Every month, we’re highlighting stories, trends and tips related to employee engagement and workplace culture that organizations should be keeping top-of-mind in order to engage, retain and recruit top talent.
1. Toxic work cultures cost the U.S. billions. A recent SHRM report found that toxic cultures have driven 20% of U.S. employees to switch jobs in the past five years, which equates to more than $223B lost in turnover costs (yes, you read that right – “B” as in billions). From behind-the-scenes drama and gossip to a lack of respect for employee well-being, sometimes it’s easy to spot the signs of a toxic workplace culture. But what causes it to become that way? You can point to many things, but they all start at the top: leaders, and especially managers, play a critical role in establishing company culture. And according to the same survey, 58% of employees who quit a job over workplace culture say their manager was the main reason they left. Key takeaway: Companies who want to retain employees and reduce the cost of turnover need to take a hard look at their company culture and identify the toxic behaviors at play – and where (or with whom) they’re originating. This Fast Company article shares ways you can right the ship.
2. The best places to work have this in common. Great Places to Work recently released their 2019 list of the World’s Best Workplaces. Technology company Cisco took home the top spot, with Hilton, Sales Force, DHL Express and Mars Incorporated rounding out the top five. What makes them great workplaces? In addition to having a high focus on positive company culture and innovation, each of the top companies are prioritizing social responsibility, with some sort of socially conscious global-impact initiative in place. While the emphasis on corporate responsibility isn’t new, it does continue to grow: a 2018 Met Life study found that 70% of respondents think their companies should address societal problems, up from 63% in 2017. Key takeaway: A commitment to social responsibility is an important part of attracting and retaining employees today – but it’s a lot more complicated than simply donating to the right causes. To be successful, integrated CR programs must align with business goals, support the brand and address issues that are important to stakeholders and the communities in which companies do business.
3. Mentorship programs are on the rise. We know that employees are more engaged when they have opportunities for continuous learning and career development, and when they feel like their leaders care about them and their future – and a mentorship program addresses all of these needs. A mentor can play a significant role in the career of an employee, acting as a trusted advisor who can share their experience, teach them new skills and make sure they’re on the right path. According to Chronus Corporation, over 71% of Fortune 500 companies offer mentorship programs. However, creating a successful program can be challenging – research shows that only half of employees believe their companies deliver these programs in an impactful way. Key takeaway: There are many benefits to creating a mentorship program, but it’s important to do it right. This HR Dive article shares some tips and tricks for establishing a successful mentorship program.
What are some trends that you’re seeing in the workplace? We’d love to share them in a future post! Check back next month for more.