Learn more about business with this collection
The impact of opportunity cost on personal and professional life
Evaluating the benefits and drawbacks of different choices
Understanding the concept of opportunity cost
Innovation Means Longer Hours
Staying at the bleeding edge of innovation typically requires employees to put in longer hours, work at a faster pace, and endure more stress than they would in a slower-moving company. The work may be exciting and satisfying but also difficult to sustain in the long term.
When employees rate their company’s innovation positively, they are more likely to speak negatively about work-life balance and a manageable workload. During the Great Resignation, employees may be reconsidering the personal toll that relentless innovation takes.
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Toxic Corporate Culture
A toxic corporate culture is by far the strongest predictor of industry-adjusted attrition and is 10 times more important than compensation in predicting turnover.
Research found that the leading elements contributing to toxic cultures include failure to promote diversit...
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Job Security And Reorganization
Employment instability and restructurings influence employee turnover. Managers frequently resort to layoffs and reorganizations when their company’s prospects are bleak. Previous research has found that employees’ negative assessments of their company’s future outlook are a strong predictor of a...
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The Compensation Factor Is Overhyped
Much of the media discussion about the Great Resignation has focused on employee dissatisfaction with wages.
How frequently and positively employees mentioned compensation, however, ranks 16th among all topics in terms of predicting employee turnover. This result is consistent with a ...
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Failure to Recognize Performance
Employees are more likely to leave companies that fail to distinguish between high performers and laggards when it comes to recognition and rewards. Companies that fail to recognize and reward strong performers have higher rates of attrition, and the same is true for employers that tolerate under...
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Blue And White Collar
The Great Resignation is affecting blue-collar and white-collar sectors with equal force. Some of the hardest hit industries — apparel retail, fast food, and specialty retail — employ the highest percentage of blue-collar workers among all industries we studied.
Management consulting, in ...
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It's The Toxic Culture
Corporate culture is more important than burnout or compensation in predicting which companies lost employees at a higher rate than their industries as a whole. A toxic corporate culture is the single best predictor of which companies suffered from high attrition in the first six months of the Gr...
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Short-Term Actions to Boost Retention
Our analysis identified four actions that managers can take in the short term to reduce attrition:
- Provide opportunities for lateral job moves.
- Sponsor corporate social events.
- Offer remote work options.
- Make schedules more predictable for front-line employees.
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A Peak At The Specific Companies
Companies with a reputation for a healthy culture, including Southwest Airlines, Johnson & Johnson, Enterprise Rent-A-Car, and LinkedIn, experienced lower-than-average turnover during the first six months of the Great Resignation.
More-innovative companies, including SpaceX, Tesla, Nvidia,...
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