Only half of employees satisfied with their job - Deloitte

HR

Only 49% of employees are satisfied with their job, which makes retaining people even harder in the current tight labor market, according to the Deloitte 2019 Global Human Capital Trends Survey, conducted in 119 countries including Hungary.

If the question is directed at everyday work, the rate is even worse, with only 42% of respondents answering that their employees are satisfied with their daily tasks. However, 84% of the surveyed 10,000 company and HR heads say they are aware of the problem and hence consider the improvement of job satisfaction as an important task, while 30% label it as one of the most urgent questions.

"Today, peopleʼs concept of work consists of more than just daily operative tasks," says Martin Csépai, head of Deloitte Hungaryʼs HR advisory branch.

"As work and private life keep on integrating faster, some are looking for self-fulfillment  in their jobs too. Only the minority of companies care on a strategic level to develop positions, processes, and competences promoting this."

These aspects are even more important for the younger generations, with some considering self-fulfillment more important than security and financial stability.

"Companies have to grow up to the expectations of Generations Y and Z," says Imre Tüzes, head of business development and product management at job search specialist company Profession.hu.

Wage-driven market

"Additionally, in Hungary the current, wage-driven labor market makes it possible for candidates to move on if what they define as important aspects are not met. All this affects job ads. Today, recruitment is not the same as ten years ago. One needs to strive for uniqueness in ads, showing why it is worth working at the company."

He added that the most important aspects in job ads are: the exact location, wage information, whether its full- or part-time, the list of tasks, and the required experience, according to a representative survey by Profession.hu. 

Deloitte says that progressive companies simply cannot avoid the question of employee experience, as they need to focus on personal relationships, motivating work tasks, and providing constant learning opportunities. This should be supported with transparent communications regarding performance and compensation, in order to boost employee retaining ability, Deloitte says.

Csépai notes, that while a number of firms in Hungary have taken steps in this direction, there is still room for improvement. Only 59% of respondents said that they consider their company effective in creating positive workplace environment. About 43% said that their company is able to provide adequate opportunities for development for their employees.

There is also a financial incentive for improving employee satisfaction. According to research by the Massachusets Institute of Technology, companies that perform well in that aspect are twice as innovative, produce 25% higher profits, and have a more satisfied clientele.

ADVERTISEMENT

Purchasing Managers' Index rises Analysis

Purchasing Managers' Index rises

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

New Jewish cultural hub opens in Budapest City

New Jewish cultural hub opens in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.