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Happy New Year – I Quit

The beginning of the year is frequently a time of change. Time spent out of the workplace over the holiday period allows employees time to reflect on the year passed and a new year often bring new year resolutions. As the New Year begins, school returns and people gradually return to work from their holiday break; there is often a misalignment in priorities between senior management and employees. Executives and business leaders return to work committed to driving their businesses to new heights with a reinvigorated passion, while a large group of their employees have something else in mind: finding somewhere else to work.

According to a new Korn Ferry survey, nearly one-third of professionals say their top work resolution in 2020 is finding a new job. What is more concerning is the biggest reason for searching for a new job is a lack of fit between corporate culture and the workers’ values. There is no time like the present for employers to review and revise their company cultures and EVP (employee value proposition).

Corporate Culture – A Topic of National Conversation

In a previous HR Expert Australia blog, we discussed the 7 critical HR questions all boards should ask in 2020. The topic of corporate culture has been a national conversation in Australia, especially in a post-Hayne world. All leaders should be in a position to answer the questions posed around corporate company culture, not just boards. Korn Ferry has reported that fewer than 10% of survey respondents said that traditional work-related ambitions, such as getting a raise, earning a promotion, or achieving a better work-life balance, was at the top of their New Year wish list. It comes down to company culture, leadership practices and engagement activities, which encompasses nearly all aspects of the office environment, including pay, workforce diversity, work schedules, and even dress codes.

Executives and business owners do seem to know this, especially when it comes to attracting and retaining top talent. Still, experts say that awareness hasn’t always translated into creating a culture that engages and enables employees. Some firms tell their employees that they are going to improve their culture and then don’t, which is worse than doing nothing at all.

New Year New Challenge

According to the survey, one solution may be giving employees more chances to advance their careers, take on tougher work challenges, or both. A plurality of professionals, 41%, said that “creating a greater impact or making a difference” was their top work resolution. And even among the ones who want to leave, nearly a quarter of them, 23%, said that the reason they want to go is that they are bored. In a different question, 28% said that getting assigned to a more challenging, high-profile project would most improve their opportunities to advance at their current employer. “This survey clearly shows that many professionals are not only up for a challenge but value it as a way to demonstrate they are making a difference in the world,” says Dennis Baltzley, Korn Ferry’s global solution leader in leadership development.

To drive your business to new heights this New Year, it is essential to get your culture right, as it comes down to the people working in the company who will deliver results.

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Information provided in this blog is not legal advice and should not be relied upon as such. HR Expert Australia does not accept liability for any loss or damage arising from reliance on the content of this blog, or links on this website to any external website. Where applicable, liability is limited by a scheme approved under Professional Standards Legislation.

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