It’s a trillion dollar loss Americas businesses could have prevented by merely asking their workers two important questions before they quit.
A new Gallup Poll which asked exiting employees why they quit their jobs, has revealed some unexpected and startling responses.
Nearly 52% of the employees who voluntarily left their jobs said that within the 3-months they had been contemplating the split from their employer, not one manager or supervisor had bothered to check with them and see how they were doing. Nor did they ask if they were content with the work, if they have any suggestions, or engage in any meaningful dialog with them.
In the same poll, 51% of American employees said they are currently looking for another job and checking out job openings. This has been projected to cost American businesses over $1 trillion to replace and in many instances train new workers.
The harsh reality gripping America’s industries today is the wasted human capital being squandered by employers for over two decades, in that over 70% of U.S. workers are disengaged, disinterested, and discouraged within their current work environment.
No doubt if you’re a CFO, a human resources manager or the principal owner of a business with a high turnover, then you more then likely know the cost attached to replacing a single employee, which can run anywhere between one-half to twice the employee’s annual salary. Moreover, if you decide to hire an outside recruiting source, the expense can be even more costly.
There’s also a residual cost that can’t always be easily measured such as a decline in team morale, distrust in management, uncertainty about the future, and perhaps unhappy customers or clients.
The poll also revealed that management could have actually done something positive in preventing their valued employees from leaving their jobs.
The most basic of all human needs is to be appreciated, while a paycheck takes care of the pressing needs of food and shelter, there’s an equally important human need, that someone higher up values your contribution and actually expresses that to you.
The poll revealed that if managers had simply asked the 2 most basic questions, before the seeds of discontent took root, the first regarding “the employee’s job satisfaction.”
Most complained that “no manager came to check in with them and have a meaningful conversation about how they were doing, how they felt about their work, and whether they were happy.”
The second question that employers, managers, and supervisors failed to ask their employees was their role within the company’s future. This, too, was a question never asked in the three months before an employee’s exit, says Gallup.
An unnamed manager when asked about the Gallup Poll responded, “I agree with Gallup’s position that the problem of voluntary turnover in this country is “self-inflicted”–managers do not do everything in their power to make things right and put the employee first. In hindsight, existing employees in the Gallup study said: “their manager or organization could have done something to prevent them from leaving their job.”
Aside from conducting the poll Gallup also has a simple solution to employee turnover stating, “Train your managers to have frequent, meaningful conversations with employees about what really matters to them” in order to win them back. You can ask three additional questions.”
- What’s frustrating you?
- What are your dreams?
- Where do you want to go?