40% of Employees Likely to Quit Current Job in 3-6 months, according to McKinsey
I recently attended a Leadership Conference in the Convenience Retail industry and the overwhelming theme from all speakers was that successful companies must cultivate a pervasive company culture where all employees feel valued. In fact, according to McKinsey & Company, feeling valued is the #1 determining factor to stay with a company—even above compensation!
And supporting the mutual benefits of these cultural assets, companies with a strong organization culture outperform their peers in the stock market by 3X, according to McKinsey.
Perhaps surprising to some, the Top 4 Most Important factors for why employees stay or leave are:
- Valued by organization
- Valued by manager
- Sense of belonging
- Work-life balance
Interestingly, “Inadequate Compensation” falls into the Somewhat Important category in this McKinsey study.
Let’s put this in perspective. During “The Great Resignation”, with everyone wanting to understand why so many employees are quitting, let’s juxtapose this McKinsey research with a new Gallup study of more than 13,000 US employees conducted between Oct. 16 and 28, 2021.
In order of importance, the Gallup employee study said that if they were to look for a job today they would prioritize:
Per the McKinsey study that focused on why employees stay or leave employment, two key dynamics that address any company’s relationship with their employees are:
- Make the day-to-day job simpler
- Commit to up-skilling and re-skilling
In my opinion, there is a direct correlation between hiring, training, development and retention. Consistent communication throughout the organization. Training, Training and more Training!
If your company has embraced remote work or hybrid solutions, ESS has the solutions to facilitate any company’s communication and training needs. Exclusively designed by our touring performance experts, ESS MyVideo ROAD Case “video studio in a box” helps any business create their own high quality, customized communication training videos efficiently in almost any location, and for any location.
ESS and The Next Stop
ESS Managing Director John Flood recently spent time with The Next Stop, a marvelous organization whose vision is for adults in the special needs community to come together and have opportunities to socialize, enjoy recreation, and learn life application skills alongside their peers.
The Next Stop is using MyVideo ROAD Case to create skills training videos to be shared on-line to enhance experiences and serve the Special Needs community. “The videos we create all have as stars our own special needs students who are able to show others how easy it is to engage in cooking meals or other activities. We are so excited to expand our reach, to touch and love on others all around the globe”, says Vicki Laroche, co-Founder of The Next Stop.