As labor markets tighten and unemployment reaches record low levels successful companies are going to have to offer employees much more than just foosball and free food. According to an article written by Sue Shellenbarger, Why perks no longer cut it for workers, job satisfaction, career paths and engagement in their work are the factors that will attract new workers.
Sue goes on to say “Companies will enter the new year amid a labor shortage so acute that any downturn in the economy isn’t likely to put much of a dent in it. With more than seven million jobs unfilled, employers have been piling on free snacks, comfortable lounges and cafes and other perks to burnish their image in the job market.”
“They’re going to have to go deeper. What will distinguish the most profitable companies from the rest in the coming year won’t be whether they offer foosball of free food. It will be whether leaders foster a workplace culture where employees feel a sense of belonging, like their jobs and trust their mangers to help them move on to a better one.”
For employers, those squishy factors can make the difference between riding out a downturn or falling flat. Companies that rank the top 10% in engaging their employees, including giving them the training and encouragement to do their best work and imbuing it with a sense of purpose, posted profit gains of 26% through the last recession, compared with a 14% decline at comparable employees.”
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