Updated: Jun 6
This general belief is that the workers of today, particularly those of the Millennial crowd and younger (born 1982 or later), are always "job-hoppers." More importantly, they are more often quitting/changing jobs than past generations and are usually often watching out for themselves and their next career phase rather than staying faithful to one company.
For several reasons, workers are losing their work. Across the world, they follow spouses or partners, stay home with children, change occupations, pursue mobile job promotions upward and go back to school. Those reasons are complicated for an employer to address because they involve life events outside of work in the employee's world. But, most of the reasons workers leave their jobs are under the employer's influence. In reality, every aspect of the current workplace, the culture and environment, the understanding of the employee's role and opportunities are all factors that influence the employer.
Would you know what the average cost of losing productivity to an employee is? The new number that will make the CFO sweat beads on his forehead is 33 per cent of a wage for an employee. That said, to help businesses tackle the issue of attrition-related bleeding capital, TinyPulse, a pioneer in employee-engagement pulse surveys, recently released a study that sheds light on what causes workers to leave. Having collected data from more than 25,000 workers worldwide from January to October 2018, their work boiled it down to five factors. Is any of those familiar looks? They have to. Ok, Drum Roll.
We've heard it before, and this report once again proves it: how it matters to employees about their direct supervisors. Employees who poorly rate the success of their boss are four times more likely to be looking for work. Furthermore, the study reported that "40 per cent of employees who do not respect the performance of their boss interviewed highly for a new job in the last three months, compared with just 10 per cent for those who already strongly rate their boss.
Something as easy (and free) as expressing gratitude for the sacrifices the workers make will make a difference. It will, of course, mean recruiting and encouraging more human-centred managers who can appreciate their employees and share their praises. According to the survey, over the last three months, nearly 22 per cent of employees who do not feel appreciated while doing excellent work has been interviewed for a job, compared to only 12.4 per cent who do feel recognized.
An overused word that makes me cringe is the leading solution to this attrition engine, but it's the absolute truth: work-life balance. In reality, employees who highly rate their work-life balance are 10 per cent more likely to stay in their company. Yeah, people are looking for a work-life balance, and that is important. When the risk of burnout looms, or you spend more time away from family and personal interests, you can bet that your overworked workers are planning their exit strategy.
Employees engage with employers and brands when they’re treated as humans. - Meghan Biro
According to the study, "Employees who negatively rate their culture are 24 per cent more likely to leave." Also, research has found that culture has an even more significant effect on the decision of an employee to stay or quit than their compensation package. One important aspect of entrepreneurial culture is how team members treat each other. Employees who say there's a low level of respect among colleagues are 26 per cent more likely to quit their jobs.
It has been no that employees who feel they are progressing in their career are 20 percent more likely to stay in one year at their company. On the flip side, according to the research, employees who don't feel supported in their professional goals are three times more likely to seek a new job. The results of this study reveal that good leadership and a high-performance culture — one that values people as human beings — will reverse the problem of attrition time and time again. If execs and HR teams can match their employee retention approaches to engagement activities to concentrate on meeting people's needs, and, if they can build avenues for their employees' personal and career development, you can bet you'll be experiencing happier, more efficient work environments.
In order to build a rewarding employee experience, you need to understand what matters most to your people. - Julie Bevacqua
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