Don’t hide behind the “Great Resignation”
I quit. Two of the most delicious words ever uttered when leaving a bad working environment. We’ve all been there. It’s glorious.
The turnover tsunami arrives
It seems like the U.S. workforce is waking up from a slumber and workers are choosing different options at unprecedented rates. “I quit” is echoing in the empty offices of Corporate America as the waves of the “turnover tsunami” are hitting its shores. The Achievers Workforce Institute surveyed 2,000 employed adults and found that 52% are looking for a new job and 42% state that their company culture has diminished since the pandemic. Yikes! People (myself included) are saying the pandemic has “given me time to think,” and “I’m examining what I really want.” But what if the reason that lead to exploration in the first place was your workplace culture? Seriously, most people don’t say that they are leaving companies and jobs that they “really love.”
Burnout is driving turnover
I’ve heard so many professionals tell me that they are burned out. 2020 has compounded the burnout by the sheer volume of change, uncertainty, and discord. And now they want something…..more. More time, more freedom, more space to breathe. It’s not surprising then that a recent survey by Gallup found that the top five reasons for burnout are:
Unfair treatment at work
Unmanageable workload
Lack of role clarity
Lack of communication and support from their manager
Unreasonable time pressure
The statistics are staggering. I recently read an article in Forbes that states: “Burnout costs between $125 billion and $190 billion every year in healthcare costs. Researchers estimate that workplace stress accounts for 8% of national spending on healthcare.” The last time I checked, the national spending on healthcare was $3.8 trillion. I don’t know about you, but I’m pretty sure my calculator doesn’t take enough zeros to figure that number out.
How are leaders and companies responding? Many are raising wages. Not a bad start. But the top 5 reasons for burnout are all related to culture. Yet, I’m not hearing a lot of companies focused on significant cultural change. So, workers are voting with their feet – and choosing to find someplace else to work. And companies may try to hide behind the “Great Resignation” to justify their turnover.
Leaders who want to retain their talent are going to have to do something different. We’re going to have to consider new and inventive ways of working together, while being apart. Individuals have proven that they can work from home – so figure out how to make that part of your culture. Think about how to build new options that have never been offered before. Gone are the days of expecting employees to be on the beck and call of “the Company.” And adding more work to a top performer isn’t a long-term answer to staffing shortages.
How to Address Employee Burnout
Take a look at the 5 drivers of employee burnout. Ask yourself:
Am I treating my team fairly? Are promotion decisions transparent? Is my team paid equitability? Do people feel respected? Am I dealing with my poor performers? Do I recognize good performance? Am I aware of my own micro-aggressions?
Is the workload manageable? Do my team members frequently miss deadlines? Do I feel the need to “step in” to “get it done?” Does everyone look stressed out? Is it ok to say “No” in my organization? To me?
Does everyone have a clearly defined role and understand that is expected of them? Do I assume that people “should know?”
Am I communicating with my team regularly? Do I make time to connect with my team? Does my team feel supported when they make a mistake? Will people reach out when they need help or do they suffer in silence?
Is everything urgent? Can projects be put on hold or moved back? Do I get frustrated when people don’t give me the answer as fast as I want it?
Improve Culture to Reduce Burnout
Chances are, if you honestly answered these questions, you probably identified one or two areas you could focus on to improve culture.
The good news is that many of these areas can be addressed directly by changing our leadership behaviors. The even better news is that if we do, our teams and our companies will be even more successful.
According to A Great Place to Work’s “100 Best index” outperformed the broader market by 16.5% in 2020, returning 37.4% compared to a 20.9% return for the Russell 3000® Index – the broadest benchmark index for US stocks. Add to this lowered benefit costs, continuity of the workforce, and avoided costs of turnover, the business case speaks for itself: Culture pays.