according to the findings of a report published on September 11 by organizational consulting firm Korn Ferry.
The report’s findings are based on an analysis of engagement data for more than one million U.S. employees at around 180 companies for the 2008-2018 period. The study found that there have been distinct shifts in employee attitudes toward their workplaces in the 10 years since the start of the Great Recession.
The analysis found that employees are 28% more likely in 2018 than in 2008 to say they believe that their immediate managers support their development, and are 15% more likely to report that their organization demonstrates care and concern for employees. The results also suggest that employees are feeling more confident in the future, as they are 17% more likely in 2018 than in 2008 to say they believe their companies will be successful over the next 2-3 years.
The findings indicated, however, that employees have more negative opinions today than they did a decade ago about several issues, including pay and benefits, workload, career paths, and training and performance management. The study found that compared to 10 years previously, workers in 2018 are 15% less likely to agree that the benefits their companies offer them are competitive, and they are 4% less likely to say they believe their pay is fair considering the compensation of people doing similar jobs in other companies. Moreover, compared to 10 years ago, employees in 2018 are 10% less likely to indicate that they experience strong cross-team support within the company, and are 11% less likely to say they believe that decisions are made at the lowest appropriate level.
In addition, the results suggested that today’s employees are increasingly worried about their workload, and lack certainty about their career progression. The analysis showed that compared to their counterparts in 2008, workers in 2018 are 10% less likely to say they have a good idea of the possible career paths available to them, and they are 6% less likely to agree there are enough people to do the work in their work group.
“Today’s organizations run much leaner and unfortunately, managers are sometimes too strapped with their own workloads to address the needs of their employees,” said Korn Ferry senior principal Mark Royal. “Over the past 10 years, there has also been a shift from hierarchal management to flatter, more interdependent working environments. It’s important that organizations understand the implications this has on managing employees.”
From Benefit Trends Newsletter, Volume 61, Issue 10
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