Employees’ commitment to their employer varies greatly by region, a new global report has found.
According to nudge’s annual Global Financial Wellbeing Report, which surveyed 11,500+ people around the world, how valued employees feel at work varies significantly from East to West.
In Europe, attitudes appear to be more cynical in relation to loyalty in the workplace.
Two-thirds (66%) of employees in the UK believe that companies view workers as ‘interchangeable’ and ‘easily replaceable’, followed closely by France (62%), Spain (58%) and Italy (54%).
Motivations for turning up to work reflect this. In the UK, just under half (49%) of employees show up to work exclusively for the paycheck, followed by two fifths in Spain (41%) and France (40%).
nudge’s report follows recent predictions of a ‘great reshuffle’ within the UK’s workforce, with some surveys claiming as many as 40% of employees are planning to change jobs in 2024.
Employees in the US have a similar view. According to two fifths (42%) in the US admit to only showing up to work for the pay check, and half (50%) feel that companies view them as easily replaceable.
Loyalty higher in APAC
Conversely, employees across APAC feel more positive about the relationship between themselves and their employers. In China, less than a quarter (24%) of employees claim they show up to work exclusively for the pay check (almost half compared to the UK), and under a third (30%) feel easily replaceable.
In Japan, where a culture of lifetime employment (also known as shushin-koyo) has prevailed over the years, only a third (33%) say they feel employers view them as easily replaceable (again, half the percentage of UK respondents’ who feel the same).
Despite higher levels of loyalty, financial wellbeing still significantly affects performance across the region. Specifically, 43% of APAC respondents report an impact, compared to 35% in the EMEA region. Furthermore, 49% of APAC respondents indicate that their employers recognise the impact of financial stress on work performance, compared to 37% in EMEA.
The survey suggests that greater awareness of the impact of financial stress in APAC leads to higher levels of commitment to employers. Specifically, 62% of APAC respondents agree that financial education makes them more committed to their employer, compared to 53% in EMEA.
nudge’s CEO and Co-founder Tim Perkins commented on the findings:
The differences are stark. The results prove that global companies that prioritise financial education can expect better loyalty and commitment from their employees, and this opens an opportunity to modify their approach to employee benefits in a way that suits specific regions as one size doesn’t fit all.
Tim Perkins, nudge’s CEO and Co-founder
Joanne is the editor for Workplace Wellbeing Professional and has a keen interest in promoting the safety and wellbeing of the global workforce. After earning a bachelor's degree in English literature and media studies, she taught English in China and Vietnam for two years. Before joining Work Well Pro, Joanne worked as a marketing coordinator for luxury property, where her responsibilities included blog writing, photography, and video creation.