Fragmented strategies and siloed culture initiatives frustrate employees, and while some may have better experiences than others, the workforce as a whole is certainly not experiencing a cohesive and holistic culture. In fact, according to the report, only 66 percent of employees feel the employee experience matters at their organization.

"Connection is essential to workplace culture," the authors write. "It changes mindsets, and bridges the differences caused by a diverse and digitalized workforce. It helps companies adapt and thrive in the sea of change and culture disruptors. It builds community when people feel increasingly disconnected. And it creates a workplace where people come together and work toward a common purpose."

Younger workers in particular have higher expectations of the workplace, and companies that don't keep up will end up losing "their best people, their competitive edge, and ultimately, their customers," says the report. It adds that while there's been improvement in the six factors it sees as crucial in attracting and retaining good employees since last year's study, there's still substantial work to be done.

The six factors are the employee's sense of purpose; opportunity; success; appreciation; well-being; and leadership. Workers who do not feel valued in these ways can end up burning out—with 79 percent of employees experiencing some level of burnout at work and 59 percent of employees currently saying they'd go to a different company if offered a job offering the same benefits, pay and similar work.

However, at workplaces with employees buying into these so-called "talent magnets," revenue growth is better; in addition, there's more innovation, lower turnover and fewer layoffs. As an added benefit, their employees are more likely to recommend the company as a good place to work.

The six factors are interconnected and feed off one another, according to the report, moving employees to a better experience, and companies need to ditch traditional structures like 9-to-5 workdays, annual performance reviews and traditional leadership management practices if they hope to construct that sort of change in their workplace culture. The experiences employees are looking for today include more autonomy, more transparent communication, more mentoring and more flexibility in how and where they work.

Read more:

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• Are your benefits easing employee stress and building company culture?
• How staff training and development helps the bottom line