Are you Prepared For 100% Turnover?
Did you know there was a recent survey asking workers if they would be looking for a new job and 96% of the respondents said yes?
I know. It’s a survey and not scientific research. Maybe not everyone who works for you is out actively looking for a new job. Still, this is startling. The reasons, however, aren’t that startling. They start with a large percentage of people seeking more money. They are watching their lives get more expensive due to inflation, and their raises, if they get one this year, are not keeping up. They also see people getting a nice little bump by changing jobs. When everything in my life costs 6-7% more, that 2% raise just doesn’t seem like much, does it?
Of course, on the flip side, those same interest rates also impact the company’s bottom line. There isn’t necessarily money to pay out larger raises and cost of living adjustments, especially when shareholders or private investors demand their return on investment. So this is a tough call.
The rest of the list of reasons, though? Not at all a tough call. Toxic workplaces and lack of opportunity for growth are also high on the list of reasons.
If you don’t have the money for significant pay raises, don’t offer other growth opportunities, and have a toxic workplace that doesn’t offer the opportunity for folks to have something that looks remotely like work-life balance, you should prepare yourself to replace everyone. Can you really afford to do that?
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