Halloween goblins might be scary, but it’s flesh-and-blood people that can really keep you up at night. People are the engine that drives your company’s profits, and if you’re not recognizing employees effectively, the financial fallout can be a real-life nightmare. Look through the unsettling stats below and take them to heart, if you want to keep the horror tales at the haunted house and not in your HR office.
1. Just Being a Good Manager Isn’t Enough
To retain your most talented workers, the stats say you have to do more than just be considerate and reasonable. When Facebook’s top HR leaders surveyed employees who stayed with their company, those workers had certain things in common: “They found their work enjoyable 31 percent more often, used their strengths 33 percent more often, and expressed 37 percent more confidence that they were gaining the skills and experiences they need to develop their careers.” The takeaway? To keep your best people, shape their jobs based around their strengths and passion.
2. Employee Engagement Decreases With Age
A survey by HR firm Robert Half UK found that more than twice as many employees over the age of 35 state that they are unhappy in their jobs, compared with younger workers. This is vital information, since the proportion of 55-and-older workers in the labor force is rising, and the Bureau of Labor Statistics expects that age group to represent 25 percent of the working population (40.6 million people) by 2024. Frequently recognizing employees of all generation types is vital if you want to maintain the benefit of their skills and experience.
3. Only Half of Millennials Plan to Stay with Their Jobs
Statistics can be tricky. After reading about how older workers are less satisfied, we now find stats saying that it’s the younger people you have to worry about losing. Gallup research reveals that “21 percent of millennials say they’ve changed jobs within the past year, which is more than three times the number of non-millennials who report the same.” Whether you’re dealing with older workers who are unhappily stuck in a job they don’t like, or younger ones with one foot out the door, your best defense is a strong employee feedback program.
4. Employees Who Feel Dead-Ended Will Leave
No path for advancement is the issue “that bums working Americans out the most,” according to CNN Money. If you want to retain your best talent, you’ll want to structure your organization so that they can move their career forward right from their current position. By practicing careful employee listening, you’ll be the first to know if there’s any brewing dissatisfaction, and then strategize on how to offer a solution.
5. Ignoring Employee Engagement Hurts You Financially
Listening to your employees and offering recognition can boost engagement levels and are central to your organization’s long-term financial viability. New research published by Gallup News reports that “A highly engaged organization can see 18 percent higher revenue per employee compared with the average.” Stats like these are vital to bring to the C-suite, especially when you need to explain the benefits of a recognition program.
6. Employees Skip Work More If They’re Not Learning
Do you make the mistake of assuming that your team is happiest when they know everything there is to know about their job tasks? In fact, the Gallup News article cited above notes that organizations could experience 44 percent less absenteeism and 16 percent higher productivity if they give their workers a chance to learn and grow on the job.
7. Most Workers Don’t Feel They Can be Honest With Their Boss
Don’t assume that a silent employee is a happy one. A recent study shows that only 43 percent of employees “strongly agree” that they “can express thoughts, feelings and disagreements with [their] supervisor.” You need to create a safe environment, so that every one of your employees will feel comfortable telling you what they really think.
8. Many Employees Don’t Think Their Company Serves Customers Well
It’s all too common for HR professionals to completely separate the metrics of employee well-being from customer experience. A 2018 report by Gallup on workplace culture shows that “only 26 percent of U.S. workers believe their organization always delivers on the promises they make to customers.” Fewer than half (41 percent) of employees even agree that they know what differentiates their company’s brand from its competitors. This sense of disconnection quickly becomes a terrible feedback cycle, because discouraged employees provide poor customer service.
9. Lack of Inclusiveness Equals Lower Employee Engagement
There is good reason why 69 percent of executives surveyed by Deloitte cited diversity and inclusion as a top priority. Deloitte’s stats show that 39 percent of employees would leave their current company for one that had a more inclusive culture, and over half (53 percent) of millennials would do so. A diverse workplace environment brings fresh perspective, and facilitates the broadest possible range of useful employee feedback.
10. If You’re Not Listening, You Can’t Retain Ambitious Employees
In today’s tight labor market, you’re competing for top talent. In a survey of employees who quit their jobs to pursue career development, 33 percent said the job they left had not matched their expectations in this respect. When you engage your team with frequent employee check-ins and pulse surveys, nobody’s hopes and expectations will go unnoticed.
11. It’s Really Expensive to Replace Your Employees
On average, it costs $4129 for each hire, according to SHRM’s Human Capital Benchmarking Report. Moreover, the average annual employee turnover rate is 19 percent, or almost one out of five. You can’t prevent a few workers quitting for personal and family reasons. However, it’s definitely in your best interests to avoid losing any additional people as a result of them feeling unappreciated.
12. Employees Shame Each Other About Taking Vacation Time
Even if you’re not the one doing the shaming, 59 percent of millennials report feeling ashamed to take the vacation days that they’re entitled to. Not only that, 42 percent of them even confessed to shaming their coworkers for that reason. Your encouragement to take time off will benefit your team: Statistics from Project Time Off note that 78 percent of managers say that managers feel vacations improve employee focus, and 70 percent say that workers are more committed to the company following paid time off.
13. Your Workers Expect You to Support Their Work-Life Balance
A Glassdoor survey found that 85 percent of employees “expect their employer to support them in balancing their life between work and personal commitments.” These type of stats speak volumes about how the workplace environment is transforming in the 21st century. Are you keeping up with these evolving expectations?
To avoid HR nightmares this Halloween, learn more about how to effectively engage your workforce. Download our e-book, “Engage or Die: How Companies that Act Fast on Engagement Outpace the Competition.”