Businesses Really Need to Change Their Mindset to Reduce Attrition Rate

Companies really need to work harder to keep the employees that they have with an increased focus on culture and creating real human connections in the workplace. Employees spend so much of their waking hours at work that at the end of the day they want a sense of satisfaction and achievement. However, a lot of leaders make the mistake of thinking that what all employees want is higher wages, and although this might be partly true, those who are already earning good wages are still leaving their jobs because they are looking for something more. Wages are just a cherry on the cake and the pandemic has shown that wages alone don’t cut it anymore in the workplace, it’s also about being valued and appreciated at work, being included, and getting the right opportunities to grow and expand one’s skills and career trajectory.

“Do I feel a sense of belonging with my organization and my part of a high-performing, trusting, open, caring team, with teammates that I like to work with?”

According to McKinsey, the biggest reason why people are leaving organizations is that they are not satisfied with their work-life balance, are struggling with their mental and physical health, and are not being compensated well by the company. McKinsey expert in talent and organizational health, Aaron De Smet, says, “Do I feel valued by my organization? Do I feel valued and acknowledged by my manager? Do I feel a sense of belonging with my organization and my part of a high-performing, trusting, open, caring team, with teammates that I like to work with? Do I have potential for meaningful advancement in my career? Can I have flexibility and autonomy in my workspace?” A majority of executive leaders are simply not paying enough attention to these factors and although businesses are thinking about compensation, that is all they are thinking about. Employees want to feel inspired, make great connections with their peers and leaders, and want to belong at work. Moreover, employees want their companies to take into account the fact they also have a life outside of work, their families in particular and so many employees are already juggling multiple roles, like, parent, teacher, and caregiver, among others.

More businesses need to take responsibility for attrition rates; employees want more freedom

Bill Schaninger, also a McKinsey expert in talent and organizational health thinks that companies find it easier to blame employees than take responsibility for the attrition rate. Employees want the freedom to choose their days of remote work so that they easily work around their personal schedules particularly if they have young children or a sick family member at home. Businesses have forgotten that they just breached the privacy of their employees when people were sent to work from home, giving their leaders a peek into their personal life, and then to add to it, companies treat their workers like machines. No employee wants to be treated in a transactional manner, it really shows what they stand for and during the pandemic, a lot of companies hurt their own brand by not looking out for their people in the way that. Yes, work is an exchange, but it does not have to be done in a mechanical way, employees are people too.

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