These memes illustrate the disconnect between bosses and their employees. Indeed, the American workplace landscape is undergoing profound shifts according to the latest survey from Franklin Templeton.
In its fourth year, Franklin Templeton’s Voice of the American Workplace Survey found that 91 percent of employers experienced turnover rates of over 10 percent in 2023.
Furthermore, 80 percent of employers are struggling to meet demands for increased compensation.
In fact, "managing heightened employee expectations is one of the biggest challenges facing employers today," said Jacque Reardon, Head of Client Marketing for Retirement, Insurance, 529 and Wealth Management for Franklin Templeton.
"Understanding employee preferences and effectively communicating available resources is paramount for organizations aiming to attract and retain top talent. Employers must articulate the holistic value of total compensation and benefit packages to ensure alignment with employee needs and preferences."
The survey revealed that employees prioritize increased pay (56 percent) and 401(k) matches (42 percent), while employers assume preferences for improved health and dental insurance, health savings accounts (HSAs), and charitable contributions. At the same time, 70 percent of American workers indicate their salary is not keeping up with inflation.
49 percent of employers polled are providing access to resources like financial wellness platforms, but only 28 percent of employees are leveraging them, and 72 percent of employees admit that they struggle to understand the benefits available to them.
More specifically, nearly a third (29 percent) claim they have trouble understanding the monetary value of employer-provided benefits.
American workers have also expressed interest in more personalized offerings in their 401(k) and overall benefit packages – 84 percent and 82 percent, respectively. 90 percent of employees also increasingly seek work-life balance to enhance their well-being.
"To address these challenges, employers must prioritize strategies focused on employee retention and satisfaction, which may entail offering competitive compensation packages and fostering positive work environments that prioritize employee wellbeing and work-life balance," Reardon added. "By aligning with employee expectations and prioritizing their satisfaction, employers can mitigate turnover and cultivate a more engaged and productive workforce."
