I am sure that as a business leader you are fully aware that we are in the grip of a global skills shortage. If in doubt have a quick look at this comprehensive post from the Telegraph.
Whilst scaling and bringing onboard new members to your team is one challenge, stopping the ‘brain drain’ from your organisation is a whole separate issue now facing companies worldwide.
Therefore, in today’s business economy what are the main reasons your star performers might leave your organisation?
Working with literally hundreds of managers across the globe we have identified a number of common themes to be aware of.
Their Line Manager
I know this might surprise you that this is still a crucial driver for people heading out the door. The saying that people leave managers not organisations is as relevant as it was at the start of the decade.
Workforce engagement is still the challenge of most senior leaders and managers, even though the latest data from the CIPDs spring report is encouraging.
In short, the central relationship between manager and employee plays a critical role in creating engaged and productive employees.
The truth is that many managers lack the skills, abilities and empathy to ‘manage’ and lead their multigenerational teams.
Perhaps it’s time to review the skills and abilities of your current managers and identify if they are still fit for purpose.
Lack Of Flexibility
Within the next few years, the majority of the workforce will fall firmly in both the Millennial and Gen X camp. Both generations have their wants and needs, especially around their work-life balance and flexibility.
In today’s virtual economy it is critical to offer flexible working. In fact, in the UK our current workforce has the right to ask if they have been employed by you for over 6 months to have flexible hours.
A better option is to offer flexible working as an added benefit of working with your organisation rather than moving to another company down the road.
Having a policy where attendance at school concerts or parent’s hospital appointments are part of the organisational wellbeing culture will be vital if you want to develop an engaged and productive workforce.
Lack Of Development and Challenge
We touched on this subject before here. Today’s employees want more. More challenge, more training and more enjoyment.
At Zestfor we are lucky to work with several organisations that have a growth mindset and actively facilitate and encourage their teams to seek out development opportunities and training.
The question is, is this part of your culture? Which leads me to the next point.
Company Culture
I should probably clarify this point. Company culture will be a huge driver as we move forward over the next few years.
In my own corporate career, I was lucky enough to experience a culture that worked for me. However, not everyone is so fortunate.
Expectations of leaders and managers are off the scale, and lack of focus on wellbeing and mental health are creating cracks in more organisations than at any other time in the last century.
Overworking employees is becoming frighteningly familiar. Nothing burns good employees out, who then resigned, quite like overworking them.
It can be tempting to work your best people hard that managers frequently fall into this trap. Overworking good employees is perplexing; it makes them feel as if they’re being punished for performing well.
It’s also counterproductive too.
Research from Stanford University shows that productivity per hour declines sharply when the workweek exceeds 50 hours, and productivity drops off so much after 55 hours that you don’t get anything out of working more.
Continue like this, and talented employees will leave; why? Because they can. The other issue is that soon everyone will know about your ‘challenging’ culture too. The viral spread of information works at every level, not only the cute cat videos we experience on Facebook.
What Next?
Review the four areas we have revealed. Where does your team or organisation fit?
At the last exit interviews, you performed what themes were revealed?
What will you now do instead?
Until next time,
Julia Carter
