The Business Growth Report | Growth is the Business X Factor
U.K. Employees Will Work Longer Hours for Growing Companies
A new survey from Kimble, a global leader in professional services automation, titled “The Business Growth Report” reveals one of the chief motivators of British workers is growth. Most believe that working for a growing organization is most likely to help them achieve professional goals and will make them happier too.
Working for a growing organization is a major motivator
The business that grows from a tiny start-up to a prize-winning unicorn company is a familiar narrative in business today—and most UK workers would relish being part of that story. One telling statistic is that almost two-thirds said they would rather work a 50-hour week for an expanding company over a standard 40 hour week for one that isn’t expected to grow.
Kimble’s findings indicate three-quarters would be prepared to consider relocating, depending on the place, in order to be part of an expanding organization. Fewer than a quarter said they would not consider a move for this reason. Almost two-thirds say that their personal happiness is directly impacted by their organizations rate of growth. Almost a quarter have actually left a job because they felt the organization had stagnated.
Doing meaningful work matters too
British workers also care deeply about the kind of work that they do. Interestingly, less than half say the most important reason they work is the paycheck they receive at the end of the month. A third say the primary reason is related to personal development— either career advancement or to feel fulfilled. And a significant minority,13%,said the most important reason was to help their organization to grow.
Doing meaningful work means different things to different people. Some see it as work that they feel passionate about while others define it as work that makes the world a better place. But however defined, it is important – almost two in three say the would consider moving to a new job where they see the work as more meaningful. Only around one in ten people would not consider doing this.
US workers are even more committed to working for a growing business
The answers given by British workers were very similar to those from American workers asked the same questions — the Kimble survey was conducted in both countries. However, UK workers indicated a greater willingness to relocate internationally to be part of a growing business. Interestingly, they also placed a lower value on leadership. While almost 40% of US workers said the biggest contributor to company growth was leadership, that option was selected by only 25% of UK workers. British workers ranked leadership behind employee productivity and almost equal with the company’s product.
And almost 70% of American workers would rather work ten extra hours per week if it meant being part of a growing company, compared with the 56 per cent of Brits. In addition, British employees are less likely to think that their work contributes directly to the growth of their organisation (71 percent versus 80 percent of Americans).
Read on to see the detailed results of The Business Growth Report.
The survey demonstrated a very clear commitment to expansion. Around four in five answered that they care about the growth of their organizations.
In another testament to the commitment of British workers to growth, well over half, 57%, said they would rather work a 50-hour week for an expanding company over a standard 40-hour week for one that isn’t expected to grow.
British workers are aware of the contribution they make to the success of the organizations that employ them, with 71% saying it directly impacts the growth of their organization.
UK workers feel other reasons to show up every day are more important than simply receiving a paycheck at the end of the month. They want to feel fulfilled, develop their careers, help their organizations to grow and to help others, such as clients and customers.
Eight out of ten of the workers who took the survey agree with the statement: ‘I believe that I’ll grow more professionally if the organization I’m working for is also growing.” Half say they they “strongly agree” with this statement.
Almost two thirds of workers feel that their own personal happiness and well-being is positively impacted when they work for a growing business. Less than a third say this is not likely to affect them.
However, when lining up a new position and prioritizing the various factors, pay and conditions were judged the most significant by almost half of the sample, while who the co-workers were was considered the least important.
When considering a job opportunity, the co-workers were considered the least important factor in decision making.
We often hear that workers, particularly millennials, are keen to do meaningful work. But what exactly does that mean? For half of our sample, it means work that they feel passionately about while for a third it is work that makes the world a better place.
Meaningful work, however defined, matters a great deal. Almost two thirds – 60%- would be likely to consider taking a new opportunity where they see the work as being more meaningful than their current job, while another 30% answered that this would depend on how meaningful the work was – implying they may be open to such a move.
Three quarters of UK workers would consider relocating to be part of an exciting and growing business. One in five would move anywhere in the world, another third would consider the location before deciding, and another one in ten would move but only within the UK.
What aspects of work at a growing startup would encourage people to choose that over an opportunity at a more established firm? For more than a third – 38% – it was the feeling of personal fulfillment, while for another 30% it was the career growth potential.
But most people don’t waste time envying those whose workplace is growing faster than theirs.
The biggest single factor people gave for business growth is employee productivity, chosen by 34%, while leadership scored 27% and the product 26%.
Almost nine out of ten say that if the work is more meaningful to them, they are prepared to do whatever it takes to help the organization to grow.
There was also widespread consensus that sharing the right kind of information helps employees to be more engaged with the business growth trajectory.
A significant minority of British workers – almost a quarter – have actually left a job because they felt the organization had stagnated.
Total Responses: 1,000
Age Groups: 18-24 (6.3%), 25-34(26.9%), 35-44(29.4%), 45-54(27.3%), >54(10.1%)
Country: United Kingdom
Gender: Male (53.6%), Female (46.4%)