UKG research from September 2022 found that 63% of what today's employees expect at work isn't financially focused. That is great news, especially when company resources and finances are constrained.
Building a strong, trusting relationship with the workforce is fundamental for companies in any economic circumstance. Without it, companies will struggle to attract, engage, and retain talent. During challenging economic times, the employer-employee dynamic becomes even more important.
The concept of the employer-employee relationship goes back hundreds of years and is deeply rooted in the Industrial Age and the “trading-time-for-money” model. But this outdated model is still used today by many organizations. Much has happened over the last 100-plus years that has brought improvements in pay, safety, and health-related matters. So, it’s no wonder that attracting, engaging, and retaining employees feels like mission impossible because, for many companies, it is.
Today's work is about much more than just trading time for money. Employee expectations have exponentially expanded and dynamically adjusted to the experiences in the world around us. The global pandemic of the last few years is a powerful example of how quickly employee expectations can change and lead to record-breaking attrition numbers and workforce migrations that have devastated entire industries.
Today’s work is about much more than just trading time for money. Employee expectations have expanded and dynamically adjusted to the experiences in the world around us.
The fragile give-and-take between employers and employees can be seen through depressing pre-pandemic statistics. The fact that 79% of employees were not actively engaged and 37.9% of employees quit their jobs within the first 12 months of employment highlight that most companies had a fractured relationship with their employees even before the pandemic.
Making it through a recession with as few bruises as possible requires employers and employees to be in the same boat, to paddle in the same direction, and, most of all, to trust each other. Without trust, it becomes increasingly difficult to achieve the results of a high-performing organization. During tough economic times, this can translate to higher costs, insufficient innovation, lack of commitment, and loss of productivity, all of which are the very opposite of what companies need.
Use the Triple E Gap Analysis to build trust with your employees
The first step in laying the foundation for a trusting relationship with employees is to understand and address their expectations. UKG developed the Employee Expectations-Experience Gap Analysis (Triple E Gap Analysis) to empower companies to self-assess their effectiveness in meeting employee expectations. The tool is research-based and features 12 expectation categories that today’s employees are seeking. The Triple E tool provides you with a comprehensive overview of what matters to today’s employees while providing insight into how effectively your business addresses the 12 employee expectation areas.
Consider the Triple E Gap Analysis as your launching pad to make strategic improvements that close the gap between employee expectations and their current realities—with a primary focus on the 63% of expectations that are not financial. The Triple E will help you prioritize your focus areas and identify a variety of low- to high-intensity gap-closing actions so that you can quickly demonstrate improvements that matter the most to your employees.
Next steps: Take the assessment
If you’re ready to find out how to improve the employee experience at your organization, complete the free Triple E Gap Analysis. It takes only five minutes and provides you with deep insights specific to your organization. Rise above your industry peers by becoming a truly employee-centric organization. It all starts with employee expectations—and addressing these expectations is nearly impossible without a roadmap.
Take the assessment: Triple E Gap Analysis
