Workplace culture and salaries are the most important factors for attracting and retaining talent, according to a LinkedIn report.
What does it take to attract, retain, and grow top talent? Workplace culture may count for more than you expect, according to a Tuesday report from LinkedIn.
Of the 3,010 adult full time workers surveyed in the US, 70% said they would not work at a leading company if it meant they had to tolerate a bad workplace culture. Some 65% said they would not tolerate outranking employees earning less pay, and 26% said they would not forgo a fancy title, the report found.
These results should act as a wake up call to tech companies in particular, who remain at war for skilled developer talent and have come under fire for fostering cultures that are unwelcoming to certain groups, including older workers, women, and people of color. If you want to attract and retain the widest range of strong candidates, your work culture must be inclusive, and your salaries must meet market standards.
SEE: Hostile workplace prevention policy (Tech Pro Research)
What does it take to win the war for tech talent? Here are the top three factors that professionals said would keep them at their company for the next five-plus years:
1. A sense of belonging
Nearly half of all professionals surveyed (46%) said having people at work they enjoy working with and can be themselves around was a top reason to stay at a company long term.
2. Benefits instead of perks
While tech companies tend to lean heavily into perks like free food and game rooms, 44% of employees surveyed said strong workplace benefits such as PTO, parental leave, and health insurance were top factors that would keep them at a company. In comparison, the least enticing factors for keeping professionals in their current jobs were in-office perks like food, game rooms, and gyms (19%). One of the top things professionals said they would be willing to give up for their dream job was having in-office perks (37%).
3. Support from leadership
Leadership greatly impacts the employee experience, according to the report. Of people who said they are not proud of the company they work for, the most frequently-cited reason why was a lack of strong and inspiring leadership (60%). Some 21% of professionals said they do not feel they have a senior colleague who has their best interest in mind, or who often advocates on their behalf.
For the majority of employees, a company's mission outshines its salaries, the report found: 71% of professionals surveyed said they would be willing to take a pay cut to work for a company with a mission they believed in, and that shared their values.
Employees also want to feel pride in where they work, the report found: 87% of those surveyed said having pride in their company matters to them. This sense of pride comes from companies that promote work/life balance and flexibility (51%), foster a culture where employees can be themselves (47%), and have a positive impact on society (46%).
Building a slide deck, pitch, or presentation? Here are the big takeaways:
- 70% of professionals said they would not work at a leading company if it had a bad workplace culture. -- LinkedIn, 2018
- 87% of professionals said having pride in the company they work for matters to them. -- LinkedIn, 2018
- IT leader's guide to achieving workplace diversity (free PDF) (TechRepublic)
- Research: CIO gender diversity is good for business (ZDNet)
- Workplace by Facebook: A cheat sheet (TechRepublic)
- Sheryl Sandberg: Facebook is 'taking a diverse slate approach' (CNET)
- Closing the tech gender gap: How women can negotiate a higher salary (TechRepublic)