Today, HR teams are asked to do more than ever. From implementing cutting-edge initiatives for wellbeing and inclusion, to long-standing objectives like managing retention.
HR sits on an island between the needs of employees and the needs of leadership. Teams are asked to make miracles happen on shoestring budgets, since HR is still seen as a cost-center.
And despite the stress of the COVID-19 pandemic, employees still have more choice than ever when it comes to working opportunities, making a culture of retention all the more important.
- In the United States, voluntary turnover has increased by 88% since 2010
- 1 out of every 3 workers expected to voluntarily quit their job by 2023.
- Over One Third of people who left their job in 2019 did so within a year of starting that job (two-thirds left within 6 months)
- 62% of workers said they were considering a career change in 2021.
Why People Leave?
It turns out that satisfaction goes far beyond compensation, with the most common reasons including: Career Development (19.6%), Work-Life Balance (12.4%) and Manager Behavior (11.8%).
"Compensation and Benefits" was actually the 7th highest-ranking response. And worse, 78% of departures were related to “Preventable Losses,” meaning there’s a lot that businesses can do to prevent turnover.
Measuring Happiness at Work
HR teams have long sought tools to survey happiness and record quarterly NPS scores, but one issue remains: Happiness is pretty hard to measure.
A study on employee retention found that over 50% of employees surveyed said that neither their manager, or any other leader in the company, asked them about their job satisfaction or future with the organization. What gives?
The High Cost of Turnover
The cost of bad employee experience can be a crippling force on your business. A 2018 study estimated that rising annual turnover costs in the United States could soon exceed $600 billion per year, and a Gallup study estimated that the average cost to replace an employee is between 6 months and 2 years worth of their annual salary.
And the costs don’t stop there. Turnover can take a toll on company culture and morale, lowering confidence and productivity across the board. And employees who leave take with them valuable institutional knowledge that a new hire can’t immediately replace.
So what’s the solution to the costly problem of maintaining workplace happiness?
Cultivating Happiness at Work
Numerous studies have shown that a regular, consistent mindfulness practice can develop resilience, mitigate the effects of workplace stress, increase creativity, and foster compassion at work. Translation? Happiness.
Researchers in 2019 concluded that mindfulness helped restaurant workers in fast-paced environments cope with stressful situations, and that mindfulness may guard against emotional exhaustion at work, which contributes to turnover rate.
Mindful supervisors can also do their part to cultivate happiness in their employees. Studies found that employees with mindful supervisors actually perform better, report higher job satisfaction, and feel more successful in balancing work and family life. Why? Partly because mindfulness teaches key interpersonal skills, such as improved communication and empathy, and promote collaboration teamwork and even inclusivity in the workplace.
Experts are also recognizing that intangible elements of workplace culture like psychological safety and trust are essential for happy and successful teams. In fact, a study by Google found psychological safety to be the top characteristic of high-performing teams.
Bring Mindfulness to Your Workplace
Wisdom Labs uses the science of behavior change and the value of community to make mindfulness stick. Not only that, employees enjoy the experience, and become closer as a result.
A recent mindfulness event hosted by Wisdom Labs with more than 85 companies found that regular mindfulness practice produced measurable increases in three out of three employee wellbeing goals—calm, focus, and connection.
Discover how Wisdom Labs can help you encourage a thriving company culture of compassion, resilience, and engagement. Get a quote for your entire team today!