Is it just a coincidence that the worst managers usually blame their employee turnover on pay? Not enough staff? HR recruits ineffective workers? That leaders see employees’ reasons for leaving as every possible one but themselves? I think not.
The answer is “yes”, according to a new SHRM study that covers the overall impact of managers on employees’ mental health.
What is the best two-word description for recruiting today? Doom Loop “a painful cycle of decline”. The recruiting doom loop can be overcome with proven smart retention practices.
CVS and Walmart announced last week they would cut pharmacy hours “in the midst of a pharmacist shortage.” There is a “canary in the coal mine” situation happening here.
Companies that believe retention is based on pay, benefits, or any other traditional reason are dogs chasing their tails. They will never out-pay their competition for talent…but they will irritate and lose top performers by constantly raising starting pay without addressing pay compression for others.
Two things happened last Thursday that will juice anyone’s interest in cutting employee turnover…and both were about getting c-suite executives to support moving retention accountability out of HR to the frontline managers where it belongs.
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 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.
Let's start with, "Which method are you using to cut turnover?" This is a quiz with two possible answers, with one being right and the other being very, very wrong. And as a clue, the correct answer is based on science whereas the wrong answer is based on “best practices”.
A CFO participated in a turnover cost study, and we determined one engineer cost his company $121,450 – and how that fit in with other expenses. The next day that CFO said he couldn’t sleep, that he went in early to extrapolate numbers and determined turnover was their second biggest cost. A game changer.