A recent study by Boston Consulting Group illuminated a number of striking findings about the current state of work. 

One finding in particular really caught my eye. To retain employees in a tight labor market, companies must meet their employees’ emotional needs (e.g., doing work they enjoy), not just their functional needs (e.g., pay/compensation).

Why is this finding so striking?

Well, we’re heading toward a world of work in which there will be way more job openings than there are people to fill them. Attracting and retaining talent has never been more important.

Unfortunately, as the study points out, 28% of employees are at risk of leaving their jobs within 1 year. That’s not good–and much of it is because emotional needs are not sufficiently being met.

Where do we go from here?

Now more than ever, companies need to change the way they design and deliver employee experiences, so that employees’ functional AND emotional needs are met.

The starting point for this new approach, in my opinion, is to build strong, effective partnerships between Marketing + HR teams who work towards shared objectives. 

Until now, Marketers have not really focused on unleashing their powers of analysis, insight, empathy, creativity, and storytelling on employees in the way that they do customers.

And until now, HR teams have taken a largely functional approach to employee experiences–thinking of the “employee value prop” as a collection of the key functional benefits that make a job appealing.

Now more than ever, Marketing + HR need each other. If they get it right and market to employees like they market to customers, they have an enormous opportunity to find and retain talent that is only going to get more scarce.

The long-term success of every company depends on unlocking the potential in this powerful partnership.