Over the years I have spoken with many business leaders and have heard numerous concerns raised on multiple subjects including interest rates, inflation, taxes, net zero, and many, many more. However, there is one concern that has been raised repeatedly over several years in almost every sector I have worked in: Recruitment and Retention (RR).
Despite the clear impact on business outcomes of getting RR right (or wrong!) not enough businesses pay attention to addressing the root causes of problems. Too often they simply ignore warning signs (such as those gleaned from engagement studies, for retention) or, more commonly, fool themselves into thinking that more money will make the issue go away. It won't! Whilst financial rewards have a role to play, many other factors are at work. Years ago, HBR interviewed thousands of managers who had left their jobs to find out why. The number one reason given was not for more money, but to get away from someone (usually their line managers).
This short but insightful study by Gallup shows the scale of the problem in the US (it is not much different here in the UK): https://bit.ly/AspireMCL07524
One of the key findings is that "70% of preventable leavers reported actions more directly related to how they are managed daily such as creating more positive personal interactions with their manager."
Once again, the value of being an effective leader-manager in business is proven. Time and money spent developing leadership, team and organisational health is rarely wasted. Indeed, it opens up channels to achieving a sustainable competitive advantage because the fruits are so valuable - and yet so rare!
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