The Ultimate Competitive Advantage or ¡Do something for God Sake!
A record number of employees are quitting or thinking about doing so. Organisations that take time to learn why -and act- will have an edge in attracting and retaining talent.
«64% of employees considering quitting say they would leave without a job in hands»
The top three factors employees cited as reasons for quitting were that they didn’t feel valued by their managers (54 percent) or their organizations (52 percent) or because they didn’t feel a sense of belonging at work (51 percent)1. Employees were far more likely to prioritize relational factors, whereas employers were more likely to focus on transactional ones.
Executives who don’t make their people feel valued can drive them from companies, with or without a new job in hand. If you don’t have leaders who motivate and inspire their teams and lead with compassion, you need them—desperately.
If your only response to attrition is to raise compensation, you’re unwittingly telling your people that your relationship with them is transactional and that their only reason to stay with you is a paycheck. Your very best people will always have a better cash offer somewhere else. You want to solve the problems of the whole person (not just their bank accounts) as well as the whole organization.
The pandemic has been a cruel reminder for companies everywhere of how important it is to never take healthy or motivated employees for granted. Since individual purpose directly affects both health and motivation, forward-looking companies will be focusing on purpose as part of a broader effort to ensure that talent is given the primacy it deserves.
By not understanding what their employees are running from, and what they might gravitate to, company leaders are putting their very businesses at risk.
Fostering a healthy culture can be the ultimate competitive advantage in a world where business models are easily replicated.
The next questions can help you to reflect about your currency culture:
Do we shelter toxic leaders?
Do we have the right people in the right places (especially managers)?
How strong was our culture before the pandemic?
Is our work environment transactional?Are our benefits aligned with employee priorities?
Employees want career paths and development opportunities. Can we provide it?
How are we building a sense of community?
- (1) McKinsey Survey 09.2021 published in the article: ‘Great Attrition’ or ‘Great Attraction’? The choice is yours
- Photo by Surface on Unsplash