We are so excited today to release the whitepaper that many of you who attended Compference last month have been anxiously awaiting: The Formula for a Winning Company Culture! When PayScale Lead Data Analyst Chris Martin revealed the findings from our latest research on employee experience in his “Connecting Engagement and Outcomes Using Data” presentation, many attendees had the same two-part reaction: 1. Wow. Really?! followed by 2. When can I read the full report?
Today is the day.
During 2015 and 2016, we collected additional data on the employee experience from 501,796 workers who took the PayScale Salary Survey. Our research has uncovered what matters most for creating a great employee experience, and several cost-free ways that you can improve engagement by making small changes in the way you communicate with employees about their value, your company’s strategy and compensation.
Here’s a preview of our findings — they might surprise you:
- Appreciation matters most for employee satisfaction, followed closely by company outlook.
- How people are paid relative to the market for their position matters relatively little in terms of employee satisfaction. What does matter is how employees feel about how they are paid, which has 5.4 times as much impact.
- Company outlook is the most important driver of planned attrition. Appreciation is second most important.
- Frequent two-way communication is an important driver of employee satisfaction, but has a much smaller effect on planned attrition.
- Pay vs. market, on the other hand, is much more important in reducing intent to leave than it is for driving employee satisfaction. Pay process still matters more than pay vs. market, but the difference is much smaller than it is in determining employee satisfaction.
How employees feel about pay has 5.4 times as much impact as how much they're actually paid.
You can get all the details, additional findings and actionable insights on what matters most for improving satisfaction and reducing attrition in the full whitepaper. Grab your copy here!
Tell Us What You Think
What’s your biggest challenge in creating company culture? We want to hear from you. Tell us your thoughts in the comments.