How Well Do You Know Your Workforce?

August 26, 2014

Workforce

Are you a part of the oblivious mass of leaders living in a land where attraction, retention and engagement are a problem in everyone else’s organizations, but not yours? While you’re not alone, that’s not where you want to be. The idea that what you don’t know can’t hurt you has no place in running a workforce.

It’s time to take off the blinders and get a good look at the state of the average workforce. The employee/employer relationship is going to have to get a little deeper. Nothing HR wouldn’t approve of, just a more transparent and meaningful dialogue. 

Do you know the current engagement level of your workforce?

We all want the type of employees who bring their hardworking, positive friends into the organization, the employees who go above and beyond for clients and customers, at the very least, the employees who don’t despise being at work. These are known as engaged employees.

Did you know that only about 13% of the population worldwide is engaged at work? (Click to tweet this stat.) That tells us that the best move isn’t to find and recruit engaged employees, but rather to create them. With the estimated annual cost of disengaged workers in America, coming in at over $450 million, imagine the potential bottom line impact of getting just half of your workforce engaged.

So the question of the day is, Do you know the current engagement level of your workforce? This is the starting point; discovering where you stand, setting goals and creating the plan to achieve those goals. 

Do you know who already has one foot out the door?

39% of employers surveyed revealed that they were concerned they would lose top talent in the year ahead. Turns out, they are worried for very good reason. 25% of employees said that they would change jobs in 2014. In fact, 30% of employees are likely to conduct their job search online while at their current job. (Click to tweet this stat.)

In order to make the right calls and take the right action, employers need to open their eyes to what the real costs of turnover are. Creating awareness around these numbers can impact a lot of the day-to-day decisions management makes, and even how they communicate with workers.

Turnover costs include productivity losses during training, recruiting and lost work while a position is vacant. For all jobs earning less than $50,000 per year, or more than 40 percent of U.S. jobs, the average cost of replacing an employee amounts to fully 20 percent of the person's annual salary, the liberal-leaning think-tank found in a study that looks at 31 corporate case studies.” - Suzanne Lucas, Author at CBS Money Watch

How do employees think you’re doing?

The majority of managers have what is known as American Idol Syndrome. The crushed singers that go before the AI panel of judges have never been given honest, constructive feedback. Like a lot of managers, they have never had a mirror stuck in front of their face, and their perception of themselves isn’t as realistic as it could be. For instance: 

58% of managers feel as though they give enough employee feedback, while 65% of employees said they wanted more feedback. (Click to tweet this stat.)

75% of employees who leave an organization voluntarily, do so because of management, not the position. (Click to tweet this stat.)

Honesty and transparency are kind of a package deal. With organizational transparency, leaders might discover more than a few numbers that they aren’t happy about. That being said, that discovery is exactly where the change starts -where the dialogue begins. “How well do you know your workforce?” can look like a daunting question, but it is certainly one that needs some honest answers.

You do in fact need to know how engaged (or disengaged) your workforce is, what turnover is costing you and what you can do about these super common, ultra costly workplace issues.

Need help getting started? We’re here with the right tools and support to answer all of these questions and more.

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Employee Turnover, Employee Engagement, Performance Review, Transparency, Performance Management, Employee Development

Sylvie Woolf
Sylvie Woolf
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As Director of Client Service, Sylvie actively works to scale and grow our business, while driving value and customer success at every level. Sylvie directs our department's remarkable team of specialists who consult with and support ClearCompany’s diverse clientele, delivering best-in-class client service. Sylvie serves as a strategic partner to executives within our client base, ensuring that our platform not only assists with administrative concerns, but also solves for large-scale business needs.

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