Empathy wins war for talent

Empathy wins war for talent

What does empathy mean?
According to the Oxford dictionary it means “The ability to understand and share the feelings of another.” 

According to Businessolver the importance of empathy in business cannot be underestimated. The research shows that 96% of respondents rate empathy as an important trait for companies to have and CEO’s link their companies’ financial performance to empathy in overwhelming numbers. Sadly 92% believe empathy remains underappreciated by their  companies.

You could ask yourself “What benefits does being empathetic actually yield?” Here are a few  benefits of empathy in business.

Empathy wins war for talent

According to the research done by Businessolver, 90% of employees are more likely to stay with an organisation that shows empathy towards their needs. Going even further and stating that two-thirds of employees in sectors like technology, healthcare and financial services would be willing to make a sacrifice on their payroll if that meant working for a more empathetic employer! Empathy creates an environment of acceptance and cooperation, which will lead to more retention.

Growing need for flexibility

Employees and employers recognise that there is a need for flexibility at work. This means that it needs to go both ways. Employees can need some time off work to take care of personal issues without this having an effect on their employment. On the other side of the coin an employer could require employees coming in extra to finish a project and achieve an important deadline. Empathy allows both parties to see each other’s side and will lead to a better understanding of the situation. Flexibility requires empathy!

Benefit to the bottom line

The study also found that 87% of CEO’s agree that there is a strong link between workplace empathy and increased business performance, higher productivity, better retention rates and business health in general. When it comes to employees, the majority in all demographics said that empathy motivates them and increases their productivity! Lastly the study found that 81% of employees would be willing to work longer hours if their employer would be more empathetic.

What benefits does being empathetic actually yield?

This means that now is the time to start improving and elevating the level of empathy within companies! Luckily empathy is a skill like any other and can be trained when given the proper attention and effort. Be mindful of other people’s situations and support the people around you. This way you will have better workplace and benefits that will carry your company a long way into the future.

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