January 15, 2016 - A workplace renaissance is positioned to gain steam in 2016. Professionals are shattering the stereotype that the ultimate career goal is to work in a dream job and instead are seeking out employment at dream companies.
“While satisfying work is key to professional fulfillment, working for a highly desirable company with elevated benefits is even more important to employee satisfaction, retention and engagement,” says Lucy English, Ph.D., managing director of institutional research at Horizons Workforce Consulting. “People are no longer prioritizing a dream job, but rather a dream company.”
So what sets a dream company apart from the status-quo? Employees feel these organizations genuinely care about their well-being, promote work-life balance and provide ample opportunities for career growth. “Depending on organization size and industry, offerings can vary, but should embody these principles,” says English.
According to research from Horizons Workforce Consulting, employees who work for dream companies are 11 times more likely to stay at their company than those in dream jobs, have 41 percent more job satisfaction, and are 3.5 times more likely to say that their job inspires them.
Dream companies are built on a positive culture of caring and support as well as benefits that go beyond health care and 401(k)s. According to English, employees in dream companies report having access to an average of nine such benefits, including flexible work arrangements, child care, elder care, paid parental leave, educational advising services and wellness resources.
Still not convinced working for a dream company trumps a dream job? Consider this: People who are not working for a dream company are nearly 45 percent more likely to report having high levels of stress than people working in dream companies, according to the “Business Benefits of Being a Dream Company” report by Horizons Workforce Consulting. Likewise, those in dream companies are 62 percent less likely to report being burned out by work, and health satisfaction improves for people in dream companies compared to those working in dream jobs at less than ideal companies (62 vs. 54 percent).
For individuals seeking a new job, statistics like this are helpful in determining which benefits to look for in a new company. But what about people who want to inspire change at their current place of employment?
“Employees looking to transform their current company into a ‘dream company’ can start by setting up a meeting with human resources or creating an employee advisory group to brainstorm new benefits that meet the three ‘dream company’ criteria,” says English.
For traditional companies, these small changes can create a turning point for both employee happiness and company loyalty. According to the Bright Horizons 2015 Modern Family Index, 76 percent of working parents feel their company doesn’t have their best interest at heart, and 62 percent say their employers do not care about them.
“Employees are taking charge of their careers with considerations beyond the day-to-day responsibilities,” says English. “Employers who adopt qualities of dream companies will be able to find and retain top talent.”