Management: 3 Scary Statistics You Need To Know
With Halloween just around the corner, it’s time to embrace the scary. As a management consultant, however, costumes and haunted houses aren’t what scare me the most. Here’s the top three scariest statistics about managers that show where we need to improve our management.
93% of employees say the last time they changed roles, they left their employer to do so.
With the labor market so tight and employees resigning at historical rates, companies can’t afford to have any more team members depart their organization. Unfortunately, employees aren’t being developed enough for personal and professional growth. As a result, when workers take on a new role that aligns with their vision for career growth, they are largely doing so for another company.
Managers should be more intentional about growth and development for their people. By having conversations with direct employees about their goals and ambitions, and then providing relevant and worthwhile learning opportunities, employee retention and performance can skyrocket.
Only 17% of employees say they get meaningful feedback from management.
When managers tell me that their employees aren’t performing on the job, many times the problem is that employees don’t fully understand what is expected of them. One of the most important components of meaningful feedback at work is the frequency with which feedback is given. Unfortunately, only 2% of employees get feedback weekly and another 3% receive feedback monthly. It’s simply not often enough for employees to understand where they need to improve.
Feedback about work should be real-time and continuous in order for it to be meaningful for employees. This doesn’t mean that managers need long, formal conversations daily or weekly. Rather, simply letting employees know what went well and what they can improve next time is sufficient. In fact, positive compliments around small behaviors like showing up on time, completing paperwork, or representing the company in a professional image on a daily basis is a great way to demonstrate what is important through regular, meaningful feedback.
Only 14% of employees strongly agree their performance reviews inspire them to improve.
Part of what is so frightening about this statistic is the intense time and effort that organizations pour into the annual review process. If the goal is increasing performance (which starts by inspiring improvement), then at least 86% of our time is wasted. Part of the reason a one hour conversation couldn’t possibly influence a full year of behavior is because it’s far too infrequent but also because of a lack of trust. Making the most of check in meetings with employees is important when the goal is to increase performance.
One of the reasons that employees don’t trust performance reviews is that they are usually tied to conversations about compensation. As a result, understanding the true motive of a review can be confusing at best. “Was my performance really that bad? Or does the company simply not want to give me the raise I requested?” is not an uncommon thought for employees. Management can break this cycle, and inspire increased performance by providing feedback regularly and having separate compensation conversations annually.
As managers, we can do better than these scary statistics to help our people and our companies thrive this season.
Statistics courtesy of Gallup
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