Why are 65 percent of employees actively looking for a new job?
That is not a typo.
We asked our customers and our readers three (3) questions:
- Do you hate your job?
- If so – why?
- And, are you looking for a new job?
Some 65 percent of respondents said they were actively out looking for a new job.
It’s costly to churn employees
The average cost to replace each employee is 1.5 times their annual salary. So, take 65 percent of your organization and multiply it by 1.5 – and you potentially have a very expensive problem on your hands.
As for the reasons why people are looking for a new job:
- Bad leadership was No. 1;
- Organizational problems were a close second;
- Toxic work environment and lack of organizational direction tied for third.
With these kind of numbers, organizations are not achieving success through people.
People are your biggest asset. And if you don’t take care of your biggest asset – it could end up costing you.
Want to prevent this very expensive problem? Try these five (5) things to keep your people happy:
1. Be straight with them
People need leaders, so lead! Be open, honest, and transparent about what is going on within your organization.
Share the strategy. Show where you want to take the organization, and let them know what role they play in helping achieve success!
2. Recognize, recognize, recognize!
Say thank you. It may sound simple enough but it is often overlooked and taken for granted.
Employee recognition is imperative to high retention, but not all employees prefer to be recognized for a job well done in the same ways.
Pulse your workforce for their preferred means of recognition, and then adapt and implement various strategies based on that feedback. People like to know their voice has been heard!
3. Have realistic performance goals
Performance goals should be realistic and achievable, tied to specific roles and responsibilities and linked to strategic objectives. Not fluff. Not unachievable.
Adapt goals to specific roles and responsibilities as well as tie them to strategic priorities. It’s not a one-size-fits-all. Allow for personal goals for each employee as well so they can achieve things they feel valuable to their career.
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Update performance goals appropriately to account for environmental factors that may cause changes to your business, to roles and responsibilities, and to organizational structure and culture. Help them help you!
4. In culture we trust
An organization with a culture of distrust is an organization destined to be doomed.
Distrust occurs for many reasons, such as when employees lack trust in leadership, when communication is not transparent and frequent, when employees see others getting rewarded for who they know and not the work they do, and when employees are asked to contribute to unethical practices.
To maintain high levels of employee engagement make sure your organization has a culture of trust, not distrust!
5. Show them the $$$ (rewards)
I’m still surprised when I work with organizations that reward based on title and tenure – and not performance.
Rewards should be based on performance. Non merit based rewards is a sure fire way to decrease employee engagement andnegatively impact retention.
If employees see others getting rewarded simply for being there longer, when they have worked just as hard and gone above and beyond achieving their goals, they will most likely become frustrated and they may leave. That’s not good for engagement!
All of these are ways to drive engagement within your organization. Engagement drives performance and retention. Show your people – your No.1 asset – that you consider them more than just cogs and drones and they’re more likely to work harder at their current job and less likely to be looking for a new one.
It’s important to keep your employees happy. When you make an effort for your people – they’ll make an effort for your business.
This was originally published on the Tolero Think Tank blog.