Dr. Meisha-ann Martin is the director of individual analytics at Workhuman, a platform for social recognition and increased productivity. Dr. Martin has a Ph.D. in industrial/group psychology and has worked in people analytics and employee engagement for 15 years.
Much has been published regarding COVID-19’s long-term impact on how people do their professions. During the epidemic, people had the space and leisure to think about what matters to them and ponder big questions like “Am I happy?”
For many people, the accident worked as a stimulus for change, resulting in the Great Resignation, or the Great Talent Swap, for those who lost employees to a rival or a new organization. With the abundance of options and flexibility available, people’s life goals that were formerly only daydreamed of are becoming a reality.
Our data at Workhuman backs this up: 30% of those looking for a new job say they’re doing so for more flexibility, and mother and father are the most driven, accounting for 65 percent of all job searchers. Many workers are looking for ways to balance their personal and professional obligations better. For example, research we conducted for our Human Workplace Index found that 56 percent of respondents who need to stay at their current company said it’s because they enjoy their company and coworkers. Because of this, culture is critical to maintaining and attracting personnel. All of this means that businesses and leaders want to take action. The Great Resignation has produced a labor market where people have many job opportunities and are typically pickier about who they work for. As a result, employers seek to offer current employees a reason to stay and future employees to apply.
Building a solid employer model is now a top priority. Corporations who fail to do this risk impeding their advancement due to a lack of competence since voluntary turnover might cost companies billions of dollars throughout the globe.
Given the current labor market, ensuring that the employee experience is seamless, pleasant, and built on a reward and recognition culture is more important than ever. Here are three areas where businesses may use data-driven strategies to improve employee satisfaction:
Know-How That Is Concentrated On People
HR expertise has always been transactional and process-oriented. The technology required right now is focused on people as much as on their understanding of the task being conducted.
Because it strengthens employees’ emotional ties to one another and the group, human-centered know-how that powers actions like consistent suggestions, employee recognition, celebrating individual and group accomplishments, and constructing a more human workplace has measurable bottom-line advantages.
We interviewed over 3,500 employees in the United States, the United Kingdom, Ireland, and Canada about their feelings about their employment and firms, as well as what’s on the horizon.
Our results matched what has been making news for most of 2021. Nearly four out of ten people stated they want to hunt for work in the next 12 months, a predicted voluntary turnover that may cost firms billions of dollars throughout the globe. While the stakes are enormous, the research also uncovers basic but effective workplace practices that may help your company grow even in the face of adversity.
Here Are Some Of The More Fascinating Findings:
- It’s incredible how much a year can change things. In Workhuman’s December 2019 poll, 92 percent of employees indicated they anticipated to stay in their current position for at least a year, while 59 percent said they expected to remain for five years or more. Currently, 38% of employees want to hunt for jobs in 12 months.
- Flexibility reigns supreme. The epidemic has altered the employer-employee relationship and crystallized what employees value most. Thirty percent of employees wanting to hunt for a new job mentioned “greater flexibility” as the key motivator. When it comes to Black job seekers, that figure has risen to 39%. On the other hand, women searching for work cited more salary as the most crucial factor in their decision.
- Working parents are the most likely to flee. According to our poll, 64% of respondents had experienced burnout in their careers, with 41% reporting it in the last few months. This stress has been compounded for parents, who are more likely than non-parents to report feeling anxious. Working parents make up 65 percent of those searching for a new job. They are looking for solutions to better balance home and work duties.
- The Atlantic Ocean. In Europe, compared to North America, the employment hunt is more intense. In the United Kingdom, 46% of employees and 42% of workers in Ireland are seeking new employment, compared to 36% in the United States and 36% in Canada.
- The importance of gratitude. According to our poll, saying “thank you” is still one of the easiest ways to make someone’s day better, and it’s a verifiable, quantitative act of employee retention. A third of employees (34%) said they had been acknowledged in the previous month, and they are half as likely to be seeking a new job (26 percent vs 49 percent)
- It’s all the rage to be recognized. The proportion of workers praised for their efforts at work has risen for the fourth year in a row. Approximately one-third of those polled said they had been appreciated in the previous month. During the last 1-2 months, nearly half of the responses have been appreciated. On the other hand, more than half of those polled said they had appreciated someone in the recent month for their efforts.
- Gratitude may completely transform your life. Receivers of gratitude are 2x as likely to be highly engaged, 3x as likely to agree their work has meaning and purpose, 4x as likely to compromise their company’s leadership team appreciates their work, 4x as likely to be happy at work, and 3x as likely to say their company culture improved during the COVID-19 pandemic. They are also less prone than their non-recognized-recognized counterparts to feel stressed.
- It’s vital to check in. With so many changes in how work is done, businesses and leaders should prioritize clear, consistent communication as a top priority, as it helps people remain on track and retain preferences. Workers who get weekly check-ins are twice as likely to perceive a route to advancement in the company, experience meaning, and purpose at work, trust their boss and feel a feeling of belonging.
- Success is driven by psychological safety. With a renewed focus on creating workplace belonging and inclusiveness, a new perspective has emerged: psychological safety. According to Harvard professor Amy Edmondson, it is a widespread perception among workers that they can bring their complete selves to work without fear of being humiliated if they express their thoughts, questions, worries, or even blunders. According to Google’s People Operations team, the top predictor of effective teams is psychological safety. It’s also linked to the Great Resignation. The psychological safety rating of people searching for a new job is much lower (3.1/5 vs 3.6/5) than those who are not.
Employees are anxious, burned out, and looking for more from their bosses. If your company wants to reduce employee stress and turnover, practicing recognition, checking in with employees regularly, and cultivating a psychologically safe working environment will not only help you navigate the current uncertainty now but will also set you up for long-term success in building a company that people want to be a part of.
Setting up a peer-to-peer recognition network where people can publicly recognize the achievements of their peers might be one way to go. The platform could undoubtedly be linked to a rewards program where employees earn points that can be redeemed for goods or experiences. In terms of analytics, the strategy also provides helpful information on where and by whom excellent work is being done in the organization, allowing employers to identify high performers and ensure that they are appropriately engaged at work.