No, it’s not remote work, although that’s an important perk in today’s digital market. The #1 reason that workers quit their job is because of a bad manager. Likewise, the most important thing a company can do to ensure that they retain their best talent is to make good decisions in hiring or promoting candidates into management roles.
According to the 2021 People Management Report by The Predictive Index, 63% of employees who rated their manager as “bad” are considering looking for a new job within the year. That number is 230% higher than the employees who are considering quitting their job who rated their manager anywhere in the range from “good” to “world-class.”
So what drives employees to rank managers so poorly? This is complex, because every manager has strengths and weaknesses, but when those weaknesses are glaring and become layered on top of one another in a few key areas, the results can be catastrophic for the health of the team. The key areas cited include:
- Poor communication skills,
- Lack of engagement, feedback and collaboration,
- Low morale, including team and manager burnout, and
- Lack of career growth and mentoring opportunities.
I find it interesting that pay, benefits and perks, while important, are not the main reasons cited by those who have left their jobs over the past year. It really boils down to the culture that each employee experiences and the manager is the impactful person with whom each employee interacts. I’ve written on similar topics before, so check these out to get up to speed:
- “The Key to a Company’s Success: Most Companies Get This Wrong…Does Yours?”
- “Company Culture Sustainable in Any Market”
- “Do You Think Your Employees Are Engaged? Covid, Remote Work & Employee Satisfaction”
If you are an entrepreneur looking for funding and would like to present to potential investors through CONNECTpreneur, please reach out to me about the next meeting open to new presenters scheduled for December 21, 2021.
To learn more on how to stand out with an epic fundraising story, contact me for a complimentary consultation by phone at 314-578-0958 or by email at firstname.lastname@example.org. You find her on LinkedIn Profile at www.linkedin.com/in/ineslebow or her ETS website at www.transformationsolutions.pro.