Are Low Performers Destroying Your Culture and Driving Away Your Best Employees? Here’s What You Can Do.
It’s a well-known fact that employee turnover, or attrition, can be highly disruptive to an organization. Talent management and HR estimates show that the collective cost (i.e., lost revenue and productivity, sunk hiring and training costs) of losing and replacing a mid-level employee is upwards of 150 percent of their annual salary.
Traditional wisdom suggests that inadequate compensation and benefits as well as limited career opportunities are top drivers of attrition. However, we wondered whether there was more to the attrition story. Are there other, more intangible factors that have an equally important impact on attrition? For example, what if a company’s people and workplace culture were driving good employees away? We have seen this to be the case among some of our federal government clients, but is it more widespread?
The Annual Performance Review: Old-school or Timeless Tool?
A corporate trend away from annual performance reviews has been making headlines lately, leaving business leaders second-guessing their companies’ performance management programs. While those who’ve eliminated them claim that formal performance reviews are too costly, overly time-consuming, and a hindrance to productivity, we at Eagle Hill believe there’s more to this decision than just the company’s bottom line. Informed by our nationwide survey on employees’ views of the annual performance review, we recommend five questions a company must ask when considering whether to save it or scrap it.
Feedback on Feedback: Five Ways to Create a Constructive Feedback Culture
A recent Eagle Hill nationwide survey of over 1,700 professionals across a range of industries and career levels highlight the significance of workplace feedback and informs five simple actions to promote a healthy feedback culture at your organization that can yield and sustain major benefits.
Across Generations. Change is Change. People are People.
A recent Eagle Hill survey of more than 1,000 working professionals reveals that employees of every generation need two behaviors from managers to successfully adopt change—strong leadership and effective communication. Managers that ground their approaches to managing organizational change, both big and small, in these actions are most likely to succeed.
The Importance of Work-Life Balance
Given the strong local economy in the Washington, DC area, local employers must continuously evaluate and improve the culture and benefits of their organizations in order to attract and retain top talent. One increasingly important and successful set of tools have been programs that promote a better work-life balance for employees. Eagle Hill recently conducted a survey that found employees in the DC area are especially sensitive to changes in work-life balance, and will remain loyal to employers who give them the tools and flexibility to be successful in both their work and personal lives.