By Daniel Bobinski
Quick question: If you had to choose between giving your employees a raise or giving them better feedback, which do you think would do more to keep them around? Most managers would bet on the raise. They’d be wrong.
A survey of 2,000 American workers conducted by OnePoll set out to identify what keeps employees engaged and on the job. In the top spot were employees wanting feedback on how they’re doing, a response selected by 53% of respondents. Compare that to 48% who’d rather receive a pay increase.
Those numbers are fairly close, but the fact that feedback edges out a pay increase is worth pondering for a moment.
Also, when one considers the top-rated things that employees want, the communication theme becomes hard to ignore.
What follows is a break down of the top numbers in the poll. Notice that many items are directly tied to communication and feedback.
Feedback about their role was cited by 53% of respondents
- Honest communication was cited by 48%
- A pay increase was also cited by 48%
- Higher titles were cited by 47%
- Recognition and appreciation each landed at 41%
- Frequent one-on-ones made the list at 40%
- More responsibility was cited by 38%
- Transparency about the company’s direction was also cited by 38%
- Willingness to listen when employees raise concerns was also cited by 21%
When we consider what employees really want, the majority of items are about information flow. In other words, employees want to know where the company is headed, and they want feedback on how well they’re contributing to that effort. They also want to know that someone actually listens when they speak up.
It’s worth clarifying what the word feedback means to employees. It’s not a performance review, nor is it a pep talk or a pat on the back. Feedback is simply the flow of information. It’s confirmation that their work is on track or a heads-up that it isn’t.
At the core of it all, employees want to know that their effort matters, because when they don’t feel it does, they start looking for a place where it will.
By the way, that same OnePoll survey also asked what employees disliked most. The top answer? It wasn’t low pay or a bad commute. It was pointless meetings. This issue was flagged by 55% of the respondents. Coming in second place with 47% was employees saying they disliked emergencies that popped up due to poor planning. Managers and supervisors should note that these ratings are indicators that their planning and organizing could and should be better.
Bottom line, employees stay when they feel informed, heard and valued. The best tool a manager has for delivering all three is also the simplest: a regular, honest conversation. With the job market the way it’s been, the leverage has shifted to employees. Managers who haven’t figured that out yet are going to keep wondering why their good people keep walking.
