{"id":504,"date":"2022-04-12T08:00:36","date_gmt":"2022-04-12T08:00:36","guid":{"rendered":"https:\/\/www.biworldwide.com\/en-au\/?p=504"},"modified":"2025-04-03T14:49:09","modified_gmt":"2025-04-03T03:49:09","slug":"the-5-new-currencies-of-work","status":"publish","type":"post","link":"https:\/\/www.biworldwide.com\/en-au\/our-work\/blog\/the-5-new-currencies-of-work\/","title":{"rendered":"The 5 new currencies of work"},"content":{"rendered":"
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Home<\/a><\/span><\/span><\/div>\t\t\t<\/div>\n\t\t\n\t\t\t\t\t
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\n\t\t\t\tThe 5 new currencies of work\t\t\t<\/h1>\n\t\t\t\t\t\t\t\t\t\t
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Pre-pandemic, employees were looking for four main things in their work: a mission to accomplish, a climate to embrace, a place to grow and good co-workers.\u00a0<\/p>\n\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\tDr Brad Shuck\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t, Associate Professor and Program Director of the Human Resource and Organizational Development program, University of Louisville<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\tJohn O’Brien\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t, Vice President, Employee Performance Group<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\tMore about the authors<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n

Those extrinsic factors have shifted to intrinsic ones. Here are five motivating factors that employees are now looking for in their work.<\/p>\n\n\n\n

1.<\/strong>\u202fStability<\/strong> <\/h2>\n\n\n\n

There is noise everywhere: recessions,\u202flayoffs\u202fin major sectors, political strife. There is little news of stability and employees are responding by mitigating risk. Loss aversion bias describes the human tendency to be twice as motivated to avoid loss as to secure a gain of equal value and that means, right now, employees are looking for indications that their job will still be there next year. <\/p>\n\n\n\n

A recent BI WORLDWIDE (BIW) survey showed that\u202femployees who are worried about losing their jobs are\u202f4 times<\/strong>\u202fmore likely to plan to leave in the next year.\u202fCommunicating (and even over-communicating) with your teams about the factors surrounding their job stability and benefits that promote upward mobility lessens feelings of insecurity and\u202fburnout<\/a>. <\/p>\n\n\n\n

2.<\/strong>\u202fFlexibility<\/strong> <\/h2>\n\n\n\n

A recent study1\u202ffound 75% of employees would give up other job benefits for the option to work remotely. At the same time, only 1 in 7 job postings offer remote work. The real conversation is not about remote versus hybrid or work from office\u2014this is about the degree of flexibility in terms of where and when work happens. <\/p>\n\n\n\n

Not every employer is able to offer remote work, but things like flexible start times, expanded meeting format options and workday accommodations not only are seen as a competitive advantage in hiring and retention, but they also help address\u202fdiversity, equity, and inclusion (DEI) factors<\/a>\u202ffor neurodivergent employees, parents and employees\u202fdealing with wellness issues<\/a>. <\/p>\n\n\n\n

3.<\/strong>\u202fIntegration<\/strong> <\/h2>\n\n\n\n

This is at the root of the phenomenon with the misnomer of \u201cquiet quitting.\u201d Employees are not \u201cdoing the minimum;\u201d rather, what leaders are interpreting as \u201cquitting\u201d is boundary setting, a recontextualisation and an integration of life factors that have not traditionally included work. <\/p>\n\n\n\n

New Rules of Engagement\u00ae research<\/a>\u202fby BIW found\u202fonly 56% of employees say their employers make it easy to live a healthy lifestyle. A study for Performance Improvement Quarterly found employees in toxic work environments were at greater risk for heart disease, diabetes, obesity, and mental health crises. Conversely, employees in positive cultures that\u202fpromoted employee wellness\u202freported healthier sleep patterns, healthier eating patterns, healthier drinking habits and general feelings of\u202fwellbeing. Those employees took sick days less often and for shorter durations and were more productive in their organisation. <\/p>\n\n\n\n

4.<\/strong>\u202fPurpose<\/strong> <\/h2>\n\n\n\n

Increasingly, the research is clear. Work that does not have a purpose is not worth the cost.\u202fHaving a direct line of sight to the social impact of work and how individual employee goals impact the overall goals of the <\/strong>organisation<\/strong> is golden.<\/strong> <\/p>\n\n\n\n

In a job climate where 74% of employers report problems finding the right talent to fill positions,\u202finspired employees are twice as likely to stay at their company for the next 12 months and are 44% more likely to refer friends and family to come work with them.<\/strong>2\u202fCommunicating meaning at work has a tremendous ROI (Return on Investment). <\/p>\n\n\n\n

5.\u202f<\/strong>Belonging<\/strong> <\/h2>\n\n\n\n

In our 2022 research, employees who felt they belonged at their organisation were over ten times more likely to be inspired at work than those who felt disconnected.\u202fBelonging, which integrates equity and inclusion, is a primary currency in the future of work. <\/p>\n\n\n\n

Like purpose, says behavioural psychologist Dan Ariely,\u202f\u201cThe more a company can offer their employees opportunities for meaning and connection, the harder those employees are likely to work and the more enduring their loyalty is likely to be.\u201d<\/strong>\u202fWorking with\u202ftenured employees\u202f<\/a>to create allies and mentorship connections across work silos for new employees, offering regular check-ins and making clear, visible changes to team culture when feedback dictates will keep your best employees around long term. <\/p>\n\n\n\n

In addition, organisations should consider the role recognition plays not only in activating but also in sustaining employees\u2019 energy.\u202fIf 77% of the decisions we make are based on how we feel,\u202f<\/strong>recognition<\/strong><\/a>\u202fis a great tool to connect emotionally with employees.<\/strong> <\/p>\n\n\n\n

____________________<\/strong> <\/p>\n\n\n\n

Key takeaways<\/strong> <\/h2>\n\n\n\n

Over the next couple of years, focusing on remote, hybrid or in-person work is asking the wrong question. The real question for leaders will be:\u202f<\/strong>are you accessible?<\/strong>\u202fThat is what will matter.<\/strong> <\/p>\n\n\n\n

Successful leaders need to be accessible as a coach, mentors, support and beyond. It will be critical to developing\u202fnext-level training\u202fto support them. Also, don\u2019t underestimate the\u202f<\/strong>power of recognition<\/strong><\/a>\u202fand the importance of leadership engagement. When leaders <\/strong>recognise<\/strong> and engage with their employees, positive outcomes happen.<\/strong> <\/p>\n\n\n\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Pre-pandemic, employees were looking for four main things in their work: a mission to accomplish, a climate to embrace, a place to grow and good co-workers.\u00a0<\/p>\n","protected":false},"author":27,"featured_media":505,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"associated_experts":[{"id":501,"title":"Dr Brad Shuck","type":"industry-expert","slug":"dr-brad-shuck"},{"id":416,"title":"John O’Brien","type":"industry-expert","slug":"john-obrien"}],"featured_image_focal_point":{"x":0.5,"y":0.5},"footnotes":""},"content-topic":[23,35],"problem-space":[6],"class_list":["post-504","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","content-topic-burnout","content-topic-employee-value-proposition","problem-space-employee-engagement"],"featured_media_global":[],"yoast_head":"\nThe 5 new currencies of work - Australia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.biworldwide.com\/en-au\/our-work\/blog\/the-5-new-currencies-of-work\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The 5 new currencies of work - 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