PwC published their 2024 Global Workforce Hopes and Fears survey recently. Overall the news is positive – employees are embracing change and are more satisfied in their roles. But many industries and employers have reached a key inflection point. Leaders are going to have to help their teams manage change, understand how to use AI, and keep their employees invested in long-term success.
When you overlay what employees are saying about change (“nearly two-thirds of employees say they’ve experienced more change at work in the last year than in the 12 months prior”) with PwC’s 2024 CEO survey where “45% of CEOs believe their company will not be viable in ten years if it stays on its current path,” you begin to get the sense that change-fatigue may be on the horizon.
Change works both ways in the employee/employer relationship. Even with the generally positive outlook of employees, more of them are also seeking new career opportunities. According to PwC ”the proportion of employees who say they’re very or extremely likely to switch employers in the next 12 months jumped from 19% during the ‘great resignation’ in 2022 to 28%.” Leaders will need to be prepared to combat more employee attrition.
I see a common thread throughout this discussion on change and employee sentiment: culture. While leaders continue driving change and adopting new technology, they must continue to foster and encourage meaningful culture and community among their team members.I may even go a step further to suggest that one of the biggest mistakes a leader could make right now is to drive change without an equal commitment to company culture and employee engagement.
The Hopes and Fears study talks about a few key areas that employers need to shore up:
- Creating a culture that is not only driving change but “upskilling” its employees
- Ensuring employees understand the “why” behind changes
- Helping employees see the purpose behind their day-to-day
- Meeting employees where they are with flexibility, fulfillment, and fair wages
- Engaging employees in figuring out better ways to use GenAI
With change and uncertainty, a firm unwavering message to your employees is critical. If you do not already have one, developing a clear employee value proposition (EVP) that remains steadfast as everything else changes will keep your business on a firm footing when it comes to your culture. Your EVP will bring clarity around your organization’s values, company culture and your commitment to your employees.
In a meeting recently, we heard from a CEO leading a large national organization. What struck me most about that meeting was the CEO’s clear vision and passion around WHY the organization existed and what their purpose was. This is the driving factor behind their decisions, culture, and how they engage with their employees. I believe, with all of the change ahead, this deep conviction can and will continue to be transformative to this business.
Taking the time to understand both what you need from your employees to accomplish your organization’s goals and how that overlaps with what your employees need from you is vital and valuable. Defining the center of that Venn diagram will inspire your employees and grow your business.
If prioritizing your internal employee strategy is something that interests you, let’s start a conversation and see how Ramey might partner with you.
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