Zeenat Anjum · 17 Apr 2023
The global economy has gone through a significant transformation in recent years. Since Covid-19, we have witnessed a complete shift from traditional work environments to non-conventional and hybrid organisational structures. Technological advancements and the growing emphasis on globalisation have forced both public and private companies to work hard and boost the economies of their respective countries. However, it's equally important to ensure employees' well-being is addressed. This is where empathy plays a significant role.
Empathy is equally important to the financial accommodation of an employee. In today's world, global trends suggest that people, especially Gen Z employees, prefer to work in corporations with better work-life balance and empathetic bosses. Thus, it is important to address employee wellbeing through empathy.
Global Trends in the Economy
The world economy has gone through some big changes lately. Emerging economies are becoming more powerful. This refers to the fact that the economic power is shifting from the West to the East. And this drastic shift in the economy has reshaped the way that companies do business.
Now, global economies are more interconnected than ever before, requiring businesses to respond flexibly and inventively.
Moreover, the COVID-19 pandemic has profoundly affected the global economy, causing many companies to shut down and resulting in unemployment and financial insecurity. As per a survey conducted by IMF, the global growth projections have shown a massive decline from 5.9 percent to 3.8 percent.
With everything that's been going on lately, it's become even more important for organisations to look after their employees and build a strong, positive relationship between employers and employees. After all, we're all in this together!
Recently, some global trends have marked their ways into becoming movements and standards, being followed by organisations from various regions. The most popular practice that organisations are focusing on nowadays is empathy - putting yourself in someone else's shoes and understanding where they're coming from.
According to a recent survey, 93% of employees prefer to work in an empathetic work environment, while 82% believe they will leave their jobs for a better and more empathetic boss.
It's not just a nice idea, either - studies have shown that companies with a more empathetic approach tend to have happier employees and better overall performance. So, it's something worth thinking about!
In recent times, there has been a noticeable trend towards greater empathy in the workplace. This shift is driven by a focus on creating a more human-centered approach to employment, prioritising employees' well-being, diversity, and inclusion. As we adapt to the changing work landscape, employers must put empathy at the forefront of their priorities. Doing so can create a supportive and empowering environment that helps employees thrive.
How Organisations Have Been Helping Build the Economy of Countries
Organisations have had a crucial role in developing countries' economies. They have created numerous job opportunities, invested in research and development, and significantly contributed to the nation's GDP. Despite these significant contributions, organisations need to pay more attention to the wellbeing of their employees, leading to high turnover rates and low morale. Unfortunately, this can have a detrimental effect on an organisation's productivity and reputation.
Let us quickly list some ways in which organisations have contributed to the growth of the economy:
However, it's essential to acknowledge that while organisations have played a significant role in the economy's growth, they must also prioritise their employees' wellbeing. This can positively impact their productivity and reputation, which, in turn, will benefit the economy.
Employer and Employee Relationship: How It Has Been
In recent times, it is observed that organisations have adapted a more collaborative approach to practise the employer-employee relationship. Employers are starting to understand that their workers are their greatest asset and that treating them with respect and trust can lead to better productivity, job satisfaction, and higher retention rates. Additionally, many companies are implementing new strategies such as flexible work arrangements, employee engagement programs, and open communication channels to foster a positive work culture.
This new approach has benefited both employees and employers, as they have seen improved performance, increased innovation, and a better bottom line. Overall, it's clear that a healthy and positive employer-employee relationship is essential for a successful and thriving workplace.
Since the COVID-19 pandemic, there have been significant changes in the way organisations operate. With remote work becoming the norm, organisations have had to find new ways of communicating and collaborating with their employees. As a result, employer-employee relationships have evolved towards a more collaborative and empathetic approach.
Nowadays, organisations recognise the importance of empathy in fostering a positive work culture. They understand that employees are not just resources but human beings with emotions and aspirations. By practising empathy, employers can better understand their employees' needs and create a work environment that supports their growth and development.
Identifying Employee Needs for Retention
When it comes to keeping employees around, employers should keep a few key things in mind. For starters, it's crucial to prioritise employee wellbeing. Workers who feel supported and valued are more likely to be productive and engaged. Employers can create work environments that foster wellbeing by showing empathy towards employees.
Another important factor is career growth opportunities. If employees see a clear path for advancement within an organisation, they're more likely to stick around for the long haul. Employers who show empathy by genuinely investing in career development opportunities of employees most likely to retain them.
To sum up, retaining employees requires focusing on employee wellbeing and career growth opportunities. Employers prioritising empathy towards their employees through these practises build a loyal and dedicated workforce.
These factors include:
In another survey, 76% employees state that work related stress affects their mental health, which is a significant factor in increased adoption of both empathetic workplaces as well as a more hybrid work structure.
These factors are critical in retaining employees, and empathetic employers understand why empathy is important; employers can create an engaging, supportive, and rewarding workplace for employees. This will also increase employee retention and create a mutually synergised win-win situation between the employee and the employer.
Empathy is vital in promoting a positive relationship between employers and employees. Organisations must recognise that employees are not just resources but human beings with feelings and goals. Employers who show empathy towards their employees create a work culture that prioritises their well-being, resulting in increased productivity, higher employee engagement, and lower turnover rates. As the world changes, organisations must acknowledge the significance of empathy in building a sustainable future for their employees and themselves.
How CHOYS can help you in fostering this relationship?
CHOYS provides a holistic wellbeing subscription service to help organisations customise employee benefits. Our mascot, Bo serves as a digital Chief Wellbeing Officer, enabling employers to deliver a more humanized, data-driven work life culture while enhancing employee impact. To know more about our work, book a demo here