Inefficient work processes are exhausting employees and encouraging them to seek stability as the economy continues to be, well, nervous.
According to the Qualtrics 2023 Employee Experience Report, a “fresh collision” is brewing between burned out employees who want more support and organizations that want to streamline budgets without surrendering productivity.“Fresh collision” brews between burned out employees who want more support and employers that want to streamline budgets. #HR #HRTech @Qualtrics Click To Tweet
“Employee expectations have fundamentally changed, and the progress we’ve made cannot be undone,” said Qualtrics Chief Workplace Psychologist Dr. Benjamin Granger. “But as the economic picture shifts and people focus on their basic needs, clear and open communication are essential. Employees want reassurance that their jobs are secure, and that they’ll get some relief from burnout after the disruption brought on by the confluence of Covid, an economic downturn and geopolitical events.”
Based on its research, Qualtrics predicts four trends for 2023 (making this the first of many stories beholding what’s coming next year).
Job Security, Company Stability
Companies will be squeezed by budget cuts even as employee satisfaction with compensation is dropping, Qualtrics said. The survey found that 61% of employees are satisfied with their pay, a drop from 67% a year ago. Only half of all employees believe their pay is based on their actual performance.
At the same time, companies are looking for ways to trim their budgets, including reducing headcount while keeping top performers. Employees who are satisfied with their pay are 13% more likely to stay at a company for three or more years, Qualtrics said, so the decline in satisfaction could push some of them to look for other opportunities.
Supporting Work-Life Balance
When employees believe they have a good work-life balance, 63% are willing to go above and beyond for their company. On the other hand, only 29% of those with poor balance say they’d do the same. When employees can effectively manage their job responsibilities with their personal lives, they’re 18% more likely to stay at their company for three or more years.
However, employees are finding it increasingly difficult to achieve that balance. Satisfaction with work-life balance fell from 73% to 71%, and smaller budgets mean employees will be expected to accomplish more with fewer resources.
Repairing Inefficient Processes and Technology
The pandemic exposed broken processes that impede productivity and introduced new challenges. Less than two-thirds (65%) of workers say work processes enable them to be productive, down from 68% a year ago.
Beyond inefficiency, fewer employees say their technology helps them be productive compared to last year, 63% compared to 68%. For example, rapid shifts to new technologies made it difficult to implement cohesive tech strategies. In turn, that led to teams using different apps to perform the same tasks or requiring multiple apps to complete a single process.
As a result, 38% of employees feel burned out, and 34% say they’re emotionally drained from work.
Shared Values = Retained Workers
Sharing a company’s values is the top driver of employee retention. One reason: Workers give more priority to organizations that reflect their beliefs. Qualtrics said employees are 23% more likely to stay for three or more years in that situation, and 17% less likely to be at risk of burnout.
However, if they’re to stay at a company, employees want to advance their careers. Less than two-thirds (64%) believe their goals can be met at their current employer. Without the availability of ways to learn new skills or develop existing ones, talented employees may look elsewhere for professional growth, Qualtrics said.