With the employee retention revolution happening a majority of businesses in every state have been affected by the Great Resignation. Additionally, new-age leaders fail to understand the connection between employee retention and satisfaction – most especially at a time of centralized and decentralized workforces. Through its technology, ThoughtExchange, the only enterprise discussion management platform, ensures employees have a say in decisions that ultimately affect them.
WHY ARE EMPLOYEES DECIDING TO STAY OR LEAVE A COMPANY?
An individual’s decision to stay or leave a job is often a weighty one that doesn’t come easily. It is very personal, multifaceted, and nuanced, as to why one makes these choices. Surely, we can lump them into simple categories such as “ability to work from home,” “supportive management,” or “benefits and compensation.” However, these categories are unable to capture the complex and real factors that determine whether people stay or leave, causing this retention revolution issue.
However, the primary reason people leave organizations is simply due to feeling blatantly ignored. The number of listening tools being used by companies is tripling up, but the number of action tools is not tripling up. Leadership calls for taking those troves of data they’re collecting via traditional formats like surveys and acting on them, or at least explaining why they are failing to act in ways that satisfy employees.
WHAT ARE SOME EMPLOYEE LISTENING PLATFORMS OR SURVEYS THAT ARE LACKING IN TRUE EMPLOYEE ENGAGEMENT?
Traditional closed-ended surveys consisting of multiple choice, yes/no questions, or such types of questions that require respondents to choose from a list of predefined answers, have the problem that you have to know the answers to the survey before it is designed. The paradoxical nature of these statements is that if the answers were known, then you would not have to ask them.
Leaders almost never organize open-ended surveys so they can be able to take action based on the results. Organizations conduct many surveys and utilize other listening techniques. Engagement does not end with asking. A crucial part of engagement is responding to employee feedback.
Researchers asked thousands of workers specifically what they thought about employer surveys for a study focused on the Great Resignation. According to the results, almost half of all respondents believe that their responses to employer surveys do not result in a significant change. Over a third of those respondents are seeking employment. Workers expect action to be taken when their ideas are shared. Listening to them is not enough; they want evidence that their voices have been heard. If they cannot get evidence of their voices being heard, they assume they have been ignored.
WHAT CAN EMPLOYERS DO TO ENABLE TRANSPARENT CONVERSATIONS WITH THEIR EMPLOYEES?
Leaders often ask their employees for feedback via forums such as town halls or Slack in order to find out why their employees are unhappy or may be considering leaving. This leads them to think the voices that are loudest in the room—or the first to speak up—are important. Silent majorities prevent leaders from gaining access to the truth. Taking meaningful and accurate action to prevent resignations can only be achieved by raising all voices in their organizations.
This challenge has a solution, which, as the CEO of a company with a next generation survey platform, I’m biased towards, which makes sure all voices are heard—and not just the loudest or most prominent ones. Leaders and organizations can scale truly inclusive conversations across teams of thousands with this platform. Respondents can answer questions candidly because it is anonymous, and colleagues can review responses in real time. By leveraging anti-bias collective intelligence platforms, these organizations can identify what their diverse employee populations need most and identify tailored solutions that will best support their well-being.
USE YOUR OWN EMPLOYEE’S COLLECTIVE INTELLIGENCE TO DRIVE NEW STRATEGIES
Recent reports suggest that The Great Resignation is slowing, but so far the trend hasn’t changed in April, the latest month for which data has been released. Over 4 million Americans have quit every month for 11 straight months. PwC’s latest survey shows we can expect the trend to continue, with 1 in 5 respondents saying they plan to leave their current position in the next 12 months.
As a result, it makes sense for leaders to keep pushing hard with their retention strategies, including fostering relationships and engagement with employees at scale and on a continuous basis, trying to turn the retention revolution into a sucess.
With ample resources and time, large organizations can implement comprehensive face-to-face facilitated dialogues, using highly experienced facilitators to run high-quality focus groups. These high-quality activities provide an effective way to deepen employees’ understanding of the organization, build engagement, and build retention strategies.
For organizational retention success, avoiding the pitfall of traditional surveys (which won’t be possible for most companies) will be key to avoiding the manual approach of engaging thousands of employees. In addition to adding vetted tools and tactics to the fold, leaders must actively search for tools that will help them discover actionable collective intelligence from their employees. After that, they must follow up with their teams by taking action, or at least by communicating the exact reason why not.
ARE THERE ANY TRENDS IN GEN-Z LEAVING OR STAYING WITH THEIR EMPLOYERS?
Among young people in Gen-Z, 29 percent plan to start a new job in the next 6 months, according to Prosper Insights & Analytics. Millennials reported the same intentions more than 16 percent higher than Baby Boomers, who only reported 1.8% higher than the Millennials.
According to the survey, Gen Zer’s are experiencing the most anxiety, depression, and loneliness due to feeling ignored and not supported enough attributing to the retention revolution we’re all experiencing.
Employers have a lot to learn about these trends, even if they seem concerning. Another study has found that the world’s largest generation is different from its predecessors. The Gen-Z generation has a very clear idea of what it wants and doesn’t want in work and life. Their work demands more flexibility and higher wages, as well as intrinsic benefits such as being heard and making a difference. Recent research conducted by my company on Gen-Z and the workplace found that 85 percent of respondents want to be part of a company with a mission, and 89 percent will leave a company that ignores them. When it comes to attracting and retaining new employees, employers should take note of this generation’s shift into the workforce.
We as leaders have a great impact on how we will change the retention revolution into a successful one.
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