"What can leaders do today to potentially save the world? Gallup has found one clear answer: Change the way your people are managed."
The State of the Global Workplace Report by Gallup is an annual publication that tracks and measures global employee engagement and stress levels. The report's primary objective is to provide insights into the state of the global workforce, focusing on employee engagement, stress levels, and the economic implications of these factors. The 2023 report revealed that while employee engagement reached a record high, the majority of the world's employees are quietly quitting, leading to significant economic costs.
The report highlighted several key findings. Firstly, employee engagement reached a record high of 23% in 2022, indicating that nearly a quarter of workers find their work meaningful and feel connected to their team, manager, and employer. However, nearly six in 10 employees are quietly quitting, which, when combined with actively disengaged employees, costs the global economy $8.8 trillion dollars, or 9% of global GDP.
Secondly, employee stress remained at a record high, with 44% of employees worldwide experiencing a lot of stress the previous day. This is the second year in a row that worker stress reached record levels. The report found that managers play an outsized role in the stress workers feel on the job, which influences their daily stress overall.
Thirdly, the world experienced a surge in job opportunities in 2022, with every region of the world but one seeing an increase in the number of workers who said now is a good time to find a job where they live. Over half of the employees are actively or passively job-seeking, with increased pay being a top factor in what people want in their next job.
Lastly, the report found that engagement matters more than where workers work, with engagement having 3.8x as much influence on employee stress as work location. How people feel about their job has a lot more to do with their relationship with their team and manager than being remote or being on-site.
The report's findings are based on Gallup's ongoing study of workplaces in more than 140 countries from 2011 through 2022. The data was collected through surveys, with respondents asked about their engagement at work, stress levels, job-seeking behavior, and what they value in a job. The data was then analyzed to identify trends and patterns.
Implications for the Global Workplace
The report's findings have significant implications for the global workplace. The high levels of employee disengagement and stress suggest that many workplaces are not providing an environment that fosters employee well-being and productivity. This not only impacts individual employees but also has significant economic costs. The surge in job opportunities and the high number of employees actively or passively job-seeking suggest that employers need to do more to attract and retain employees, including offering competitive pay, innovative employee benefits, and opportunities for growth and development.
Based on its findings, the report recommends that companies focus on improving employee engagement and reducing stress in the workplace. This includes fostering a positive workplace culture, providing opportunities for growth and development, and ensuring that managers are effectively supporting their teams. The report also suggests that companies need to pay attention to what employees value in a job, including competitive pay and solutions that alleviate stress, in order to attract and retain employees.
On-demand pay is a valuable tool that can significantly alleviate financial stress in the lives of a company's workforce. By offering employees the option to access their earned wages before the traditional payday, companies empower their workers with greater control over their finances. This timely access to earned wages can be crucial in managing unexpected expenses, emergencies, or other financial obligations. On-demand pay eliminates the need for costly payday loans or high-interest credit cards, reducing the burden of debt and financial insecurity. It also promotes financial well-being by providing employees with the means to budget effectively, plan for the future, and avoid late payment penalties. Overall, on-demand pay fosters a more positive work environment, enhances employee satisfaction and loyalty, and ultimately contributes to a healthier and more financially secure workforce.
In summary, the 2023 State of the Global Workplace Report provides valuable insights into the state of the global workforce. While employee engagement has reached a record high, the majority of employees are quietly quitting, and stress levels remain high. These issues have significant economic costs and suggest that many workplaces need to do more to foster employee well-being and productivity. The report's findings highlight the importance of focusing on employee engagement, reducing workplace stress, and paying attention to what employees value in a job.
Gallup, Inc. (2023). State of the Global Workplace Report - Gallup. In Gallup.com. https://www.gallup.com/workplace/349484/state-of-the-global-workplace.aspx