More workers are leaving because of poor-quality managers and a lack of career...
Tim Glowa working out of his home in the Woodlands. Employers will have to do more than offer hybrid and remote working arrangements to win the talent wars, Glowa argues.Despite increased reports of layoffs and threats of a recession, the war for talent is continuing and will shape the workplace of the future. There are 1.75 open positions for every job seeker in America today.
A record number of are reported to be “quiet quitters” – people just doing the minimum of the job and nothing else, and only 21 percent ofThe impact on productivity, customer satisfaction and employee retention for these “actively disengaged” workers is tremendous. Rather than try to understand the root causes of employee attrition, many organizations are seeking quick fixes that inevitably fall short: pay increases, thank-you bonuses, or dining gift cards. Unfortunately, rather than being appreciated, many employees view these as transactional.
Therefore, these tokens have little impact on long-term retention and may remind employees that their real needs areAs a rule of thumb, the typical cost to replace employees who leave is 25 percent to 50 percent of their salaries. If your company has an average employee turnover of 35 percent, then a 10-point reduction in this turnover would produce savings of about $2 million a year . Employee retention matters and will continue to matter to business leaders and their boards.
Companies must put employees at the center and create a culture that engages, develops, and rewards this vital stakeholder. Leaders need to listen to their workers and create an environment that unleashes employees and empowers them to accomplish the extraordinary.Tim Glowa is a former Big 4 HR consultant, and human capital authority, & Non-executive Director, with a focus in talent management, strategy and ESG.
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