Last week’s blog touched on the Americans’ approach to work, and where it fits in our daily lives, has evolved over the past several years. For many people, the mandatory hiatus from in-person work trigged a re-evaluation of the type of work they want to do and where they want to do it.
Some have embraced remote work, relocated geographically, moved to another company. In certain cases, people reoriented their career trajectory or even entered early retirement. ADP’s latest study, “People at Work 2022: A Global Workforce View,” found that 71 percent of workers have seriously considered a major career move this year as they re-evaluate the importance of job security and business ethics. The report cited an “emerging sense that a secure job is one that allows workers to earn a living on their own terms, without compromising on essentials like their health, well-being or family time or even their personal beliefs and values.”
It should come as little surprise that these trends are more prevalent among women and people of color, who often get the short end of the stick when it comes to employment parity. In fact, recent studies on employee sentiment found that more than half of women surveyed planned to leave their jobs in the near term.
These shifts in worker sentiment, combined with a tight labor market, have given employees a massive upper hand. To attract and retain skilled, valuable staff—particularly, a diverse and productive staff—leaders need to not only offer higher compensation, but also rethink the way they run their companies.
In fact, we at CBC have embraced these shifts and a good example of that approach is our innovative Inclusive Ownership program. This initiative helps create opportunities to establish a commercial franchise in the diverse communities where clients and our business operate. You can find out more information about this program on these links here and here.
The good news is that for the most part, companies are responding to these trends. When asked how their firm has adapted to meet the changing needs of the workforce in 2022, 67 percent of women believe that their company has made changes and accommodations. Another 19 percent said their company has not adapted to meet employees’ needs, and the rest were unsure. Most firms that have adjusted have opted to offer more flexibility in working arrangements and/or increased benefits.
The bad news is that upon further analysis of worker sentiment, it’s clear that more needs to be done, particularly in terms of employee well-being, flexibility and broader DEI initiatives.
As Burnout Gains Attention, Mental Health Is Finally Top-of-Mind
In a recent study of 1,000 workers by Eagle Hill Consulting LLC, 49 percent of Americans said they are burned out from their jobs; this metric hasn’t changed much in the past year. The figures were even higher for younger workers (53 percent) and women (54 percent), two cohorts that are hot commodities in the hiring world.
Nearly half of respondents said their personal workload is causing burnout. Another 45 percent said staffing shortages and hiring issues at their business are a factor—86 percent of workers are covering workloads for unfilled positions, while 42 percent are training new hires.
As in the broader economy, employees in commercial real estate are experiencing greater levels of stress without the appropriate resources to counter it, which leads to the trend of “quiet quitting” and, eventually, burnout. Two in five women who participated in the CREW survey are actively seeking other employment because of burnout, which the organization attributes to an imbalance between worker expectations and experience.
There are some positive signs that conditions are improving. Eagle Hill analysts found that fewer employees are reporting burnout today than two years ago, when 58 percent of workers answered affirmatively. (Granted, that was also the height of the pandemic.)
Company leadership have also hopped onto the well-being bandwagon. After surveying thousands of CEOs?in 11 key?global markets and 11 industry sectors, KPMG unveiled its three-year outlook on enterprise and economic growth. Among the findings is that business leaders are just as cognizant of these issues and trends as their employees.
Three-quarters of global CEOs believe their organization’s ability to retain talent will be impacted by inflation and the rising cost of living. Further, 76 percent believe they need to address burnout from accelerated digital transformation over the past two years.
According to experts, the unwillingness to openly discuss burnout has been a barrier in addressing the issue over the past two years. So, it’s refreshing that a 2022 CREW Network survey found 62 percent of respondents said they were comfortable telling their managers about burnout. More than two-thirds of women in commercial real estate say their companies support worker mental health and wellbeing through benefits or specific policies.
Check back next week for other factors that are important to today’s diverse workforce.