The managers are road blockers for staff retention globally: Study
BCG study found that in the global phenomenon of reaching the DEI trend, where poor managers are roadblocks, it is more difficult for the organization to keep the current talent.
Hiring the right talent is one of the biggest challenges facing firms in the modern work environment. According to a manpower group survey from the previous year, 80% of businesses had trouble finding and retaining talented employees.
Instead, a BCG study found that in the global phenomenon of reaching the DEI trend, where poor managers are roadblocks, it is more difficult for the organization to keep the current talent.
According to a recent survey, 28% of workers—whether actively or passively looking for a new job—say they do not see themselves with their current employer within a year in a global labor market where unemployment is still at record low levels. This means that it is more important than ever for employers to prioritize and take the time to understand what matters most to their employees.
According to a Boston Consulting Group (BCG) survey of 11,000 employees from eight countries (US, Canada, UK, France, Germany, Australia, Japan, and India), when asked directly what would drive them to take a new job, employees’ answers are focused on functional factors, with pay the overwhelming top choice, followed by benefits and perks, work/life balance, work they enjoy and care about, and better career learning opportunities.
For the survey “What Really Matters At Work, And Why We Should Care,” BCG examined over 20 distinct needs, with around half being functional needs like income, hours, and benefits, and the other half being emotional needs like feeling appreciated and supported and performing work you enjoy.
Neetu Chitkara, MD and partner, who leads people and organizational practice at BCG India, says the data demonstrates the urgent need for employers worldwide to assist their workers in striking the right balance between functional drivers like pay and job hours versus emotional factors like workplace respect, fairness, and recognition.
The company’s examination of the survey data indicates that managers are the most effective lever for meeting emotional requirements. When it comes to the daily experiences of their employees—both good and bad—they have the most control.
When comparing employees who are very content with their supervisors to those who are very unsatisfied, exceptional managers are really linked to a 72% reduction in attrition. With the exception of India, which had the second-strongest influence, this lever also had the greatest impact on attrition risk across all assessed nations.
Putting retention aside, the same comparison of employees reveals that excellent managers are linked to threefold increases in worker motivation, a fourteen-fold rise in job satisfaction, and a notable threefold boost in feelings of inclusion.
“Managers are also essential to a company’s success in reaching its diversity, equity, and inclusion objectives,” stated Gabrielle Novacek, a managing director at BCG, partner, and co-head of the research team. “We understand that attracting, involving, and keeping a diverse workforce depends on inclusion.”
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