We’re well into September now and 2014 is quickly coming to a close. Typically with the end of the year and Christmas looming, employees can expect some kind of reward in the form of a bonus. Unfortunately, this custom isn’t so typical anymore. We are still slowly crawling out of the recession and companies don’t have the same resources they used to have.
According to the Kelly Global Workforce Index (KGWI), this isn’t disappointing UK employees as much as you might expect. According to the survey, 59% of UK employees would prefer to receive more training as a reward than a monetary bonus.
This same desire for further training and skills was reflected in PWC’s report: Millennials at work: Reshaping the Workplace. When asked what rewards they would prefer, millennials ranked further training as number 1, flexible working as number 2 and cash bonuses as number 3.
Career development and job satisfaction are seen as more important to UK employees than more money. Of course, it’s important to understand that employees need to be paid fairly before they feel that they can prioritise their needs this way.
The HR review discusses this trend and notes that UK businesses are not doing enough to address the needs of their employees. The KGWI report supports their view, citing that over two thirds of employees have not had a career development discussion with their employer in the last year and 42% feel that they do not have a clear career path.
So how can you address this in your workplace?
Start the ball rolling by letting your people know what options are available to them. To use Cullen Scholefield as an example, Gina expressed an interest in our new CIPD Advanced Awards in Employment Law. She studied Law at university and thought that refreshing her knowledge would be good for her. So, Maureen cut her a deal which benefits both Gina and the company.
Worried that I might get a bit jealous or feel neglected, Maureen asked me to consider what further training I might be interested in and to come to her with any ideas that I had.
By letting me know that further training was an option, I was given the chance to consider the possibilities whilst knowing that my organisation would support me if they could. It as a simple as that. Transparency and an open mind can go a long way to keeping your people happy and satisfied with their jobs.
As a result, next week I will be starting a News Journalism course in London. This is an agreement that benefits me and my interests, but also benefits Cullen Scholefield by honing my research and writing skills.
On an additional note, I need to leave the office a tad early in order to attend my course, so I had to request some flexible working as well…
Talking of flexible working, I am sure that many HR departments across the UK have had numerous requests for flexible working since the law changed last June.
As you already know, our next round of Circle of Peers events is starting next Thursday 18th September in London and the topic we will be discussing is Work Smart: Work Flexibly: Flexible Working. If you are concerned with how you are going to implement flexible working into your workplace, then make sure you book your place to get the best advice.
You may have even been told that you require training in flexible working, so think of our Circle of Peers as a free taster session with lunch thrown in!
Book your place at your nearest event here. We look forward to seeing you there!
London – Institute of Directors – Thursday 18th September
Isle of Man – The Sefton Hotel – Wednesday 24th September
Sussex – The Base – Friday 26th September
Gibraltar – The Eliott Hotel – Wednesday 22nd October