Career support is the No. 2 driver of employee engagement while learning and development is No. 3, according to a new Right Management report. A recent BioSpace survey supports those findings.
When it comes to employee engagement, career support and learning and development are more important than pay, according to a new Right Management report whose findings align with a recent BioSpace survey.
As part of its State of Careers series, Right Management’s Money Can’t Buy You Loyalty report identified five employee engagement drivers. When combined, career support and learning and development drive 52% of engagement.
The top five drivers are:
- Organizational fit (34%)
- Career support (31%)
- Learning and development (21%)
- Pay and benefits (8%)
- Job logistics (6%)
Regarding career support, the report noted that workers’ perceived opportunities to advance their careers through means including promotion opportunities, doing meaningful and purposeful work and achieving success within their role are consistent drivers of increased engagement. When considering broader learning and development and formal training programs, including perceptions of feedback availability, coaching opportunities and internal mobility, the report stated it’s clear that access to growth and learning opportunities increases employee loyalty.
BioSpace Survey Highlights Desire for Growth, Challenges
BioSpace uncovered similar findings in a recent career planning survey whose results are featured in an upcoming report. According to the survey, the top two reasons employed and contract workers are job hunting, signaling a lack of employee engagement, are they want more growth opportunities (64%) and a new challenge (51%).
A desire for more money (50%) and better benefits (30%) ranked third and fourth, while unhappiness with company culture (29%) was fifth.
Multiple BioSpace survey respondents commented on wanting more growth opportunities. One employed respondent who’s actively looking for work shared, “I think when you work for longer at one place they start taking you for granted as the employee is not going anywhere when you are at mid-stage career level.”
An employed survey participant who’s casually looking for work noted, “I feel stuck in my current position with no way up but I’m happy I’m still employed.”
Many biopharma professionals are seeking employment amidst recent layoffs. In fact, 43% of BioSpace survey respondents are unemployed. Of those, roughly a quarter (24%) have been out of work for six to 12 months.
Most biopharma professionals (77%) plan to look for work in the second half of 2024, according to the survey.
Engaging Employees: Not a One-Size-Fits-All Approach
For companies looking to provide career support and learning and development opportunities, the Right Management report noted that not all employees have the same needs. Organizations should customize offerings to employees’ levels. For example:
- Learning and development is more important early in a person’s career, ranking as the No. 2 engagement driver. It’s No. 3 in the middle or late stages.
- Career support becomes increasingly important to workers over their careers. At midcareer, it ranks as the No. 1 engagement driver. It’s No. 2 in the late stage and No. 3 in the early stage.
Employees feel valued through personalized career investment that meets them where they are, according to Kate Giuca, VP principal consultant at Right Management, North America, who shared her thoughts in the report.
“As they advance, their focus shifts to unique career paths and feeling appreciated,” she noted. “By addressing these needs, organizations can cultivate genuine engagement and loyalty.”
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