It is time to rethink employee engagement and turnover.
Matthew Lewis
Executive, Corporate & VVIP Wellbeing & High Performance @ Hintsa Performance I Middle East’s Leading CEO Executive Coach @ N3 Executive | Executive, Board & Leadership Advisor l x-Russell Reynolds | x-Boyden I
Employee turnover has been on the rise since 2018, with factors like the pandemic, economic uncertainty, and the shift to hybrid or remote work leading 1 in 2 US employees to consider leaving their roles. This trend is also evident in the Middle East. Addressing turnover and boosting engagement is crucial for organizations to thrive.
The costs of high turnover are substantial, with C-Suite leaders costing 4 times their salary and mid-level managers costing 2 times their salary. While pay and benefits have traditionally been used to combat turnover, they are only part of the solution and do not guarantee long-term engagement.
Looking ahead, the impact of pay raises tends to be short-lived, emphasizing the need for a more holistic approach to talent retention. As AI reshapes the job market, organizations must prioritize attracting, rewarding, developing, and retaining their employees to stay competitive.
Investing in critical areas such as Leadership, Culture, Development, and Wellbeing is essential for winning the war for talent. By optimizing these aspects, companies can attract top talent and drive engagement, growth, and wellbeing among employees.
Leaders and organizations that focus on enhancing Leadership, Culture, Development, and Wellbeing can expect high returns on investment and energy. Stay tuned for more insights on these topics and share your thoughts on where companies should prioritize their investments: Leadership, Culture, Development, or Wellbeing?
#EmployeeEngagement #TalentRetention #LeadershipDevelopment #CompanyCulture
I help busy executives reclaim their energy levels so they work better & enjoy a healthier life.
8 个月Having worked in an office and now been self employed for 12 years, I noticed "quietly quitting" before it even became a name. Many people don't enjoy their jobs and then there is another group who have so much pressure placed on them, eventually they grow to not like their job. In my field of health, I can see busy professionals don't reach their health potential because of sheer exhaustion which creates a cognitive load. New technology can ease that pressure but it can also accelerate mass job losses. Telling employees they feel "heard" and giving the staff room a good coffee machine isn't going to solve this problem.
Helping companies build great cultures through employee recognition and rewards ?
8 个月I think focusing on culture is the big lever companies can pull to really build an engaged and motivated workforce, but it can be a very difficult thing to change. Sending out employee engagement surveys and acting quickly on the feedback shows employees you're listening, and then incorporating easy actions like sending public shoutouts in recognition of great work can be a great starting point to build a stronger culture where employees feel appreciated!