An 80's Rock Lesson for HR in 2022
Over 20 years before they were admitted to the Rock and Roll Hall of Fame and Rolling Stone Magazine named them #28 on their 100 Greatest Artists of All Time list, the Clash released the hit single Should I Stay or Should I Go? on their Combat Rock album. At the time the song was overshadowed by the classic Rock the Casbah, but I digress.
What does early 80’s punk rock have to do with HR in 2022? Well, it’s actually all in the chorus of the song:
Should I stay or should I go now?
If I go, there will be trouble
And if I stay it will be double
So come on and let me know
How many times does that same question go through your employees’ heads’? Maybe more than you think it does. In fact, according to a recent survey by Joblist, 79% of workers that say they’re actively thinking about quitting their jobs believe that they can make more money by switching jobs than by staying put in the current market. The same survey shows that almost three out of four full-time employees are planning to quit their jobs in 2022.
But better pay is not the only reason, although it is important. There are benefits and flexibility with hybrid WFH and in-office schedules. Don’t forget culture, opportunity to advance, manager feedback, and having clear goals. In the past year, 53% of employees reported getting some kind of raise, but most said the raise did not even keep pace with inflation! Lots to take in.
So how do you gather real data to see where your workforce is regarding “Should I stay or should I go?” Are you on par with the general workforce? Better off? Worse? Last week’s blog touched on the Great Resignation, and we all know these are challenging times for recruiting and retention.
Getting To the Bottom of It
Addressing any concern starts with getting your arms around the real problem. For many companies, this data is compiled in exit interviews, and that is certainly a very important component of scoring your corporate culture and impact on retention. Studies have consistently shown though that although exit interviews are very important to the overall process, they are only a part, and in fact there is a very large delta between exit interviews conducted by the company’s HR team and using third-party exit interviews. A big delta as well between anonymous exit interviews and ones where the employee identifies themselves in the findings. We’re happy to share more in this regard as the insights driven by exit interviews to our clients, especially the ones that are anonymous, give incredible insights.
The flip side of the coin, and what is quickly gathering even more attention, are stay interviews. It is with stay interviews that you will uncover the feelings and opinions of employees who have not yet decided to leave, but as found in the study I referenced earlier, as many as three-quarters of the respondents are considering leaving, making this data pure gold when you evaluate ways to increase retention.
The analytics that compare both your exit and stay interview results will give you a unique perspective into the minds of your most valuable assets and how to retain them.
The ETHIX360 blog brings you weekly updates on all things human resources and compliance.
MEET THE AUTHOR
J Rollins is the co-founder and CEO of ETHIX360. J is a well known leader and innovator who has served on senior leadership teams ranging in responsibility from Chief Revenue Officer, Chief Marketing Officer, SVP of Product Strategy and Chief Operating Officer.
ABOUT ETHIX360
At ETHIX360, our goal is simple: to provide an affordable, flexible, and comprehensive answer to employee communication, policy management, corporate training and case management on issues related to corporate ethics, code of conduct, fraud, bribery, and workplace violence.
