03/05/2022
There's a cost to keeping bad bosses around — and it's rising.
This is the headline of a recent St. Louis Business Journal article.
If this is your experience in your business, after reading some of the statistics the article offers around that proposition, we invite you to talk with us at Growth Opportunities Ltd to be informed how we can support you in transforming and growing your weak bosses so as to spare your organization the losses that go with fleeing employees. Our leadership programs are based on Neuroscience and the latest in business psychology, Communication Intelligence, Emotional Intelligence and Positive Intelligence. We have created transformational programs inspired by some of the world's top 10 famous business gurus today: Ken Blanchard, Simon Sinek, Robin Sharma, Patrick Lencioni, Barry Wheimillar and others like Teresa Amabile, Viktor Frankl, Carol Dweck more.
So the article states:
• 35% of Americans say they have left a job they otherwise loved because of a boss they didn’t like.
• 9% of workers admit they are currently looking for a new job because they dislike their boss.
• It would take a lot to convince a worker to stay at a job they loved if they disliked their boss. About 25% said there was no amount of money a company could offer them to get them to stay in that situation, while about 22% would stay for 25% more pay. About 19% would stay for double the pay, according to the survey.
• The 2022 Workplace Belonging Study by Ipsos shows almost half of Americans are thinking about leaving their current jobs. Those who are considering the switch are less likely to feel a sense of belonging in the workplace. And workers largely agree that a sense of belonging leads to higher productivity at work.
• Productivity from people who don’t quit goes down when they have a bad boss because they are not going to do extra work for someone they don’t like.
• Data from the Society of Human Resource Management found that employers often have to spend the equivalent of six to nine months of an employee's salary on finding and training their replacement.
• The recruitment and retention firm Built In said it cost about $1,500 per worker to replace an hourly employee, about 100% to 150% of someone’s salary for technical positions and up to 213% of someone's salary for C-suite positions.
For a long time in my speeches, I’ve quoted statistics that say 65% of people would rather see their boss fired than get a pay raise and 58% of people say they trust a stranger more than their boss. And there is a 20% increase in heart attacks on Monday mornings!
None of this surprising. As I have shared for a while, we are experiencing leadership malpractice which has created a poverty of dignity in the world. It has significantly impacted the health and family life of those in the workplace. Some statistics would imply that changing jobs will only take you to another place of stress.
“Between April and September 2021, more than 24 million American employees left their jobs, an all-time record,” according to MIT.
And here’s what they say are the main causes of this “Great Resignation”:
"A toxic corporate culture is by far the strongest predictor of industry-adjusted attrition and is 10 times more important than compensation in predicting turnover."
Also:
"Failure to recognize performance… The issue is not compensation below market rates, but rather recognition — both informal and financial — that is not linked to effort and results."
So, according to research by MIT, the Great Resignation is primarily driven by a toxic culture that fails to properly recognize their people. Recognition and celebration are a key aspect of Barry-Wehmiller’s leadership development program which focuses on shining a light in the organization and look for the goodness and holding it up for other to appreciate.
But here is the greater cost of poor leadership than just the dollars and cents of recruiting and training. From a recent article by NextGov: “Nearly 7 in 10 working Americans feel burned out with little distinction between work and life, and a majority (58%) believe their job is their main source of mental health challenges.”
We offer Masterclasses, a worthwhile experience.
