7 Keys to Long Term Employee Happiness
When employees quit, it’s not their company they’ve had enough of, it’s their managers.
Forbes reports from multiple data sources like Gallup and Dale Carnegie that 60–70% of employees are not working to their full potential or engaged with the work they’re doing. That’s a frightening majority! And worse, the cost in lost productivity to U.S. companies is more than $450 billion.
There are reasons beyond the boss relationship that might cause an employee to become disengaged and quit. From personal reasons (Harvard Business Review reports a 16% job hunting spike surrounding when people attend school reunions!) to changes in an organization, like layoffs, which can create insecurity. But the key relationship that will make or break an employee’s success at a company is the one he has with his boss. As Harvard Business Review points out, “in general, people leave their jobs because they don’t like their boss”.
The disengagement numbers are shocking, but it’s also an incredible opportunity to increase productivity through making some positive changes.
- Analyze the flight risk of employees, before they leave. Some companies use an outside firm like Joberate to track who employees are connecting with on social media to predict who might be thinking of leaving.
- Create an open dialogue around motivation and job satisfaction. Conduct “stay” interviews to touch base with employees regularly.
- Get data that delves deeply into a person’s motivations with a tool like the Talentoday Manager.
- Offer internal position openings to employees thinking of leaving. Harvard Business Review highlighted Credit Suisse as using this tactic to reduce attrition of 300 employees and saving the company at least $75 million.
- Give employees more freedom. A study of job satisfaction done by Tiny News showed that “those unfortunate souls whose hands are regularly tied are 28% more likely to think about finding a new employer.”
- Don’t work employees to death. Also according to Tiny News’ research, “employees that are tired and burnt out are 31% more likely to think about looking for a new job”.
- Most importantly: hire the right managers. As Gallup CEO Jim Clifton said, “The single biggest decision you make in your job — bigger than all the rest — is who you name manager. When you name the wrong person manager, nothing fixes that bad decision. Not compensation, not benefits — nothing.”
Every employee is motivated differently, and companies need to know what inspires its team. It’s not correct to assume that a raise or a promotion will always work. In fact, research done by CEB shows that “50% of employees who accept a counteroffer leave within 12 months.” When you know what motivates your employees, using a tool like Talentoday’s, you’ll know best how to keep your talent happily in their seats.
Curious to find out if your employees are happy? Start your free trial today to see if you are motivating your team the right way. And if you like this post, please hit the ❤️ button below or give me a shout on Twitter.