Research, commissioned by financial protection specialist Unum, reveals the impact of workplace wellbeing on staff loyalty in the media & advertising sector
New research shows more than a third of employees in the media & advertising sector (38%) said they would consider leaving their job if they didn’t feel cared for by their employer.
The research from ICM, commissioned by Unum, found a further 28% said not feeling well looked after would make them less likely to stay with an employer long-term and almost a fifth (18%) said this would make them feel less motivated and productive.
Although the picture remains mixed, the findings indicate that wellbeing has improved in the media & advertising sector post-recession. 73% of respondents said they currently feel well looked after by their employer and 46% thought levels of wellbeing had improved over the last three years , but 1 in 4 (27%) still felt they were only adequately or poorly cared for.
Research was also commissioned in four other sectors – legal, IT & tech, accountancy and retail. Compared against these, employees in the media & advertising sector were the most satisfied with current levels of wellbeing. 73% said they were well cared for by their employer, compared to 63% in the retail and tech sectors and just 59% in the legal sector. There is a clear correlation between this and the length of time staff plan to stay with a firm, with more employees in the media & advertising sector saying they have no plans to leave their current employer than in any other sector apart from accountancy.
*The research found that one of the most tangible ways for media & advertising companies to show they care is by providing a comprehensive benefits package – especially one that provides support for staff when they fall ill. 63% of respondents said a good benefits package was important to them and 63% also specifically highlighted financial support through ill health, making this a bigger factor in staff loyalty than a good bonus (55%) or financial provision in old age (53%).
It also found that although salary remains a key consideration for employees in the sector, softer elements around management and recognition are almost as important. When employees were asked what they felt employers should offer, the following were considered most important:
There are a number of additional factors which can determine how large an impact this ‘wellbeing lag’ has on a business:
• Women are much more dissatisfied with current levels of wellbeing than men
Across all sectors, 42% of women said their employer did not look after staff well compared to just 30% of men. The biggest discrepancy was in how well staff felt their employer would support them financially if they fall ill with 28% of women saying their employer provides them with no provision for this, compared to just 17% of men.
• Different generations have very different priorities in the workplace. Younger workers aged 18-34 place far greater importance on career progression, inspiring senior leadership and feeling a part of a team than their older co-workers. Meanwhile, the desire for support during ill health and old age becomes stronger as workers get older.
• Larger companies can learn from SMEs in making staff feel cared for.
Across all sectors, nearly a third of employees in large companies (30%) say wellbeing has got worse in the last 3 years compared to just 14% of employees in small companies, and 41% say current levels of wellbeing are only adequate or poor compared to just 26% in SMEs.
*The research findings are taken from an online survey conducted by ICM Research in April 2014, commissioned by Unum. The survey was completed by a total of 709 employees in the following five sectors: Media & Advertising (142), Legal (140), Accounting (141), IT & Tech (142), and Retail (144). Workplace wellbeing is defined as staff feeling well looked after by their employer.