How about in your company? Frank, your best salesperson, who ‘loves your company’. Is he interviewing at three other companies right this minute? How about Sally, who ‘couldn’t work anywhere else’ and is your 'client onboarding ninja'? Is she really with you? Or is she ‘Open for work’ to recruiters on LinkedIn?
John, your network engineer, sure, he is slow, but he's talented, and besides, it's so hard to hire good engineers!
- Turns out the reason he's so slow is because he's moonlighting at your competitor's company, as a contractor (fully remote, of course!). That's one way to crack the cost of living crisis!
Employee loyalty has been diminishing for years now. Covid and the cost of living crisis have accelerated that trend - anyone in talent acquisition or recruiting will tell you that most employers are vastly over-optimistic in their assessment of their own employee's loyalty levels. Many employers are living in a fool's paradise - and soon, reality will bite.
Times are tough – interest rates are rising, making those once easy-to-pay mortgage payments almost unbearable—everything has gone up in price, except for salaries, which have flatlined.
Employees are not getting
raises because usually their company cannot afford them – until it’s too late.
Then their companies must pay the new salary, which is often 5%, 10% or even 20% above the old one.
What can an HR leader do to alleviate this situation? Particularly with 2024 around the corner. And you know what that means, right?
Your employees could barely afford their Christmas last year. This year, they know it'll be even worse. They feel stressed, overworked, under-appreciated, and underpaid. And now they have some New Year’s resolutions:
- Join a gym.
- Go on a diet.
The last few years have been tough for HR Heads. First
Brexit (in the UK), then the pandemic, then quiet quitting, the great
resignation, and even loud quitting. How can Human Resources leaders calm those evil thoughts and
sleep tight into 2024?
Another side-effect of having so many employees actively
searching for better roles, is that even when at work, they are disengaged and
unproductive. This is one reason why the UK, and many other countries have experienced stagnating productivity over the last fifteen years.
I recently attended ‘Employee Benefits Live’, and one message came across clearly: The importance of collecting and harnessing your data. Not only to develop insights to make your decision-making more effective but also, to communicate better with your Executive Board, your CEO and your CFO.
The keynote at Employee Benefits Live, in London, UK, on Oct 3rd, 2023
Have you ever had a brilliant idea that you were sure would make an enormous positive difference in your company? An initiative you were sure would build trust, engagement and loyalty in your employees? Or even help to acquire more talent?
- Only for it to be shot down immediately by your CFO?
- CFOs don’t care about your ‘great ideas'
- They need data and numbers. And ultimately, they only care about the money. NOTHING ELSE MATTERS to them except the return on investment.
- Many HR Leaders still use data ineffectively. Some even need help to understand their own data.
- If you can't speak the language of the C Suite and CFO, (Numbers and metrics), the programs you believe in will not progress past the idea stage.
Mastering and using your data more effectively is one way to step up your game and bring important initiatives to your company;
Getting those vital programs off the ground, you know, will be critical to ensure fewer of your company's employees are ‘actively seeking a new role right now’.
