Are you planning to keep or to replace your employees?
The pandemic broke our old ways of doing business. Remote work opened new awareness about what is possible for work/life satisfaction. This is especially true for knowledge workers who can earn a NYC or Silicon Valley salary from anywhere in the world with internet. The new normal is putting pressure on talent pools all over the world. Employers are facing tough competition for their workforce.
The Great Resignation is making a huge impact on American businesses.
Small and medium sized businesses are reconsidering their recruiting processes- the how and where they are getting their talent. We live in a global economy, we need to be aware and ready to adapt to change.
Some of my clients are dealing overwhelmed by these market forces that seem beyond their control including deadly viruses, supply-chain disruptions, lack of childcare and the rising labor costs. But in the panic and stress of all of this, we are losing sight of what we can control.
Your hiring innovations aren’t going to make a difference if you can’t keep people once you hire them.
Did you know that only…
- 50% of workers clearly know what is expected of them
- 21% of employees have performance metrics that they should be or are being held to
- 26% of employees receive regular & useful feedback and communication
- 24% of employees think their managers know what projects and tasks they do
- 30% of employees believe they are given opportunities to learn and grow.
What are you doing to take care of the people who still work for you?
How do you see them? As commodities? Or people?
If you see dollar signs when you think about them, they probably see a paycheck when they think about you. On the other hand, if you care about them, their lives, their talents, strengths, and what fills them up, they probably do the same for you.
If you want to make a difference, invest your time, energy, and resources in your communication and relationships with your employees. This is where you have the most control as an employer. With everything going on, most business leaders wonder if they can afford to do this.
My question is… can you afford not to? Replacing employees is expensive.
How much time, money, and energy are you spending hiring and training new team members? Are your clients feeling a drop in your service? Meanwhile, your employees are trying to fill the gaps. How much productivity are they losing? Are you all burning out?
Beyond the benefits and savings of retaining individuals, can you level up your team health too?
When asked to rate themselves, the average team is operating at only 58%. These teams are leaving money on the table. And most small to medium sized companies have several teams. If you have 5+ teams in your company, this is costing you $1M each year.
It’s up to you. Are you still willing to pay this price?
If you are interested in building an Invincible Team with low turnover and high productivity, we should talk. At Thrive with 4C, we focus on helping our clients level–up and bring their highest and best selves to their personal and professional lives each and every day. We have solutions for individuals, teams, and organizations that will unlock your potential. Set up a Clarity Call today to get started.