Employers who are on the hunt for talent are no longer just competing against other firms. They’ve got to persuade potential hires that working for them is better than being self-employed.
52% of workers said their professional ambition isn’t tied to being part of a company in the recently released State of Work & Career Success Survey 2022 by Flywheel Associates. And among “highly successful” workers, that number rose to 71%. The survey defines highly successful workers as those who are meeting their own career and life goals, such as being promoted, being a leader and ensuring their life has a purpose.
“When you look at how to attract employees from a company’s perspective, you need to look at what do people need, not just in the job they’re in but in the bigger picture of their career and their life,” says Connie Steele, principal of Flywheel Associates and author of Building the Business of You. “Employers are not realizing that what individuals are looking for is not just money. It’s also meaning and purpose.”
The survey also shows how important balance is to the American workforce.
· More than 60% of respondents believe they work best when and where they want.
· 62% say work and career are integrated into their personal life.
· 56% say spending time with family is more important than building wealth.
· Among workers in their 20s, getting the most out of life was their second most important goal after spending time with family, cited by 45%, versus 39% of the total population.
Flywheel surveyed 1,000 individuals ages 18 to 64 working part-time, full-time, freelance or in their own business.
Fewer than half of the workers (45%) said they are satisfied with their career progression, their current position and their compensation. And only 45% said they are likely to stay at their current job.
Those in their late 50s are the least satisfied with their current situation. They are the least likely of all age groups to report they’re doing work that is meaningful for them, fully developing and using their skills and getting promoted to a position they desire. Those in their 50s are also more likely than their younger counterparts to identify income and meaning as their top priorities.
Those in their 30s are the most satisfied. They are the most likely among all age groups to say they are doing meaningful work.
Those in their 20s and 30s are the most likely to prioritize having a “portfolio” career that includes side hustles and entrepreneurship. The two younger generations are also more likely to pursue being a creator in the next 12 months.
“The study seems to confirm that younger generations are looking for alternative ways to build portfolio careers and manage multiple careers successfully, whether that’s as a creator, a freelancer or an influencer,” says Steele. “The very narrow, dominant career you retire in is not the wave of the future.”
Regardless of age group and career path, those who used six key strategies were more likely to be successful in meeting their goals: planning, having a positive work culture, developing their skills, having a breadth of experiences in the workplace, education and staying current.
It appears that workers who can create an employee-centric workplace that lets team members achieve their goals, in addition to the company’s, may have an edge in attracting employees who might have considered other professional options.
“Work and career success is connected to them achieving success in their lives,” says Steele. “When they feel successful in their lives, your business will have positive outcomes.”