The Predictive Index asked over 200 CEOs “Do you believe “The Great Resignation” is over?” Their responses were shocking and conflicted mightily with the conclusions of many respected economists.
PBS News released a new study last week and it reads like the same-old talk. Quit reasons include “young-people” rhetoric, reduction in hours or benefits, options to work remotely or for more flexible hours, relocation, lost their jobs, and of course the old standard, “better opportunity”. Here is a wake-up call regarding the real reasons employees are leaving.
How would your CEO rate employee turnover as a priority? “Very important” is easy to say…and easy to see. But the question is precisely how much does employee turnover impact every single aspect of our businesses? The answer to this question is critical because each organization determines how committed it is to cutting turnover.
The phrase “Quiet Quitters” was introduced by Sona Movsesian, Conan O’Brien’s assistant, who is proud of her job neglect and believes that most people are mediocre. Maybe she’s right, but we believe focusing on retention is a good way to overcome lamenting about the Quiet Quitters to focus on the opportunity to keep your best workers.
Double PTO to build a retention firewall that can’t be matched to keep your must-have 2%-ers. How much productivity time would you lose? Not much. What’s the dollar cost of losing and replacing one of your most important contributors? Start the count at half a million dollars and go up.
Human Resources work is now, more than ever, in the bullseye of turnover, engagement, retention, and recruiting challenges that are being exacerbated by The Great Resignation with no end in sight. I know you accept this challenge, but do you have a plan for improving retention that you know you can count on to work today, tomorrow, and with whatever the future holds?
If improving engagement and retention is top of your priority list, consider changing the idea that every Employee/Manager meeting should be about performance. Think about it. What if we changed the direction of just one meeting?
The G12 is the core of Gallup’s approach to measuring employee engagement by rating 12 highly-researched items on a five-point scale. One of those 12 is “I have a best friend at work”. I confess to initially scoffing years ago regarding this one.
McKinsey just announced that more than half of the job quitters during “The Great Resignation” did not return to their same industries. We’ve all heard stories of how the pandemic period caused workers to rethink their jobs and their lives, and now we have very hard data that proves it.
Here’s a mid-2022 data update that perhaps best predicts the futures of both “The Great Resignation” and our total economy. Let’s compare three key economic indicators for the period ending December 31st, 2021 to six months later ending in June of this year.