Academy

Global

EN

Have you ever stopped to think about the meaningful work lost when valuable employees decide to leave?

Retaining Top Talent

The impact on your company’s success can be significant, not to mention the financial costs involved in replacing them. As we navigate the evolving landscape of work in 2023, the importance of employee retention and culture change becomes increasingly apparent.

In the midst of a competitive job market, it’s crucial for organisations to address the challenge of retaining top talent. Surprisingly, even in the face of this competitive environment, research from Gallup reveals that 60% of employees feel emotionally detached from their work. With over half of employed workers actively seeking new opportunities, the reality of employee turnover rates increasing by 9% since 2019 paints a challenging picture.

However, amidst these statistics lies an incredible opportunity for positive change and a substantial return on investment. As we explore the dynamics of the workplace and its impact on employee retention, it’s time to delve deeper into the heart of the matter.

In this blog, we’ll uncover key insights into the current hiring market and employee sentiments. Armed with this knowledge, employers can proactively implement effective employee retention strategies. The Gallup report’s revelation that retention costs UK businesses reinforces the urgency for action.

The average employee turnover rate for 2022 ranged from 5.43% to 16.9%, with an overall average of 9.31% across all industries. And when considering the cost of turnover per employee, it amounts to a staggering £37,092.51 in 2023, accounting for inflation.

So, with the challenges and costs laid bare before us, let’s embark on this journey together, exploring the proven tactics that every company should know to retain their top talent and thrive in the competitive landscape of the modern workforce.

The Cost of Employee Turnover: A Breakdown

Hiring costs: Attracting the right candidate to a new job role comes with a price tag. Advertising and promoting the vacancy can be a significant expense, especially if you aim to reach the best-fit talent in the market. If you decide to utilise a recruitment agency, be prepared to pay around 10-20% of the job’s annual salary.

Onboarding and training: Once you’ve found the perfect match for your team, the onboarding process begins. This crucial step involves creating a welcoming environment for the new employee, which may include providing a well-organised welcome pack comprising their offer letter, employment contract, details of company benefits, and the employee handbook.

Loss of productivity: When a new employee joins, it takes time for them to reach the same level of productivity as their predecessor. According to Oxford Economics and Unum, the average timeframe for this transition is 28 weeks. In monetary terms, the cost of this loss of productivity is estimated at £25,182 on average.

Employee Retention: The New Focus in Today’s Workforce

In today’s workplace, employee loyalty has undergone a significant shift. Rather than blindly staying loyal to a company, employees now prioritise staying true to themselves. They seek a sense of purpose and the knowledge that their contributions and growth matter to their employers. This paradigm places immense pressure on individual leaders to adapt their thinking and approach.

Let’s explore some key insights about employee turnover and engagement:

Given these findings, organisations must recognise the value of employee retention as a crucial aspect of success. Investing in employee engagement, purpose-driven leadership, and addressing the aspirations of the workforce will help create a more fulfilled and productive team.

7 Tactics to Boost Employee Retention: Empowering Your Team for Lasting Success

1. Listening & Hearing: The Foundations of Strong Teams. Create a culture of open communication by genuinely listening and hearing what your team has to say. Pay attention to their ideas, questions, and concerns, regardless of their work location. Empower your direct reports to approach you anytime, knowing their input is valued.

2. Onboarding with Purpose: Setting Up New Hires for Success. Ensure every new employee is set up for success from day one. Enhance your onboarding process to educate them not only about their role but also about your company’s culture and how they can contribute and thrive within it.

3. Leadership Training and Mentorship for Growth: Nurturing and Training Talent. Introduce leadership training and mentorship programs to foster a supportive environment. Experienced employees can mentor and guide new team members, helping them adjust, understand their progression paths, and contribute to overall employee and team satisfaction. Developing inclusive leaders is a conscious effort that yields significant benefits. By implementing inclusive practices like organising team gatherings, challenging non-inclusive mindsets and behaviours, and fostering a commitment to inclusivity, a culture of belonging thrives. When team members feel valued for their authentic selves, they are motivated to give their best effort and drive impactful results.

4. Compensation that Counts: Recognising and Valuing Your Employees. Offer competitive compensation and regularly evaluate salaries to ensure employee satisfaction. If immediate pay increases aren’t feasible, consider other forms of recognition, such as bonuses and enhanced benefits like improved healthcare and retirement plans.

5. Perks that Inspire: Elevating Employee Morale. Stand out as an employer of choice by providing appealing perks. Consider offering flexible schedules, remote work options, or stipends for home offices to support remote employees effectively. Embrace flexible work arrangements as a growing trend in the UK.

6. Wellness as a Priority: Nurturing the Whole Employee. Prioritise your employees’ well-being by providing stress management programs, retirement planning services, and fitness-related reimbursements. Fostering a healthy work environment boosts productivity and employee satisfaction.

7. Continuous Feedback for Growth: Building Career Paths Together. Replace annual performance reviews with more frequent one-on-one meetings. Engage in constructive discussions about professional goals, deliver feedback, and help employees visualise their future within the company. Build a culture of feedback and recognition to ensure employees feel valued and heard.

By combining these strategies, you create an environment where employees feel appreciated, supported, and empowered. Implementing effective change management, promoting teamwork, and acknowledging milestones further solidify your commitment to fostering a thriving workforce. Embrace flexible work arrangements and a healthy work-life balance to attract and retain top talent, even if remote work remains part of the equation. With these approaches in place, you’ll elevate your team’s resilience and well-being, propelling them towards lasting success.

Building an inclusive organisational culture revolves around fostering a sense of belonging. So, how can leaders achieve this within their teams? It begins with valuing each individual, empowering them to embrace their authentic selves. Inclusive leadership creates space for diverse backgrounds and experiences, enabling every team member to make unique contributions to the organisation’s success. If you’re aiming to elevate your team’s success and improve return on investment, reach out to our consultants today for valuable insights and guidance.

Retaining Top Talent

Explore the cutting-edge tactics, discover how successful companies attract and retain top talent, and unlock your organisation’s full potential. Get in touch with our team of TPC consultants today!

In this blog discover why quiet quitting is a complex and multifaceted concept that goes beyond simple boundary setting or mere job dissatisfaction.

#QuietQuitting. Employees experience a disconnection and waning enthusiasm towards their work, even as they continue to fulfil their essential duties.

In July 2022, a US-based engineer caused a stir on TikTok when he introduced the concept of “quiet quitting.” This viral video featured urban montages, and in a thought-provoking voiceover, he explained that quiet quitting is not about outright leaving one’s job but rather about disengaging and no longer subscribing to the relentless hustle-culture mentality. It’s about acknowledging that work shouldn’t define one’s worth as a person.

The message quickly spread across TikTok, accompanied by trending hashtags, prompting a flood of responses from users both in agreement and facing backlash from certain media outlets. One TikToker, Hunter Ka’imi, expressed frustration and stated, “I won’t dedicate sixty-hour workweeks and sacrifice myself for a job that doesn’t value me as an individual.”

As the phenomenon gained momentum, some millennials and Gen Zs were taken aback by the sudden popularity of quiet quitting. Some believe that this disinterest in work has always been present and is a normal human trait, questioning why it’s now becoming a Gen Z trend. On the other hand, many perceive quiet quitting as merely setting boundaries between work and personal life. For others, it’s about quietly completing tasks and then going home.

However, the question remains: Is there more to quiet quitting than meets the eye? Is it simply a matter of disengaging and establishing work-life boundaries, or does it signal a broader shift in attitudes towards work and life balance?

What is quiet quitting?

Quiet quitting is a complex and multifaceted concept that goes beyond simple boundary setting or mere job dissatisfaction. It shouldn’t be dismissed as a passing fad either. Beyond the TikTok discussions, it also offers valuable insights into shifting generational attitudes and evolving perspectives on mental well-being.

A recent poll conducted by Gallup, an American advisory and analytics company, reveals that the main energy behind ‘quiet quitting’ comes from the younger generation, known as Gen Z, encompassing those born in the late 1990s and early 2000s. Quiet quitting occurs when individuals experience a psychological disengagement from work. Although physically present or logged into their computers, many of them feel directionless and unsure about the significance of their tasks. Moreover, they lack supportive connections with their coworkers, bosses, or the organisation as a whole. Additionally, there is a noticeable disconnect between managers and employees.

The survey highlights that since the COVID-19 pandemic, younger employees feel a lack of care and believe they haven’t been provided with enough growth opportunities. As a result, they are not going the extra mile beyond their basic work requirements; they simply meet what is demanded of them. This decline in enthusiasm can be attributed to unclear expectations at the workplace. On the other hand, the ‘loud quitters’ are those who express their dissatisfaction openly, evident in the form of viral TikTok videos.

The Emergence of Quiet Quitting: A Reflection of the COVID-19 Pandemic

Amidst the COVID-19 pandemic, a new term called “quiet quitting” began to gain prominence, fuelled by the profound impact the pandemic had on people’s lives and perspectives. As individuals were forced to stay confined in their homes for extended periods, unable to go to the office, they found themselves reassessing their priorities. The question arose: Had they been placing work before their own well-being all this time?

The pandemic presented a rare opportunity for introspection and a chance to step off the relentless hamster wheel of everyday life. With this pause, people took a moment to contemplate their career paths, realising that they desired more than the traditional 9 am to 5 pm grind. They sought a greater sense of purpose and fulfilment in their work.

However, as the world eventually returned to a new normal, a notable phenomenon emerged. Many individuals had mentally checked out of their daily jobs, grappling with a persistent feeling of “Is there more to life?” They found themselves experiencing apathy, demotivation, and a sense of quietly quitting in their minds, even though they were still physically present in their roles.

In essence, quiet quitting became a reflection of the transformational impact of the pandemic, as people sought to align their work with their true passions and aspirations.

Unravelling the Reasons 

Quiet quitting, as a growing trend, can be attributed to several reasons that shed light on shifting attitudes and evolving priorities in the workplace.

Overall, quiet quitting is a response to a combination of internal and external factors that influence how individuals perceive their work and prioritise their well-being in the ever-evolving workplace environment.

Identifying the Warning Signs 

A subtle yet pervasive phenomenon is reshaping the dynamics of the modern workplace, as employees gradually disengage and lose interest in their work while fulfilling basic responsibilities. This disengagement not only affects team morale and dynamics but also poses a threat to collective productivity.

Over time, an environment of indifference emerges, significantly impacting the overall operational efficacy of the organisation. Several warning signs can indicate when an employee is quietly quitting. Decreased productivity, diminished creativity, and a gradual erosion of work quality are some key indicators that require keen observation.

Managers and team members should be vigilant about patterns of withdrawal from team activities and conversations, as well as a slow decline in the quality of work. Additionally, increased reluctance to take on new projects and a lack of initiative in putting in extra effort may be telltale signs of quiet quitting.

As this phenomenon unfolds, a growing sense of apathy and depersonalisation becomes evident. The affected individuals lose motivation to take on additional responsibilities, which may ultimately lead to resignation or even termination, further exacerbating the impact on their well-being.

By being attentive to these signs, organisations can intervene proactively, providing necessary support, and fostering an environment that encourages open communication and employee well-being. Addressing the issue early on can help retain talent and preserve a positive team dynamic.

How to Address Quiet Quitting

To effectively tackle the issue of quiet quitting, both employees and employers can take proactive steps to foster a positive and engaged workplace environment.

  1. Cultivate Individual Empowerment and Trust: Companies should recognise and cater to employees’ unique needs and aspirations, providing them with autonomy and the freedom to make decisions. Trust is crucial, and employees want to feel valued and respected for their judgments. Encouraging an environment where individuals can contribute, showcase their abilities, and receive constructive feedback is essential.
  2. Foster Meaningful Communication: One-on-one meetings between managers and employees are vital for building strong relationships and understanding each other’s perspectives. These meetings provide a platform to discuss concerns, goals, and opportunities for growth.
  3. Create a Culture of Employee Investment: Employers should establish a workplace culture where employees feel equally invested in the success of the business. Regular training, development, and mentorship opportunities should be provided to help employees see their personal and professional growth within the organisation.
  4. Lead with Authenticity and Openness: Managers play a critical role in addressing quiet quitting. They should lead with authenticity, promoting open and honest communication with employees. Encouraging dialogue helps resolve any issues before they escalate to the point of quiet quitting.
  5. Cultivate Transparency and Growth: Creating an environment of transparency and growth is crucial in nurturing employees’ commitment to the organisation and their individual well-being. Managers should learn how to have meaningful conversations to assist employees in managing burnout and promoting overall well-being.

By implementing these strategies, both employees and employers can work collaboratively to address quiet quitting and create a workplace that fosters productivity, engagement, and fulfilment.

Silent Goodbyes & Quiet Quitting

Uncover the reasons behind Quiet Quitting in your organisation: Learn how businesses are implementing innovative strategies and reducing risk. Contact us for more details.

In this blog ‘Resilience and Wellbeing: Beyond Buzzwords’ rediscover the essence of resilience and wellbeing – our true superpowers for thriving, not just surviving.

Resilience. It’s become one of those familiar leadership, HR and development tunes we hear around us, in so many places. It has become synonymous with the ability to endure stress, adapt, rebound from crises, and swiftly forge ahead. Resilience now stands as a fundamental objective in our work lives, we are up to 7 C’s of resilience [developed by Kevin Ginsberg, MD]. Amidst the hype, we hear claims that it holds the golden key to both professional and personal joy. But have we truly grasped the essence of resilience, or has it been diluted? As global worker stress skyrockets to unprecedented levels, can leaders afford to overlook this vital concept?

Gallup’s 2023 survey sheds light on the current landscape. In 2022, employee engagement and job opportunities experienced a global surge, returning to pre-pandemic levels in sync with historical trends of economic development and growth. However, amidst this recovery, global worker stress persists at historic highs, even as other negative emotions tied to the COVID-19 pandemic wane. This persistent stress may be attributed to the challenges faced during the economic rebound, as many regions grapple with soaring inflation. As leaders navigate this uncertain economic outlook, the stress, resilience, and wellbeing of their employees significantly impact productivity and performance. It is imperative that we prioritise addressing these concerns and enhancing engagement.

Together, let us delve into the depths of resilience and wellbeing, unlocking their transformative power and ushering in a new era of thriving leadership.

Redefining Resilience: Thriving Beyond Survival

Resilience is undoubtedly a crucial skill, especially for leaders. When faced with change and tasked with guiding a team through a crisis, resilience becomes the beacon that guides us from turmoil to tranquillity, from chaos to stability.

According to the American Psychological Association (APA), resilience encompasses both the process and outcome of successfully adapting to challenging life experiences. It entails possessing the mental, emotional, and behavioural flexibility to navigate internal and external demands. In many ways, resilience revolves around effectively coping with stress and adversity rather than solely thriving in their presence.

Survival forms the foundation of resilience, an aspect at which we, as a species, have demonstrated proficiency. Let us embark on a journey to redefine resilience, transcending the boundaries of mere survival and embracing the transformative potential of thriving amidst the unknown.

Wellbeing and Resilience: Taking Resilience Further

Resilience extends beyond the realms of struggle and sheer perseverance. It transcends the notion of “bouncing back” and carries with it the concept of “bouncing forwards” through adaptation. It requires the courage and determination to persist when faced with adversity—not out of obligation, but out of unwavering commitment.

As leaders, you can identify resilience within your team when individuals actively seek opportunities to transcend their usual routines and surpass expectations. Undoubtedly, it is a formidable challenge. Resilience does not come effortlessly; rather, it is a skill that demands deliberate cultivation.

But what is the link between resilience, wellbeing, and leadership effectiveness? Is resilience a natural outcome of cultivating wellbeing, or does it require a separate cultivation process altogether?

Let us delve into the intricate relationship between resilience, wellbeing, and leadership effectiveness, exploring the transformative power that arises when we purposefully nurture these essential qualities.

Resilience: Nurturing its Growth

When we teach individuals resilience skills, we often focus on introspection, emphasising the importance of emotional regulation and stress coping strategies. However, we believe that resilience is rooted in two essential elements: wellbeing and problem-solving. The key lies in taking charge of our own self-care and cultivating the ability to seize control.

Resilience and wellbeing thrive on trust, confidence, and critical thinking. It necessitates a focus on the broader vision and honing our intuition—the problem-solving skills that empower us with self-belief while fostering an awareness that reaching our desired destination may require a different approach. But amidst this quest for resilience, when do we pay attention to the individuals who diligently cultivate, nurture, and sustain it?

Instead of simply teaching people a vague notion of resilience, latching onto the latest buzzword—a hit-or-miss endeavour, as confirmed by psychology experts—let us shift our approach. What if we teach individuals the art of self-awareness, guiding them to care for themselves holistically both within and beyond the realms of work? Rather than solely ploughing through tasks and projects with heads down, imagine providing our colleagues and teams with the permission and tools to speak up and remove barriers to success, rather than merely coexisting with them.

The underlying philosophy truly embraces this concept—a belief that effective communication, rather than silent endurance, is the key to guiding individuals through their day-to-day responsibilities, navigating change, and even disruption. Upholding a culture of open, two-way communication becomes paramount for sustained progress amidst the ever-evolving landscape of change.

By nurturing resilience through a focus on wellbeing, problem-solving, and fostering a culture of transparent communication, we can unlock the full potential of our teams, empowering them to thrive in the face of challenges and embrace growth with unwavering strength.

Enable Everyone to Achieve More: Are You Truly Listening?

As a leader, when you empower and inspire your team to actively participate, a remarkable transformation occurs—they become more engaged, resilient, and motivated. In a recent Gallup poll, numerous employees expressed their desires for workplace improvements. When asked, “What would you change about your workplace to make it better?” 41% highlighted the importance of engagement and culture, 28% mentioned pay and benefits, and 16% emphasised wellbeing. These responses underscore the collective potential of every individual to contribute more effectively.

By genuinely listening to the messages conveyed, even small changes can have a profound impact. Let’s consider some of the comments collected from the Gallup poll:
• Communicating schedule changes well in advance would enable me to better organise my free time.
• Reducing overtime hours would greatly enhance work-life balance.
• Emphasising more opportunities to work from home would enhance flexibility.
• Providing longer breaks for meals without rushing would improve overall wellbeing.
• Establishing a health clinic would demonstrate a commitment to employees’ health.
• Recognising the need for regular breaks during the workday to ensure adequate rest.
• Prioritising the wellbeing and quality of life of workers.
• Creating spaces for relaxation and socialising, fostering camaraderie during coffee breaks.

These simple yet meaningful improvements pave the way toward achieving the ultimate goal—a path to success brimming with possibilities. It all boils down to listening attentively to the wellbeing needs of your teams and responding proactively. After all, different companies have unique requirements, and by addressing these needs, we can help increase the number of employees thriving at work.

Leaders serve as the vital linchpin of engagement. Remarkably, 70% of team resilience and engagement can be attributed to their influence. However, it’s important to acknowledge that many leaders themselves are silently struggling, yearning for the tools to build exceptional teams. The good news is that cutting-edge, science-based management techniques can be taught, and this is where leadership training becomes invaluable.

Ideally, we need to foster wellbeing to bolster resilience. Understanding the interconnectedness of these two qualities is key. Each brings forth distinct perspectives on how to navigate challenges. Resilient teams refuse to be defeated by failure and embrace the courage to try again. They possess the flexibility and adaptability to view uncertainty as an opportunity to overcome obstacles and innovate solutions, enabling them to accomplish more each day.

Let the S.E.L.F C.A.R.E system inspire you in leading yourself and others through change.  To learn more about applying a transformative approach, get in touch.

In this blog the Managing Partner of our office in Malaysia, Deva Param, asks the question “Should innovation be the responsibility of all employees?”

Should innovation be the responsibility of all employees?

I recently watched a video featuring Jack Ma (after his long absence) where he described innovation as nothing more than an idea that comes to a person’s mind that would have an impact on the lives of consumers and eventually a company’s revenue. He mentioned that “when we hear about innovation or digitalisation, the first thought is always on Technology and Computers”.  But innovation is far from that, and in a rapidly changing world, it’s no longer just the responsibility of the R&D Department alone. Everyone in an organisation needs to find new ways to create value, either to improve processes, products, or customer interventions.

What do the most innovative companies do?

Regardless of industry, consumer habits are changing fast.  This new breed of consumer has different needs in the way they view, decide and purchase a product or service. Added to this, the “disruptive marketing” options that spread across industries mean more and more companies find very little choice but to innovate.

One of our of clients in Malaysia, a local company that deals with specialist ingredients for the Food & Beverage sector, puts innovation high up on their “Balanced Scorecard” and encourages everyone in the organisation to “pull their weight” when it comes to innovation.   They pay attention to the voices from the ground up, listening to the ideas that emerge for better products, client experience and internal process improvements. In this way, everyone contributes to innovation.

If you are an employee (and not in R&D), spending time and brainpower on innovation in addition to your day-to-day responsibilities may be fairly low down on your to do list. But as the world around keeps changing at a pace, we all need to think about innovation differently. In Malaysia our experience of working on design thinking and cultural change programmes for our clients has confirmed this belief that we need to get the commitment of all employees to innovate. Even a fairly straightforward cultural change project requiring new ways of working, and mindset and behavioural change, can’t happen without the involvement and innovation of all employees.

No idea is a bad idea, leaders need to keep an open mind

Employees need to feel empowered to bring new ideas to the table. In some organisations this will require a radical change in mindset and culture. While R&D departments will remain, leaders need to set the belief that all ideas are welcome, that no idea is a bad idea. New forums for idea sharing may need to be established and, critically, leaders need to step in and embrace this wisdom from the masses, test the logic with an open mind, before making a judgement call.

Innovation is everyone’s job

While there are many ways for organisations to innovate and  succeed, it can’t only be left to the few people who have ‘innovation’ in their job title.  It needs to be on everyone’s radar, an organisation-wide effort which is embedded in culture.   Include metrics for innovation in employees’ performance reviews and recognise and celebrate innovation promptly and effectively no matter how small it is. You will see that the impact will go a long way.

If you would like support to embed a culture of innovation in your organisation get in touch.