Shoring Up for The Turnover Tsunami
Nothing like a pandemic and some forced time spent alone or with the closest of our loved ones to make us reflect on and re-evaluate what is important and really matters in our lives. When faced with the fragility of human life, we are propelled to take control over certain aspects of our lives and bring them into closer alignment with our values, beliefs, needs and wants.
So, it comes as no surprise that as we are starting to come out of the COVID-19 era, we are seeing a mass exodus of employees, aptly titled “The Great Resignation.” According to the U.S. Department of Labor, in April, May, and June of 2021, a total of 11.5 million workers voluntarily quit their jobs. A multitude of surveys during the past year or so seem to highlight the possibility that this “Turnover Tsunami” will not be going away any time soon.
Not sure if living through this pandemic made us bolder, more courageous or if it simply created the right conditions that allowed simmering worker discontent to bubble over, but the fact remains that many employees are actively seeking better or altogether different employment opportunities. Recent surveys show that anywhere from 25% to 40% of workers are actively looking for a new job. Depending on the size of your company, even the best-case scenario of losing 1 in 4 of your employees can have a significant (if not devastating) impact on the business.
While “quitting intentions” are not the same as actually seeking and landing a new job and things may not be as alarming as they may sound, it’s simply best practice as people managers to take time to understand our employees’ expectations, motivations, and career objectives and find ways to engage them where they are at. Gallup highlights the fact that “it takes more than a 20% pay raise to lure most employees away from a manager who engages them, and next to nothing to poach most disengaged workers.”
Multiple studies have been trying to pin down why employees have been quitting at increasingly alarming rates and give employers some insight into how they can best retain their employees. The reality, however, is that the reasons are as diverse as the individuals themselves. There is no surer way to shore up our future business success, than by training our people managers to understand their team members’ values, career aspirations and working styles and have regular meaningful conversations with them about their wellbeing (i.e., around all the things that are important to each of them and how they experience their lives), finding ways to support them and invest in their development.
This is where the Predictive Index adds tremendous value – by providing people managers with a set of scientifically sound tools, such as the PI Behavioral Assessment, and the 1-on-1 Meeting Guide for Managers. These tools enable managers to quickly and easily understand what drives their team members and use this information and insights to effectively connect with, motivate and inspire their staff to remain engaged and do their best work.
If you need assistance on best practices around how to use the Predictive Index to engage with your team members in the way that matters most to them, reach out to one of our consultants at PI Midlantic.
Author: Domniki Demetriadou