Simple But Not Easy
The Value of Doing Hard Things with Compassion
In this issue: The Big Employee Breakup…It Really Is You, Not Them / Survey Says Your Culture Isn’t as Great as You Think It Is / A New World, A New Kind of Leadership / The Lighter Side of Finding Yourself
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I'm Andrea J. Miller and this is my “The Wellthy Leader” Newsletter. I send this to people in my networks, people I’ve met recently, and friends I want to keep in touch with. You can unsubscribe (SEE THE VERY BOTTOM OF THE EMAIL) anytime, I won’t be offended
The Big Employee Breakup…It Really Is You, Not Them
There’s a growing interest in the projected, massive “Big Quit” and with good reason – it’s going to be expensive! A recent Society for Human Resource Managers (SHRM) study said it will cost the equivalent of six to nine months’ salary to replace an employee who leaves.
In financial terms that means for every person making $40,000 annually, it will cost companies between $20,000 -- $30,000 in direct costs alone to replace them.
As costly as that may be, it’s the indirect costs and overall impact of employee turnover that should really worry companies. As staff leaves it comes at an immeasurable price on morale and culture, as productivity lags and those left behind start to wonder if they should go too. Yes, the FOMO is real.
And, by the time new staff is hired, onboarded, and trained client services can also suffer which is where the math starts to get really complicated, as you factor in the additional lost revenue.
It’s easy to tell yourself that there’s not much you can do given the current situation, that the turnover is just a byproduct of COVID…but is that really true?
A few years ago, my mom was diagnosed with cancer, and I decided to quit, my on paper, great job. The salary was good, the benefits were excellent, and I was living a really nice life as an expat in a beautiful country.
While I wanted to be home with my mom, if I was being completely honest it wasn’t the real factor for my decision, just the catalyst.
If I was happier at my job I probably would’ve stayed where I was and figured it out. But my work didn’t feel meaningful to me, I lacked connection with my new team (I had just been moved after yet another big restructuring) and I was bored in my new role.
The truth is…It really was them, not me.
There’s no doubt that COVID is the most significant global event to occur in all our lifetimes. And traumatic events like this or the loss of a loved one can leave us questioning anything and everything about their lives.
There’s also little doubt that how employers address (or don’t address) their employees’ needs will have potential long-term implications that will matter – A LOT!
Your employees want/need a greater connection to purpose, meaning, and, especially their co-workers — and yes, that includes company leadership.
Like in any breakup, it doesn’t just happen, there are always signs that are often ignored until it’s too late.
The choice is simple, but not easy. You can either address these issues now or wait until people walk out the door. Which will you choose?
Survey Says Your Culture Isn’t as Great as You Think It Is
From Forbes: “Survey: Nearly 100% Of Human Resources And 72% Of Execs Said Corporate Culture Was Great During The Pandemic—Workers Disagreed”
“The survey results indicate that positive organizational culture keeps employees engaged. However, unfortunately, more than half of the managers and HR professionals agreed that “it has been difficult to maintain that culture during the pandemic.”
A New World, A New Kind of Leadership
And From the Potential Project: This Insightful Infographic