retention Archives

What Do Employees Worry About?

by LizStevens | Nov 13, 2018 | Blog

What do employees worry about? Research on workplace fears ranks compensation, job security, overloaded productivity and workplace harassment as top concerns.

Employees Worry About Being Underpaid

The number one workplace fear for more than 60 percent of Americans is being underpaid, according to recent research from Business.org.

It’s a valid concern, The Economic Policy Institute reports employers underpay employees $15 billion each year through overtime and misclassification violations. Business.org also found that younger workers ages 18 to 34 were roughly 30 percent more likely than Baby Boomers to fear being underpaid.

Employees Worry About Job Security

Job security, rather the fear of losing a job, is the top work-related fear for over 20 percent of employees. “I just worry about my ability to [keep my job] so that I can pay bills and take care of my family… I am stressed out more often than not,” says one respondent. Much like compensation concerns, job security is another workplace fear with a rational basis. Almost 20 million Americans lost their jobs due to layoffs or discharge in 2016, reported by The Bureau of Labor Statistics.

Employees Worry About Being Overloaded at Work

Nearly 15 percent of employees say work overload is their number one workplace fear. Business.org cited research that found in comparison to working between 35 to 40 hours a week, working over 55 hours a week was shown to increase the risk of heart attack by almost 15 percent and the risk of stroke by more than 33 percent. Productivity showed a sharp decline after 50 hours of work a week. Half of employees who are moderately to highly engaged are burnt out. They’re dealing with exhaustion, frustration, anxiety and struggling to keep up with daily tasks. Engagement has limits and when it’s too high it can start to affect productivity, retention and job satisfaction.

Some employees are more fearful than others. Adults ages 18 to 34, individuals with a previous workplace issue, parents and those living in urban areas had a higher level of fear. In contrast, those who identified as white had less concern than respondents of other ethnicities. “Issues of race and gender equality, equal pay for equal work, freedom from harassment of any kind all remain unresolved. [All workers] should feel supported for their efforts,” one respondent said.

Leaders that address workplace fears are likely to have more loyal employees. Employees feel valued when employers make a point to acknowledge and take their concerns into consideration when making changes in policies and processes. Supervisors could benefit from direct and open communication with employees. It has the potential to limit some of employee concerns by replacing fear of the unknown with confidence in transparency from upper management.

Why You Need to Train Employees for Future Tech

by LizStevens | Nov 6, 2018 | Blog

Why you need to train employees for future tech. Upskilling helps them meet the rapidly developing technology that your company will inevitably implement.

Why You Need to Train Employees for Future Tech

Ninety percent of executives say they pay attention to employee needs when introducing new tech, but half of their employees disagree, according to new research by PwC. It matters because more than half of employees are going to need significant skills training by 2022, according to The World Economic Forum.

The good news is that employees are willing to spend up to two days per month on training to update their digital skills if their employer offered it. Effective, efficient training programs are going to be critical for companies that want to keep up with developing technology while retaining good people.

What drives employee’s interest in advancing digital skills? Almost 40 percent of employees are likely to adopt new tech if it helps them advance their careers or gain status, through promotion or other recognition. For more than 30 percent, it’s curiosity and the promise of better efficiency and teamwork that drives their interest in advancing digital skills.

Conversely, almost a third of employees prefer individual achievement within a predictable environment. They like to stick to established routines, which means they’re least likely to see the importance of digital skills for their work. Additional communication and training might make this segment of employees more amenable to new tech.

What Employers Should Consider Before Adopting New Tech

Before adopting new tech employers should first consider what work is like for employees. Direct feedback from employees can pinpoint exactly where technology can improve the process. A range of employees from all levels and departments should play roles in the planning, selection and design of technology tools. Employee involvement makes them feel valued and can get them invested in the new tech so they’ll be less resistant when it’s rolled out.

“Enterprises aren’t so much falling behind as struggling to keep up with what’s next,” the report reads. “With companies’ near-continuous deployment of new applications, Intelligent Robots Process Automation, and more, employees must quickly master sophisticated new skills, too. And the pressure on companies and individuals to keep up will only intensify: the rise of artificial intelligence will soon make even the most tech-savvy in the workforce look for ways to stay relevant.”

More On Employee Training, Upskilling and Management Practices

Hiring Trends to Watch in 2020

Why You Need to Train Employees for Future Tech

Top 10 Employee Benefits for 2020

2 Simple Strategies to Improve Office Culture

Is Rehiring a Former Employee a Good Idea?

How to Improve Gender Diversity in the Workplace

How to Make Traditional Work Better for Freelancers

Office Dress Code Policies in Today’s Workplace

Top 10 Workplace Etiquette Rules for Communication

Building Office Culture with Diversity and Inclusion

How High is Work-Related Stress and What’s Causing it?

by LizStevens | Sep 19, 2018 | Blog

Almost all employees are affected by work-related stress and a new study gives some insight into how high work-related stress is, what causes it, events that make it worse and what employers can do to improve productivity and retention.

Work-related stress affects 94 percent of employees and almost a third of them experience “high” or “unsustainably high” stress, according to a new study by Wrike. Nearly 50 percent of employees said workplace stress makes them “check out.” “Checking out” is estimated to cost US companies $450 to $550 billion in lost productivity annually.

Over 25 percent of employees said they will burn out in the next 12 months if they can’t reduce their stress levels. More than 50 percent have searched for a new job due to stress at work. Almost half of staff turnover is caused by employee burnout and recruiting costs US companies roughly $160 billion a year.

Employees are taking their work-stress home with them. More than 50 percent said work-related stress has had a negative effect on their home life at least once a week. For 10 percent of employees, work-related stress has affected their home life almost every day. Work-related stress caused more than 50 percent of employees to lose sleep.

What’s stressing so many employees out? Poor communication was the top stressor for employees at companies both small and large. It was followed by team members not pulling their weight on projects, though smaller organizations were equally stressed about being overloaded. Bottlenecks, waiting for others to take action, was one of the top stressors for almost 30 percent of employees at companies small and large.

Receiving assignments with unrealistic deadlines were events that had the highest impact on employee stress levels. The second greatest stress inducer was being unable to locate information employees know they’ve seen in the past. For some, too much time spent in meetings meant that they don’t have enough time to do actual work.

Wrike’s study assesses the severity of employee stress and its main drivers. Employers can start to lessen the high levels of stress employees experience by improving communication, adjusting workloads, reviewing information systems and reigning in time spent in meetings.

It could also be advantageous for employers to look into stress management program offerings as an employee benefit. Close to 20 percent of employees said they’ve sought professional help with stress management and if it’s something that’s included in their benefits package that number could be even higher. Investing in the well-being of employees can differentiate an employer and help reduce profits lost to productivity and turnover each year.

How Can You Make Teams Work for Your Business?

by LizStevens | Aug 13, 2018 | Blog

Insights from a recent survey from Imprev, a leader in real estate marketing automation, on real estate brokerage teams can be applied to any business in any industry that operates with teams.

“We knew teams were making a powerful impact on real estate. There are many fantastic studies out there covering the inner workings of teams, but we felt there was a need to understand teams from leadership’s perspective,” shares Renwick Congdon, CEO of Imprev.

Healthy competition between teams boosts productivity, retention, engagement and job satisfaction but nearly half of Imprev’s respondents agreed that teams are hard to manage. Although 73 percent of organizations have policies and guidelines for teams to follow, like adjusted commission structures and legal guidelines, organizations felt managers could do a better job serving teams.

Finding solutions that work isn’t as hard as it seems. “Based on brokers’ feedback, the key at the moment seems to be putting more comprehensive policies and frameworks in place to ensure team leaders and brokers build strong, mutually beneficial relationships,” says Congdon.

Organizational changes, such as providing guidelines, technology, orientations and mentoring to support teams proved most beneficial to brokerages. One broker’s suggestion was to, “Train them [managers] how to build a team that is sustainable. Teach them how to hire properly.” These solutions may seem simple but don’t underestimate how costly and time-consuming it can be to develop or update materials and train teams to implement new technology.

Still, as you think about how to train your team to better help your business, it might be worth the effort and cost to make a valuable asset more effective. Teams helped organizations build their businesses and influenced total sales volume over the last five years for almost 80 percent of respondents. Most agreed that teams aren’t a competitive threat and don’t diminish the power of their brand. And more than 65 percent continue to encourage the creation of teams.

The study found that teams were responsible for roughly 30 percent of overall sales. Improving that even by 5 percent could bring in meaningful revenue while building more cohesive and engaged teams.

“With a clear structure, a brokerage is more likely to build a mutually beneficial relationship with teams and drive greater success overall,” says Congdon.

What You Need to Know About Age Discrimination

by LizStevens | Aug 7, 2018 | Blog

In the Best Money Moves Roundup, we run down the latest news on unemployment, age discrimination, hiring tech and retention.

The July jobs report from the Labor Department shows that unemployment has dropped to 3.9 percent. Employers will need to develop new strategies to build successful workforces with unemployment is at its lowest rate since 2000.

The latest study from AARP gives employers some insight into a key demographic – older workers. AARP found that most experienced employees enjoy or feel useful doing their work, but more than 60 percent of them have witnessed or experienced age discrimination in the workplace. Over 40 percent of older job seekers are still asked for age-related information from potential employers.

Older employees are talented, tested and want to stay in the workforce. Employers who value experienced workers might have the advantage in today’s increasingly competitive labor market.

How to Stay Competitive

What We’re Reading

New Tech Improves Hiring Practices. Several new platforms help employers eliminate hiring bias and connect employers with quality hires for their industry. What are the apps and how do they work?

Avoid Turnover Disasters. Turnover can cost 6 to 9 months’ of an employee’s salary, and coupled with low unemployment it could take even longer to find a valuable replacement. Try these 7 helpful tips to improve retention.

Find the Right Talent. It’s no secret that the way people hunt for jobs has changed and it’s critical to get on potential candidates’ radars. Use these 10 strategies to reach job seekers in the digital age.

Healthcare Expenses for Emergencies. A supplemental health program that aims to speed up the payment of unforeseen medical claims can help the 40 percent of Americans that can’t afford an unexpected expense of $400. How does it work?

Implicit Bias Workshops Don’t Solve the Problem. Implicit bias isn’t something that can be fixed with one workshop, it’s something that requires continued awareness. What that looks like.

Soft Skills Your Employees Need. Competition can be good for morale, but empathy can be even better. Learn how to spot emotional intelligence and promote empathy in leadership.