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There is widespread support among employees for a greater ownership stake in the businesses that employ them, with 60% of respondents saying profit sharing would motivate them to perform at a higher level, according to the latest survey results from workforce solutions firm Kelly Services.
The findings are part of the Kelly Global Workforce Index, which obtained the views of approximately 134,000 people in 29 countries across Europe, North America, and Asia Pacific.
The idea of giving employees a "slice of the pie" is gaining in appeal. Almost 40% of those surveyed say that some of their compensation is tied to individual, group or company performance targets. Of those who do not have such an arrangement, more than a third would like to see this practice adopted by their employers.
Gen Y (aged 18-29) and Gen X (aged 30-47) are much more likely to be on some form of performance-based pay than those in the baby boomer generation (aged 48-65). Among those not already on performance-based pay, Gen Y are the most attracted to it.
Kelly Services Executive Vice President and Chief Operating Officer, George Corona, said "profit sharing and company ownership arrangements create a powerful bond between workers and employers, and can motivate people to be more productive and creative. As a global talent shortage looms, employers may want to consider how they can improve the productivity of their workforce by offering employment packages that align individual performance to corporate goals."
The survey also found extensive support for employers doing more to address the health and well-being of the workforce, even to the extent of providing incentives or rewards to those who are able to quit smoking, lose weight or adopt a healthy lifestyle.
Other key generational findings of the survey about employee benefits and perks reveal that aside from salary, the highest rated benefit for all generations is training, but it is much more important to Gen Y and Gen X. Approximately half of all generations rate employer-provided health benefits as "very important."
Roughly 80% of all generations think that employers should take some responsibility for employee health and well-being. Well over half of all generations believe that employers should provide an incentive or reward to employees for adopting a healthier lifestyle, changes which may include quitting smoking, losing weight or taking up exercise.
The employer-provided health benefit that is most attractive to all generations is health insurance, while gym access or discounts are relatively popular with Gen Y.
"Across the workforce, there is an expectation that employers need to move beyond traditional areas of compensation in looking after the well-being of their key people. With many staff spending a considerable amount of time working, employee health and welfare become vital," Corona says. "So it is not surprising that health and training have emerged as two key priorities for many individuals.
These are also the benefits that help to strengthen commitment for the long term and are recognized as a good investment in human capital by employers," he concludes.
To read the full Global Workforce Index please click here