University of Phoenix Discussing the Employer-Employee Perception Gap to Help Retain Top Talent

The 2022 Career Optimism Index™ from the University of Phoenix Career Institute has revealed a significant gap between what employers think they are providing and the realities experienced by their employees. Better awareness of this gap between employer perception and employee reality can help those in business leadership to understand what is driving employees to look for work elsewhere or to drop out of the workforce altogether.

Key Findings from the 2022 Career Optimism Index™

The Career Optimism Index™ study, first administered in 2021 by University of Phoenix, is a survey of 5,000 U.S. adults who either work or wish to be working across different demographics and of 500 employers. Exploring insights from employers is a key difference in this year’s Index and allows for comparison between the workforce and those who hire, train and retain them. Researchers discovered that there is a striking disconnect between the benefits, support services and professional development opportunities that employers believe they are providing and employees’ realities in their places of work. This disconnect is driving worker dissatisfaction and needs to be addressed if employers want to retain their talent.

Consider compensation. Most employers at 86 percent think their employees are satisfied with their paychecks, but nearly half of employees are not satisfied with their compensation and 56 percent live paycheck to paycheck. When it comes to training, 89 percent of employers say that they provide ready opportunities for professional development, but just 61 percent of employees report receiving these regular opportunities.

Employers also largely believe that their employees have on-site advocates at their jobs, but just 63 percent of employees report having this supportive mentor. And while 85 percent of employers say they offer mental health benefits, less than half of employees take advantage of these benefits to relieve work-related stress, anxiety and conflict. Finally, while a significant percentage of employers at 91 percent believe their employees feel empowered in their workplaces, many workers worry about being replaced, and 41 percent of workers worry they might lose their job.

The Optimism Score uses five main pillars to measure career optimism among American workers: financial security, skill development, mental health/wellness, career trajectory and job security. Survey participants score each attribute on a scale from 0 to 100, with 0 being the least optimistic and 100 most optimistic about careers.

The overall Career Optimism Score for 2022 is 64, down one point from last year. In all, there were a number of positive trends including high scores in mental health/wellness (80), job security (82) and career trajectory (80). Workers were less optimistic about financial security (54) and skill development (53).

The Great Resignation

Since the onset of the COVID-19 pandemic, workers have left the workforce in record numbers, a phenomenon known as the Great Resignation. Now, U.S. employers are struggling to fill over 11 million open positions. Some of these workers were laid off during the first wave of the pandemic and are now waiting for the right opportunity to reenter. They are coming to the job market with new expectations such as fair compensation, flexible work options, professional development opportunities and job growth potential, to name a few.

"The second year of the pandemic has revealed American workers' resiliency, grit and optimism against a multitude of challenges,” said University of Phoenix Provost John Woods. “However there is a clear disconnect between employers and their employees that must be addressed in order to retain and grow talent amid the Great Resignation.”

How Employers Can Help Close the Gap and Retain Talent

The data from the Career Optimism Index™ study can serve as a guide to employers looking to identify areas where they need to provide more support and opportunity if they want to remain competitive and ensure that their top employees stay and grow in the company. Providing professional development opportunities is one area where employees want more resources, and employers can respond through an educational partnership with an online university like University of Phoenix.

University of Phoenix offers courses and certificate programs that can help to accelerate employee skills particularly in high tech areas like IT, online marketing, data analytics and data management. A survey from the online recruiting company Ripplematch found that professional development opportunity was the most important job perk for Gen Z workers, outranking topics such as job stability, work-life balance and upward mobility.

Using a sophisticated online learning platform called Workforce Solutions from University of Phoenix, companies can provide their employees with skill-building opportunities that will help to fill existing skills gaps and give employees opportunities to develop and qualify for more opportunities. Through the program, the University works directly with companies to help identify its critical skill gaps. Tuition benefits and professional development opportunities are attractive recruiting tools for candidates, and companies can even work with University of Phoenix to develop and hire its graduates directly. The Career Optimism Index™ study indicates that 68 percent of employees would stay in their jobs if there were more opportunities to upskill.

How the Career Institute Helps Identify Paths to Career Advancement

The University of Phoenix Career Institute is designed to identify existing barriers to workers’ career advancement goals and to partnering with businesses in order to break down those barriers. Through the 2022 Career Optimism Index™ study, the Career Institute uncovered a number of reasons that employers do not invest in upskilling and reskilling programs. For 42 percent, the barrier is time required to invest in employee training programs. Belief that there was not substantial employee interest in upskilling was a reason 39 percent of employers did not invest in these programs. Of employers surveyed, 38 percent had not identified skills gaps in their business, 35 percent had not budgeted money to invest in these programs, and 33 percent had not reached a consensus on what these learning and development programs should look like. Finally, 29 percent of employers lacked education partners to support these efforts.

Tapping Into Opportunities for Upskilling

Woz U recognized the value that employee skills training could bring in bridging the IT talent gap and producing a new generation of tech-skilled employees and created Woz Enterprise in an educational partnership with University of Phoenix. Through the unique program, community college graduates are enrolled in a bootcamp-style learning environment, gaining tech skills that prepare them for apprenticeship positions in STEM fields.

The training program gives students a head start on a four-year tech degree at University of Phoenix and also prepares them for numerous roles as IT professionals including industry certifications that align with industry needs. “The market is getting more and more challenging for employers to find skilled talent,” said Nathan Jones, director of product development at University of Phoenix. “We’re working together not just to skill employees up but to make them valuable throughout their careers.”

About University of Phoenix

University of Phoenix is committed to advancing the educational goals of adult and nontraditional learners and is highly rated by its students for career preparation, flexible learning options and supportive learning environment. The University’s degree programs are aligned with numerous in-demand career paths including in computer software, nursing and business, and they provide numerous start dates, online classes, and a variety of scholarship opportunities to make it possible for anyone to pursue a degree.

In addition, the University of Phoenix’s Career Services for Life® commitment to active students and graduates provides the resources needed to be competitive in the workforce for no additional charge. These services include resume and interview support, career guidance, education and networking opportunities. Numerous Recognized Student Organizations (RSOs) provide University of Phoenix students and alumni with lifelong connections. For more information, visit www.phoenix.edu.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes