CEO of The Shine Institute, where she provides HR Consulting, Executive Coaching, and Speaking Engagements.
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Pay, or feeling financially rewarded, is one of the five predictors in the "resignation equation," according to Price Waterhouse Cooper’s 2022 Global Workforce Hopes and Fears Survey. This shows that candidates could resign if they do not believe they are fairly rewarded financially. However, as HR professionals who present compensation data to the board, the organizations we support may still not have the funds in the budget to get the desired pay for every employee.
Nevertheless, here are four antidotes to the remaining resignation predictors, which are in HR and leadership’s sphere of control, that can help counteract the venom of the high turnover anticipated over the next year.
1. Create a culture of engagement and accountability, so employees will find their jobs fulfilling.
We spend most of our time at the workplace; as a result, we cannot allow a boring, complacent or mediocre environment, where some leaders are allowed to shirk responsibility on the job. Please do an inventory check of your organization’s values to ensure the ones posted on your website are truly representative of the company culture that your team is living. Be willing to change the values so they are a true reflection of the culture.
Does your organization utilize engagement calendars to set the energy and excitement for the upcoming month, where employees have something to look forward to? Examples of upcoming events include open enrollment, the best chili competition, virtual happy hour or a community service initiative. A best practice is to have a monthly meeting or update from each department on their wins for the month. When deliberating which department to recognize, the panel of leaders deciding on who shined the best can include the following categories: accountability, engagement, fulfillment of the company’s mission or values, and teamwork. Employees want to feel fulfilled, engaged and led by a leader who holds themselves accountable for creating this type of work culture.
2. Establish safe spaces for authenticity and transparency, so employees can be their 'true self' at work.
How does your company encourage individuality and receive feedback from the team? Is there freedom for employees to be themselves, or do they have to conform to be who their leader wants them to be? Please allow the liberty for your employees to be true to themselves, including when exercising their voice. Many organizations conduct surveys, which is a good thing. However, an annual survey in February may not capture an issue in October. Bi-annual surveys are better, but quarterly feedback is best.
Both employees and leaders can be found guilty of hiding behind a survey or the action-planning process. Some employees may know they are not working for a “Great Place to Work,” but due to fear of the results being tracked back to them, they may not answer truthfully. In addition, some managers may work on action plans only to find themselves not supported by leadership. In-person feedback is ideal, as it allows for relationship-building. Consider having an open-door hour, a CEO round table or even town hall meetings, where employees can ask questions and hopefully get answers on the spot. Employers can only win when they allow their employees to be themselves and create a space for them to provide “real-time” feedback.
3. Do not forget 'belonging' when focusing on diversity, equity and inclusion (DEI), so employees feel their team cares about them.
Many organizations are hiring heads of diversity, equity and inclusion professionals, which is an excellent business strategy. The companies that forge forward and include the element of “belonging,” are taking DEIB to the second dimension. Too often the results of exit interviews include many employees walking away from companies not feeling they “belonged” on the team or that the team “cared” about them.
Ella F. Washington's 2022 Harvard Business Review article, “Recognizing and Responding to Microaggressions at Work,” does a phenomenal job explaining the results of inappropriate comments in the workplace and how they can have an adverse impact on an employee. She states, “The research is clear about the impact seemingly innocuous statements can have on one’s physical and mental health, especially over the course of an entire career: increased rates of depression, prolonged stress and trauma, physical concerns like headaches, high blood pressure, and difficulties with sleep.”
Organizations must continue to have the necessary conversations on learning unconscious biases, tactfully disagreeing when others want to label someone and being an advocate where all employees feel part of the team.
4. Acknowledge your direct report’s contributions and show appreciation, so your employee knows they were listened to.
The currency that follows right behind money that nearly every employee desires is appreciation. Many companies in certain industries desire the brightest with a solid intelligence quotient, while others want smart employees balanced with a high emotional quotient. I present for your consideration the philosophy of an appreciation quotient, which is the ability to show gratitude and express appreciation to others for their contributions.
According to Bersin & Associates, companies that provide ample employee recognition have 31% lower voluntary turnover rates than companies with ineffective programs. Do not lose talented employees by not acknowledging their work and contributions. Empathize by letting them know you read their proposal, even if you did not approve their suggestions. Instead, appreciation is the special ingredient to increase employee engagement, lower turnover, and increase productivity and the bottom line.
In summation, money can and will continue to be used to motivate and incentivize employees; however, these four key areas are more cost-effective and can reap unprecedented results. The goal is to utilize these antidotes, so your star talent can remain engaged, participating and retained at your organization for years to come.
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