As we prepare to close out 2021 and ring in 2022, one of the major topics across the United States will continue to be the Great Resignation. Microsoft reports that 41% of workers across the globe are considering leaving their current position within the next year, with 46% planning to make a career pivot directly after. But what is triggering this mass exodus? We can’t pinpoint one precise reason, as there are a variety of triggers and each business is unique. However, we do know that workplace culture is one of the many factors driving employees to look for a change.
Employee Resignation in 2021
When individuals leave their company due to workplace culture, they are often fleeing their manager, not the company itself. People leave their managers because they are not being heard, understood, engaged, and recognized. Throughout the year 2020, employees had plenty of reasons to push through an unpleasant situation like the one we just described. The entire year was characterized with uncertainty and anxiety due to the pandemic. While no one looks forward to feeling unappreciated at work, stable employment was far too important to walk away from. Things are changing now, and our country has made great strides in its route to recovery. All of the little instances of dissatisfaction have piled up over the last year, and employees are beginning to feel much more comfortable making that career change they’ve been dreaming of.
Compared to past years, managers in 2022 will need to make specific efforts to retain their employees or they can surely expect to lose key team members. Methods in dealing with this challenge include: ENPS scoring, management, and leadership training, connecting employees to a higher purpose within the organization, creating pathways for professional growth, and leveraging engagement accelerator technology. For the remainder of this blog, we’ll focus on leveraging ENPS to retain employees and build a thriving workplace culture.
Employee Retention Amid the Great Resignation
No one wants to be the person at the top of a company filled with disgruntled and disengaged team members. Though not an exact science, we have found Employee Net Promoter Scoring (ENPS) to be a great metric to create a benchmark of employee satisfaction to build on. When morale is high, employees can be your brand ambassadors and a powerful recruitment asset. ENPS is all about determining whether your employees are content enough to promote your organization to colleagues and friends.
Here is a look at how you could interpret and leverage the results of your own ENPS to power through today’s employment landscape:
Employee Score: 9-10. These are your promoters. They are enthusiastic about working for your company and are unlikely to quit. Not only that, but they most likely boost morale in your workplace and help other employees feel better about working for you.
Employees Score 7-8. These are your passives. They aren’t unhappy with their jobs, but there’s most likely plenty of room for improvement. With some strategic encouragement, passives may be likely to convert to promoters.
Employee Score: 6 or lower. These are your detractors. Detractors are unhappy team members who are more likely to quit and may be detracting from overall morale or customer loyalty.
Once each employee has taken the survey, you can quantify your business’ Employee Net Promoter Score with the following formula:
[# of promoters / Total # of survey takers] – [# of detractors / Total # of survey takers]
The possible outcomes here range between -100 and 100. Regardless of your score, there will almost always be room for improvement with this scoring method. As a general guideline, anything above 0 is technically considered a “good result,” but scoring above 20 is a great goal for businesses looking to foster a positive workplace environment. If your score is lackluster, you could stand to benefit greatly from focusing on becoming a more referrable business.
There are many methods outside of ENPS that your business can also implement to retain employees amid the Great Resignation. For more tips, be sure to keep up with further additions to this blog series!
Grow Your Business with Employee Retention Strategies from TriBridge Partners, LLC
TriBridge Partners is an Expert Services Firm in the areas of Modern Health and Employee Benefits, HR Technology, Retirement Plan Services, Executive and High Performer Compensation, and Employee Engagement. Everything we do, we do because we believe in making a meaningful difference in the lives of those we serve. To discover how our experts can assist your organization or business, please call our office today at 240-422-8799 or contact jessica.storck@tribridgepartners.com
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