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Tag: retaining talent

  • Are You Guilty of Poor Onboarding? The Consequences Are Worse Than You Think. | Entrepreneur

    Are You Guilty of Poor Onboarding? The Consequences Are Worse Than You Think. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Starting a new job is like diving into a swimming pool. A refreshing and invigorating dive can make for a memorable experience, while a belly flop can leave you in pain and feeling embarrassed. The onboarding process is the dive, and just like a dive, when done poorly, it can leave lasting consequences on new hires, especially remote and hybrid workers. A recent survey by Paychex reveals the effects of poor onboarding on new employees and their inclination to stick around.

    First impressions matter: The onboarding experience

    Picture this: You’re attending a party, and the host greets you with a warm welcome, introduces you to the guests, and offers you a drink. You’d feel comfortable and well-received, right? Onboarding should be like that — a seamless, positive and engaging experience. But the reality is different for many employees.

    Only 52% of new hires feel satisfied with their onboarding experience, with 32% finding it confusing and 22% disorganized. Remote workers fare worse, with 36% of them finding the process baffling. It’s like trying to assemble an IKEA furniture without the instructions.

    Interestingly, 54% of finance industry employees are most likely to be satisfied with their onboarding experience, compared to only 31% of employees in the business industry. Generationally, Gen Zers are the happiest (62%) while Gen Xers lag behind (43%). This generational gap is a crucial factor for HR departments to consider while designing their onboarding processes.

    Related: 3 Steps for Onboarding Remote and In-Person Employees That Make Your Hybrid Team More Collaborative

    Onboarding gone wrong: The fallout

    A poor onboarding experience is like an ill-fitting shoe; it leaves employees feeling uncomfortable and dejected. The most significant impact is that 52% of new hires feel undertrained, with small company employees (66%) and remote workers (63%) suffering the most. It’s like trying to win a marathon with flip-flops.

    The generational factor also plays a role, with 58% of Gen X feeling undertrained compared to 45% of millennials. Addressing these gaps is vital for companies to retain their workforce and maintain productivity.

    Pushing new hires out the door

    An undertrained and disoriented new hire is like a fish out of water — they’ll flop around, gasping for air, and looking for an escape. In this case, escape means quitting. A staggering 50% of newly hired employees plan to leave their job soon, skyrocketing to 80% for those feeling undertrained due to poor onboarding. On the flip side, only 7% of well-trained employees plan to leave soon.

    Size does matter, as small-company employees are more likely to quit (59%) compared to those in large companies (38%). Surprisingly, despite feeling satisfied with their onboarding, Gen Zers are the most likely to plan a swift exit (58%). It seems that onboarding is a crucial make-or-break experience for new hires, particularly for older generations.

    Re-onboarding is like giving your employees a second chance at a first impression. By taking all employees through the onboarding process again, you can re-engage and revitalize your team. The results are impressive: employees become more focused (47%), energized (42%), productive (34%), and efficient (33%). Plus, re-onboarding increases employee retention by a whopping 43%.

    Case studies of poor onboarding

    I’ve seen a number of case studies of poor onboarding harming companies. For example, a middle-market SaaS firm experienced high turnover rates among its remote and hybrid employees due to a poorly executed onboarding process. New hires were not provided with clear guidelines, expectations or adequate training. As a result, employees felt undertrained and undervalued, leading to a lack of engagement and commitment to the organization. Within six months, the company saw a 60% turnover rate among remote and hybrid employees, leading to significant recruitment and training costs.

    A large marketing agency encountered growth challenges due to its poor onboarding process for remote and hybrid workers. New employees were not equipped with the necessary skills and knowledge to succeed in their roles, leading to subpar work quality and missed deadlines. The company’s reputation suffered as clients became dissatisfied with the level of service provided. The agency struggled to attract new clients and retain existing ones, which hindered its growth and expansion plans.

    A mid-sized financial services firm faced compliance issues due to poor onboarding of its remote and hybrid employees. The onboarding process did not adequately cover essential policies, procedures, and legal requirements, leading to errors and oversights by the new hires. The firm was eventually penalized by regulatory bodies for non-compliance, causing financial strain and damage to their professional reputation.

    In each of these case studies, the organizations faced significant challenges due to poor onboarding of remote and hybrid workers. Proper onboarding is crucial to ensure employee satisfaction, productivity, and company success in today’s increasingly remote and hybrid work environments.

    The psychological pitfalls of onboarding

    In addition to the logistical challenges of onboarding new remote and hybrid hires, cognitive biases can also play a significant role in shaping the experience. These biases can cloud judgment, hinder decision-making, and create misconceptions about new employees’ performance and potential. Let’s explore two specific cognitive biases and their impact on the onboarding process: the halo effect and optimism bias.

    The halo effect occurs when an individual’s positive qualities or achievements in one area influence our perception of them in other areas. In the context of onboarding, a new hire with an impressive resume or a glowing recommendation might be seen as more competent and capable than they actually are. This can lead to unrealistic expectations and a lack of appropriate training and support during the onboarding process.

    For example, a remote employee who is an expert in their field may be assumed to excel in all aspects of their job, including time management and communication skills. However, they may struggle with the unique challenges of remote work, such as staying organized and maintaining a healthy work-life balance. Failing to recognize these potential shortcomings due to the halo effect can lead to insufficient support and training, ultimately affecting the new hire’s performance and job satisfaction.

    To combat the halo effect, it’s essential to provide equal training and support to all new hires, regardless of their past achievements or qualifications. This ensures that each employee receives the necessary resources to succeed in their role, setting them up for long-term success.

    Optimism bias is the tendency to overestimate the likelihood of positive outcomes and underestimate the probability of negative ones. In the onboarding process, this bias can manifest in several ways, such as underestimating the time and resources required for effective onboarding or assuming that new employees will easily adapt to their new work environment without much support.

    For instance, a manager might be overly optimistic about a hybrid employee’s ability to balance their time between the office and remote work. This misplaced confidence can result in inadequate training and support, causing the employee to struggle with time management, communication and collaboration.

    To counter optimism bias, it’s crucial to approach the onboarding process with a realistic mindset, recognizing the potential challenges that new hires might face, especially in remote and hybrid work settings. By proactively addressing these issues and providing appropriate training and resources, you can create a more supportive and successful onboarding experience for your new employees.

    Related: 7 Common Customer Onboarding Mistakes to Avoid at All Costs

    How to optimize your onboarding process

    Having worked with a number of large and middle-market companies to optimize their onboarding process for hybrid and remote staff, I can say that a successful onboarding process should be like a warm embrace, making new employees feel welcomed, informed and valued. By refining the onboarding process, you can boost employee retention, morale and productivity. Customizable onboarding software and tailored approaches can help create a smoother experience for all employees, especially remote and hybrid workers who require extra attention. By focusing on the unique needs of employees in different industries, generations, and company sizes, you can ensure that everyone has the support and resources they need to succeed.

    Here are some tips to enhance your onboarding process:

    1. Prepare a comprehensive onboarding plan

    A well-structured onboarding plan is like a roadmap, guiding new hires through their initial days and setting them up for success. Outline the goals, key milestones and timelines for new employees, ensuring that they have a clear understanding of their roles and responsibilities.

    2. Assign buddies or mentors

    Pairing new hires with experienced colleagues can provide invaluable support and guidance during the onboarding process. This mentorship can help them quickly navigate the company culture and address any concerns they may have, fostering a sense of belonging and camaraderie.

    3. Offer continuous training and support

    Onboarding isn’t a one-time event, but an ongoing process. Regularly provide new hires with opportunities for growth, skill development and support, ensuring they feel well-equipped to tackle their roles. This can be particularly crucial for remote and hybrid employees who may need additional resources to succeed in a virtual work environment.

    4. Encourage open communication

    Establish a culture of open communication, encouraging new hires to ask questions, share their thoughts and seek help when needed. This can help employees feel more comfortable in their roles and promote a sense of trust and transparency within the team.

    5. Gather feedback and iterate

    As with any process, there’s always room for improvement. Gather feedback from new hires on their onboarding experience and use this insight to fine-tune your process. By continually iterating and adapting, you can ensure that your onboarding experience remains fresh, relevant, and effective.

    Related: 5 Best-Practice Tips for Onboarding Remote Employees

    Conclusion

    A thoughtful and engaging onboarding experience is the foundation for employee success, particularly for remote and hybrid workers who face unique challenges. By investing in a comprehensive onboarding process and providing ongoing support, companies can foster a motivated, well-trained and loyal workforce that is ready to contribute to the organization’s growth and success. Just like a well-executed dive, the right onboarding process can make a splash and leave a lasting impression on your new hires.

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    Gleb Tsipursky

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  • 1 in 3 Office Workers Under 40 Admit to ‘Quiet Quitting’ For This Singular Reason | Entrepreneur

    1 in 3 Office Workers Under 40 Admit to ‘Quiet Quitting’ For This Singular Reason | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Imagine the frustration of trying to fill a bucket with a hole at the bottom; it’s a frustrating, losing battle. That’s exactly what’s happening to businesses, except the bucket is the workplace, and the slow, steady leak is disengaged employees quietly withdrawing their enthusiasm, productivity, and loyalty, through what’s known as “quiet quitting.”

    Now, consider this finding from the Ivanti 2023 Report: Elevating the Future of Everywhere Work — an astonishing one in three office workers under 40 admit to this form of psychological resignation. It’s the corporate equivalent of a slow leak in a tire – hard to spot, but just as capable of deflating your workforce as a sudden blowout.

    Related: If You Want to Remain Competitive, You Need to Overhaul Your Workplace Training. Here’s How.

    Identifying the culprit: The rigid office environment

    So, let’s take a moment to channel our inner Sherlock Holmes and trace the footsteps leading to this quiet quitting conundrum. Over 40% of office workers report burnout from excessive workload, and another 46% cite a lack of motivation as the perpetrator. Imagine these issues as a pair of invisible gremlins, silently wreaking havoc, pushing employees closer to the exit with every passing day.

    Now, here’s the interesting bit: Both these mischievous twins seem to have a strong preference for traditional, in-office settings. That’s right, folks; the villain in our plot isn’t an economic downturn or a competitive job market. It’s the conventional, four-walled, cubicle-filled, nine-to-five office environment.

    The irresistible allure of flexibility: Balancing office and remote work

    What can act as the silver bullet to slay these gremlins? Let’s call it “The Great Balancing Act.” Much like a skilled acrobat deftly navigating a tightrope, modern employees crave the ability to balance their time between the office and their homes. According to the Ivanti report, while only 43% of workers currently enjoy this freedom, a whopping 71% desire it, creating a gaping 28-point “preference gap.”

    Visualize this gap as a vacant dance floor, eagerly waiting for the dancers. It’s a space brimming with potential — a chance to increase employee engagement, productivity, and satisfaction. The dance floor is ready; all it needs is the right tune.

    Hybrid work: A CEO-endorsed lifeline

    Fortunately, the eagle-eyed executives perched at the top of the corporate ladder are starting to take notice. An encouraging 71% of global CEOs and a stellar 84% of U.S. CEOs are singing praises for hybrid working, recognizing it as a positive force for employee morale. They’ve sensed the winds of change and, instead of futilely trying to shield their organizations, they’re adjusting their sails to ride the gusts.

    Picture it like this: hybrid work is the Swiss Army Knife of modern work practices — a versatile, multi-purpose tool that empowers employees to tailor their work-life balance. By contrast, much like Swiss cheese, rigid office schedules are filled with holes that gradually siphon away employee satisfaction.

    Unleashing the potential of everywhere work

    It’s time to roll out the red carpet for Everywhere Work — an innovative approach that drives productivity, retains top talent and enhances employee satisfaction. It’s about tearing down the rigid walls of traditional office settings and fostering an environment of trust, autonomy and flexibility.

    Imagine a jazz musician improvising a stunning solo on stage. Just like this musician, an “Everywhere Worker” is given the liberty to sync their work rhythm with the melody of their life. They are no longer forced to straitjacket their personal commitments into the rigid confines of a 9 to 5 timetable. Instead, they’re given the freedom to create their unique work-life symphony, blending the notes of professional commitments with the harmony of personal life.

    Indeed, the Ivanti report shows an improvement in such flexible work over time. In the 2022 Ivanti Everywhere Workplace Report, 49% of survey respondents say they have been negatively affected in some way by remote work, and 9% claim that they have been passed over for a promotion. By contrast, in the equivalent Ivanti 2023 Report: Elevating the Future of Everywhere Work, only 34% say they have been negatively impacted by such work, and 2% believe they have been passed over for a promotion due to hybrid working. This change indicates an improvement in the ways both individuals and organizations handle remote work and a reduction in proximity bias.

    Related: Employers: Hybrid Work is Not The Problem — Your Guidelines Are. Here’s Why and How to Fix Them.

    The power of flexibility: Fueling productivity, retention and satisfaction

    Consider this: The flexibility inherent in Everywhere Work allows employees to switch work locations based on the nature of their tasks. Need to collaborate with a team? They can head into the office. Require deep focus for a project? Working from home provides a sanctuary from office distractions. It’s like choosing the right tool for the job, a choice that amplifies productivity and job satisfaction.

    Moreover, this flexibility allows employees to optimize their work schedule around their most productive hours, just like a nocturnal owl or an early bird choosing to hunt when their energy is at its peak. The result is a workforce that is not just more engaged, but also more effective and satisfied.

    When we dig deeper into the benefits of Everywhere Work, we unearth an often overlooked, yet critical aspect — mental health. By reducing commute stress and providing control over work-life balance, hybrid work is akin to a soothing balm for the weary souls of employees. It’s like the protective shell around a delicate egg, shielding employees from the crushing pressures of burnout and overwork. The upshot? A significant dip in “quiet quitting,” as employees find renewed joy, motivation, and satisfaction in their work. Indeed, that’s what my clients find as I help them figure out a flexible return to office and hybrid work policy.

    The bottom line: Embrace the future of work, today!

    The conclusions drawn from the Ivanti 2023 Report are crystal clear, echoing like a clarion call for businesses: adapt or risk becoming relics. As we journey deeper into the 21st century, the workplaces that will not just survive but thrive are those that offer flexibility, respect work-life balance, and prioritize employee mental health.

    The future of work isn’t a distant dream; it’s here, knocking on our doors. It’s not about packing employees into offices like sardines in a tin can. It’s about giving them the reins to control their work-life balance, nurturing their mental health, and respecting their needs. It’s about understanding that work is not a place you go, but a thing you do.

    As you chart the course for your organization’s future, remember: the key to preventing your employees from quiet quitting isn’t in chaining them to their desks — it’s in unshackling them. So, embrace the future, close the “preference gap,” and let your workforce dance to the tune of Everywhere Work. The stage is set, and the audience — your employees — are eagerly awaiting the performance.

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    Gleb Tsipursky

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  • 6 Critical Reasons Why Culture Should Be at the Top of Every CEO’s Agenda | Entrepreneur

    6 Critical Reasons Why Culture Should Be at the Top of Every CEO’s Agenda | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In today’s fast-paced business world, we are constantly bombarded with buzzwords like “innovation,” “disruption,” and “growth.” It’s easy for CEOs to get caught up in the relentless pursuit of the next big thing, neglecting the fact that the most important element of a successful business is its culture. Culture is the secret sauce that enables companies to thrive, and it should be at the top of every CEO’s agenda.

    Here are six reasons why culture should be the number one priority for every business leader, along with tips for improvement.

    Related: What Makes a Great Company Culture (and Why It Matters)

    1. Culture drives employee engagement

    When employees are engaged, they are more productive, more innovative and more likely to stay with the company. A strong culture fosters a sense of belonging and purpose, creating an environment where employees feel valued and inspired to give their best. Engaged employees are more likely to become advocates for your company, spreading positive word-of-mouth and contributing to a stronger employer brand.

    If you regularly recognize and celebrate employee achievements this will help boost their engagement. Encourage open communication channels to allow employees to voice their opinions, ideas, and concerns. Provide opportunities for professional growth and development, such as training programs and mentorship. Implement team-building activities to strengthen bonds and collaboration among team members.

    By focusing on creating a culture that prioritizes employee engagement, CEOs can unlock the full potential of their workforce and drive their business toward greater success. A culture of engagement not only benefits individual employees but also impacts the overall performance and reputation of the company.

    2. Culture attracts top talent

    In an age where talent is the most valuable asset a company can possess, it’s crucial to create a workplace that attracts and retains the best of the best. A company with a positive, supportive culture will be a magnet for top talent, ensuring that you always have the right people to drive your business forward. A strong culture not only attracts high-caliber candidates, but it also reduces turnover and helps retain your existing top performers.

    To attract the best, offer flexible working arrangements and prioritize employee well-being to attract top talent. Showcase your company culture on your website, social media channels, and during interviews to give prospective employees a glimpse into your work environment. Provide competitive compensation packages, but also focus on non-monetary benefits such as opportunities for career growth, a healthy work-life balance, and an inclusive and diverse workplace.

    A robust talent pool is essential for any organization aiming for long-term success and growth, and CEOs who invest in cultivating an attractive culture will reap the benefits of an engaged, diverse and highly skilled workforce.

    3. Culture builds a strong brand identity

    A company’s culture is the foundation upon which its brand is built. When your employees truly believe in your mission and values, they become passionate ambassadors for your brand, both internally and externally. A strong brand identity can set you apart from competitors and create a loyal customer base that will keep coming back for more. Moreover, a culture that aligns with your brand will reinforce your company’s image, making it more authentic and credible in the eyes of customers, partners and investors.

    To strengthen your brand identity encourage your employees to share their experiences and stories on social media to strengthen your brand identity. Develop a consistent internal and external communication strategy that reflects your company’s culture and values. Involve employees in the development of your brand’s mission, vision, and values to ensure a strong alignment between culture and brand. Hold regular culture and brand workshops to maintain awareness and alignment throughout the organization.

    By nurturing a culture that is closely aligned with your brand, CEOs can create a powerful synergy that drives success in the marketplace.

    4. Culture enhances customer experience

    A positive and customer-centric culture will be reflected in every interaction your employees have with clients. When employees are empowered and encouraged to go above and beyond, they will provide exceptional customer experiences that will leave a lasting impression. Exceptional customer service can lead to increased customer satisfaction, loyalty, and word-of-mouth referrals, ultimately driving business growth and profitability.

    Foster a culture of continuous improvement by encouraging employees to share feedback and insights from their interactions with customers. Create a feedback loop between employees and management to ensure that customer insights are used to drive improvements in products, services and processes.

    By prioritizing a culture that emphasizes outstanding customer experiences, CEOs can create an environment where employees are motivated to exceed customer expectations at every touchpoint.

    Related: 6 Ways to Keep Your Staff Feeling Happy and Supported

    5. Culture fosters innovation

    Innovation is the lifeblood of any business, and a thriving culture is the perfect breeding ground for creative thinking and problem-solving. When employees feel supported, trusted, and encouraged to take risks, they are more likely to come up with groundbreaking ideas that can propel your company to new heights. A culture of innovation helps companies stay ahead of the curve, adapt to changing market conditions, and seize opportunities that competitors may miss.

    Establish a culture of psychological safety, where employees feel comfortable sharing ideas and taking risks without fear of negative consequences. Encourage collaboration and cross-functional teamwork to spark new ideas and combine diverse perspectives. Allocate resources and time for experimentation, allowing employees to test and refine their ideas. Recognize and reward innovative thinking and the willingness to challenge the status quo, even if it doesn’t always lead to immediate success.

    This focus on innovation not only drives business growth and competitiveness but also helps employees develop their skills, expand their knowledge and contribute more meaningfully to the company’s success. In the long run, a culture of innovation can be a key differentiator that sets your organization apart and ensures its continued relevance in an ever-changing business landscape.

    Related: 7 Reasons Why Creating the Right Culture Should Be a Leaders Top Priority

    Culture improves financial performance

    Multiple studies have shown a direct link between strong corporate culture and financial performance. Companies with a healthy culture consistently outperform their competitors, demonstrating that investing in culture is not just a “nice-to-have” but an essential component of long-term success. A strong culture creates an environment where employees are more engaged, productive, and innovative, leading to better business outcomes and a stronger bottom line.

    You should be regularly monitoring the key performance indicators (KPIs) related to culture, such as employee engagement, retention, and satisfaction, to gauge the impact of your efforts on overall business performance. Share the results of culture initiatives with employees and stakeholders, highlighting the connection between a strong culture and financial success. Collaborate with HR and other departments to ensure that cultural values are integrated into recruitment, onboarding, performance management, and other key processes.

    By making culture a top priority, CEOs can lay the groundwork for a high-performing organization that consistently delivers strong financial results. A focus on culture not only leads to a more engaged and productive workforce but also creates a competitive advantage that can set your company apart in the market. By recognizing the critical role that culture plays in financial performance and taking a proactive approach to strengthening it, business leaders can create a powerful foundation for lasting success.

    Remember, it’s not just about the bottom line; it’s about creating a work environment where people are inspired to bring their best every day. And when that happens, there’s no limit to what we can achieve. Make culture your number one priority, and watch as your business flourishes, your employees thrive, and your legacy stands the test of time.

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    Gordon Tredgold

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  • Why You Should Treat Team Members as People, Not Employees | Entrepreneur

    Why You Should Treat Team Members as People, Not Employees | Entrepreneur

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    For Subscribers

    The days of a top-down, one-size-fits all approach to managing a staff are over: Today’s workers are looking for personalization, and the better you meet their needs, the more successful your business will be.

    Opinions expressed by Entrepreneur contributors are their own.

    I frequently write on the Red Rocket Blog about employee experience and recruiting topics like how to manage a virtual team, the possible benefits of an unlimited vacation day policy and swapping “I” for “we” in corporate communications. After a look at these posts, you might notice a consistent theme: All are employee-friendly policies intended to let staff members cultivate their own identities on the job. Why is this important? Because recruiting and retaining staff is harder than ever, and the more things you do to nurture long-term loyalty, the more your company will thrive and your employees prosper. At the core of this message is learning to treat staff as the people they are, not simply employees.

    What is an “employee?”

    Merriam-Webster defines this word as “one employed by another, usually for wages or salary and in a position below the executive level” and to me, the key words are “employed” and “below.” The latter conveys a feeling that one simply works for the company as a cog in the wheel, and not with the company — on more of an even footing with other colleagues. It’s a definition that speaks to hierarchy with employees working “below” layers of management. From the vantage point of a job applicant, that doesn’t sound very enticing.

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    George Deeb

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  • Offer Unlimited Paid Time Off (The Right Way) To Attract Talent | Entrepreneur

    Offer Unlimited Paid Time Off (The Right Way) To Attract Talent | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As a business owner or senior manager, I’m sure you’re well aware of the unlimited paid time off (PTO) debate. Is this for real? Is this a joke? Like many of my clients, you probably shrugged it off as a fad or something that isn’t practical. But many companies are finding out it can be very practical, and a powerful benefit to offer.

    That’s what a recent study conducted by HR platform Namely found. According to the study, 34.5% of the more than 1,000 companies surveyed offer an unlimited PTO plan, a number that has significantly risen over the past few years.

    Yes, your business can have an unlimited paid time Off (PTO) plan. And sure, there are a lot of pros and cons, a few of which I describe below. But an unlimited PTO plan is not as hard to implement as you may think. And for me, the benefits significantly outweigh the costs.

    Related: The Hidden Dangers of Not Taking Your Vacation Days

    So if you’re thinking about it, here are a few things that I’ve learned from some of my clients who are doing this the right way.

    The first thing to know is that your unlimited PTO plan doesn’t have to be your only PTO plan. Most of my clients with unlimited PTO plans have multiple plans. For example, there’s a PTO plan for hourly employees which may be the standard 2-3 weeks of vacation plus sick days and then another plan for salaried or senior managers that allows more time off and may include sick days.

    Your PTO plan is your decision. There’s no law (yet) about the type of plan you offer (although some states — like Illinois, Maine and Nevada — are requiring employers to provide vacation time). The unlimited PTO plan that you offer to your employees can be the ultimate nirvana, the mecca, the peak and the top of the heap of all vacation benefits. It can be the goal that everyone wants to reach, but to do so, they must perform. This brings me to my next point.

    And that is that people should only be eligible for your unlimited PTO plan after fulfilling certain requirements. For my clients with these plans, they only consider employees who have been working for them for at least two years and sometimes as many as five. It’s a perk for loyalty and good work. Other eligibility requirements may include the employee’s position in the company, compensation levels or meeting certain performance milestones. So many of us are struggling not only to attract new talent but retain our best people, and an unlimited PTO plan can be the carrot on the stick for doing this, which brings me to my next point.

    Related: Microsoft Employees Will No Longer Have to Earn Vacation Days Thanks to This New Policy

    And that is that unlimited PTO plans are a great sell. Most workers love the sound of “unlimited” when it comes to their vacation. The workplace has changed, and now, besides offering healthcare and retirement plans, good companies are also revisiting the concept of flexibility by offering more remote working and time off opportunities. So if you’re able to make such a plan viable in your company, you’ve got a great sales pitch to attract talent — particularly younger talent who value this benefit more — in these times of tight labor.

    Just be aware of the drawbacks. For example, studies like the one Namely conducted have shown that employees that work at companies with unlimited PTO plans have generally taken less time off than they were taking under previous use-it-or-lose-it plans. This is a potential mental health issue, which has caused some companies to require that employees take at least two weeks off.

    “Clearly, unlimited PTO has gained credibility as an employee benefit, but to what end?” says Amy Roy, Namely’s Chief People Officer. “Regardless of their company’s plan, workers seem to be taking less time off. Employers concerned about the wellbeing and retention of their workers encourage the use of paid time off, as it gives employees the chance to reset and refresh.”

    Like Roy, you still may have concerns about your employees’ mental health. And you may have other concerns too.

    Related: Companies Need To Be Better at Hiring, Not Firing. 7 Tips To Pick And Retain The Best Talent During Uncertain Economic Times.

    You may be saying how in the heck can your company avoid having employees disappear for weeks or months on end while taking advantage of their unlimited PTO plan? Well, I’ve learned from a few successful clients to include an important caveat.

    It’s this: yes, an employee can take “unlimited” time off, but any time off must be approved in advance by a supervisor. That type of policy then ensures that someone isn’t going to say, “Hey, I’m surfing in Australia for the next few months, see ya!” As long as a supervisor is happy with the amount of time someone is taking off, then good for everyone all around. It’s a strong control to avoid people really taking excessive advantage of your program.

    The takeaway is that today’s workers love to talk about “4-day work weeks” and “bare minimum Mondays” and, as frustrating as this may sound to business owners who are doing just the opposite, smart companies have to respond with benefits that help employees achieve greater flexibility and work-life balance. An unlimited PTO plan can be just that if implemented the right way.

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    Gene Marks

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  • Entrepreneur | Hybrid Work is Not The Problem — Your Guidelines Are. Here’s Why.

    Entrepreneur | Hybrid Work is Not The Problem — Your Guidelines Are. Here’s Why.

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    Opinions expressed by Entrepreneur contributors are their own.

    As companies continue to navigate the new normal of remote and hybrid work, it’s crucial that they establish clear expectations and guidelines for their employees. And unlike Disney and Twitter, it’s very important that they don’t change their minds randomly when the leadership changes.

    However, a recent survey conducted by Mercer found that only a third of organizations have formal rules in place for managing flexible work. Mercer assessed 749 organizations and found that 48% rely on informal and ambiguous guidelines to manage flexible work, 17% are completely hands-off, and only 34% rely on clear and transparent formal rules. This lack of clear communication and expectations can have a serious impact on both retention and recruitment efforts.

    And how effectively do companies communicate about the policies they do have? Fishbowl recently conducted a survey, with about 7,300 professionals surveyed about how well they understand their company’s plan for hybrid work. 50.8% did understand their company’s hybrid work guidelines, but 49.2% did not. Not a good outcome.

    Related: Employers: Productivity Among Your Remote Workers Isn’t A Problem — Your Proximity Bias Is.

    I talk with 5-10 leaders every week on how to create effective hybrid work guidelines. As a highly experienced expert in this field, I can tell you most of them don’t have clear guidelines for their employees. Yet when I ask them about their top concern, most say it’s hiring and retaining talented staff.

    Such anecdotes align with a recent study by Vistage, which revealed that a majority of small and medium-sized business leaders are planning to expand their workforce, with only a small percentage considering downsizing. This marks a change from the trend of large companies facing layoffs, as SME CEOs are hesitant to let go of recently-hired employees, according to Vistage Chief Research Officer Joe Galvin. The survey also highlighted that hiring difficulties are a major concern for these businesses, as they impede their ability to function at optimal capacity. 61% of CEOs surveyed cited hiring challenges as a major concern.

    So that’s CEOs — what about the true experts: HR leaders — what do they believe about hiring and retention as it relates to hybrid work? Well, you won’t be surprised that 95% of HR leaders say that hybrid work offers an effective recruitment tool, according to IWG’s HR Leaders & Hybrid Working Report. 60% also say hybrid work boosts retention, and 80% agree that it helps increase employee satisfaction.

    Related: This Dangerous Judgement Error Could Cost You Your Business

    Hybrid work guidelines: failures and successes

    Well, having poor guidelines and expectations unsurprisingly harms worker engagement, which undermines retention. Consider some examples of what happens in companies with whose leaders I talked to recently.

    In a mid-size IT services company, employees were given the freedom to work from home but with little guidance on how to manage their time or communicate with their colleagues. This led to confusion and resentment among team members, with some feeling overworked and others feeling underutilized. Ultimately, this lack of structure led to high turnover rates and difficulties in attracting top talent.

    Similarly, a large financial services company struggled with a lack of clear guidelines for remote work. Without proper expectations for communication and collaboration, team members found it difficult to stay on the same page and meet deadlines. This led to a decline in productivity and morale, causing top performers to seek employment opportunities elsewhere.

    Moreover, such guidelines are critically important for retention. Consider one of my clients who let me speak about them, the University of Southern California’s Information Sciences Institute. As a result of a consulting engagement, I helped them develop a robust set of hybrid work guidelines, which they put on their website in the “Join Us” section. Their HR director found it helpful for recruiting talented staff to the institute — and given the demanding market for data scientists, they definitely benefited from having a leg up.

    What should hybrid work guidelines cover?

    These examples illustrate the importance of having formal, written hybrid work guidelines in place. These guidelines should outline expectations for coming to the office, for communication, collaboration and work hours, as well as provide a clear framework for how to handle issues that may arise.

    Effective communication is a key element of hybrid work guidelines. When employees are working remotely, it can be difficult to get a sense of what everyone is working on and how their contributions are impacting the team. Clear communication guidelines, such as regular check-ins and virtual team meetings, can help ensure that everyone is on the same page.

    Effective collaboration is another important aspect of hybrid work guidelines. Collaboration tools like video conferencing and project management software can help facilitate collaboration, but employees need to be trained on how to use them effectively. Additionally, guidelines should establish expectations for how and when team members should be available to work together.

    Finally, effective hybrid work guidelines must consider work hours and time management. Without a clear framework, employees may feel pressure to work longer hours or to be available at all times. This can lead to burnout and resentment, and can negatively impact both productivity and employee satisfaction.

    In addition to the negative impact on retention and recruitment, a lack of clear hybrid work guidelines can also lead to other problems for companies. For example, without clear guidelines for data security and privacy, remote workers may inadvertently expose sensitive company information to cyber threats. This can result in costly data breaches and loss of business.

    Another challenge that companies may face without clear hybrid work guidelines is managing employee engagement. When employees are working remotely, it can be difficult to keep them connected to the company’s mission and goals. Hybrid work guidelines should include strategies for fostering employee engagement, such as virtual team-building activities and regular communication from leadership.

    It’s also important to note that hybrid work guidelines should be flexible and adaptable. As the world continues to change and evolve, so too should the way companies approach hybrid work. Guidelines should be reviewed and updated regularly to reflect the latest best practices and changing employee needs.

    One way to ensure that hybrid work guidelines are effective is to involve employees in the process of creating them. This can help ensure that guidelines are tailored to the specific needs of the organization and that employees are more likely to buy into them. Additionally, it’s important to provide employees with the necessary training and resources to be successful in a hybrid work environment. This can include things like virtual communication and collaboration tools, as well as training on time management and data security.

    Cognitive biases can also play a role in how companies approach hybrid work guidelines. For example, the sunk cost fallacy can cause leaders to cling to traditional office culture, even when it is no longer effective. The availability heuristic can also lead companies to overestimate the benefits of working in an office and underestimate the benefits of remote work. By being aware of these cognitive biases, leaders can make more informed decisions about how to manage hybrid work.

    Related: How Has Remote Work Impacted Our Relationships With Other Employees? The Findings of This Study Will Surprise You.

    Conclusion

    It’s clear that hybrid work guidelines are essential for effective communication, collaboration and time management. A lack of clear expectations and guidelines can lead to confusion, resentment, and high turnover rates. It can also undermine effective recruitment efforts. By establishing formal, written guidelines – as did the Information Sciences Institute – companies can ensure that their employees have the support and structure they need to be successful in a hybrid work environment. As a leader, it’s important to recognize the importance of hybrid work guidelines and to take steps to establish them within your organization.

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    Gleb Tsipursky

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  • 10 Strategies for Hiring and Retaining New Employees

    10 Strategies for Hiring and Retaining New Employees

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    Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

    In a competitive job market, employee retention is everything. Long-term business success can be attributed to employees who feel like their efforts are acknowledged and that they’re contributing to their organization’s goals. Hiring and training new people can be costly, so prioritizing retention can save you a lot of money, foster a winning office culture, and encourage innovative thinking.


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    It’s important to keep in mind that job candidates are evaluating your organization just as much as you’re interviewing them for a role. Keeping applicants engaged during the interview process can make all the difference when recruiting the people your business depends on. If they don’t feel valued during the hiring process, why would they think they’d be valued as an employee?

    Here are 10 strategies for hiring the right talent and limiting turnover so your business can thrive.

    1. Simplify the hiring process.

    Having plenty of qualified applicants is great, but make sure you’re not losing the right person because your hiring process is inefficient or unclear. This is the first impression you’ll give a potential employee, so be sure to present a positive image of your company by using a hiring platform like ZipRecruiter. It’s arguably one of the best, cost-effective services for streamlining the hiring process. ZipRecruiter even syncs to your Applicant Tracking System (ATS) to optimize your application flow and can help you discover new hires.

    Not only that, businesses can tap into ZipRecruiter‘s Invite to Apply feature to invite top candidates to apply for their jobs. The company says jobs where employers use the Invite to Apply feature receive more than 2.5 times more candidates.

    Related: Best Way to Hire Employees: 3 Tips for Landing Top Talent

    2. Find the right employees.

    Consider the values you’re looking for out of a new hire. Aside from technical capability, ask interview questions that help you understand what motivates a candidate and how they interact in a group setting. Phone screenings, pre-employment behavioral assessments and time-saving screening questions effectively determine if someone would be a good fit before investing valuable resources into further recruitment.

    3. Play to your strengths.

    Though every employer should offer competitive compensation, you can still find and retain quality people by playing to your strengths. Do you have a strong company culture? Offer an employee discount? Is your business involved in the community? Offer unlimited PTO? Not everyone is purely motivated by salary. Some people may simply believe in your company—and that’s someone you want on your team.

    4. Personalize communications with applicants.

    Sometimes submitting a job application feels like throwing your resume into a black hole. Even with an automated response, knowing your application will be reviewed by a human can make all the difference. As it turns out, you can hire faster and send personalized messages to job seekers through ZipRecruiter. It’s an opportunity to keep applicants engaged in the hiring process with a professional experience.

    Related: Looking for Employees? 4 Things You Need to Know About Online Job Boards.

    5. Be transparent.

    Hiring has a lot of moving parts, and things don’t always go as planned. Maybe a project you were hiring for fell through or isn’t happening as soon as anticipated. Perhaps someone wasn’t the perfect fit for a specific role, but you know they’d be a contributor in a different position. Hiring can be a long-term game, so stay organized and be honest every step of the way. Communicate a transparent process for applicants to keep in mind and answer their questions to the best of your ability. You never know when you’ll cross paths again.

    6. Prioritize the onboarding experience.

    Set your employees up for success from the beginning with a winning onboarding and orientation process. By investing time in developing onboarding materials, you’ll get your new hires up to speed faster. They’ll feel like they know the organization better and can contribute to their new role sooner. Company swag and personalized welcome emails from coworkers are also simple ways to make someone feel part of the team.

    7. Provide a clear path for advancement.

    Along the lines of transparency, don’t push talent away because of stagnation in career growth, salary, or skill development. Offer employees a roadmap for promotions and what qualifies them for a merit increase. Mentorship opportunities for new and existing staff can develop new leaders while giving insight into the promotion process. Your employees will deliver their best work when they know they’re working toward something.

    Related: How to Find Employees: 4 Tips for Hiring the Best

    8. Create an environment of open communication.

    Keep lines of communication open between employees and leadership. This gives employees a voice and can lead to positive changes in the organization. Consider conducting regular employee engagement surveys that allow staff to provide feedback on career satisfaction, office culture, business outlook and career development. Acting on the results from the surveys and using that data to improve the employee experience can lead to improvements across your organization.

    9. Place emphasis on employee wellness.

    In a world where working from home has become the norm, job flexibility is highly relevant. People are more likely to do their best work when their company understands they have lives outside of their 9-5. Offer simple perks like flexibility with leaving early to take care of family members or summer Fridays. Encourage personal wellbeing with healthy snacks in the office, physical fitness stipends and mental health resources.

    10. Give employees recognition.

    Employees need to feel appreciated, and there are plenty of inexpensive methods to do so. Acknowledgment of their accomplishments goes a long way, especially when it’s coming from leadership. Create opportunities for employees to get recognition from their peers with regular work share-outs, office emails highlighting big wins and awards.

    Whether you’re hiring your next employee on online job boards like ZipRecruiter or via your internal networks, keep the above tips in mind to help make sure you hire the right person and keep them around for the long haul.

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  • 26% of U.S. Workers Would Rather Undergo a Root Canal Than Follow This Workplace Policy

    26% of U.S. Workers Would Rather Undergo a Root Canal Than Follow This Workplace Policy

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    Opinions expressed by Entrepreneur contributors are their own.

    According to a recent survey conducted by job site Monster, more than one in four (26%) U.S. workers would rather undergo a root canal procedure than work in their offices five days a week. Additionally, nearly two in five (38%) workers said they would quit a job that required just one day onsite. These staggering statistics reveal a clear shift in workers’ attitudes towards the traditional office environment, and companies that fail to adapt to this change risk losing their most valuable asset: their employees.

    As a highly experienced expert in the field of hybrid work, I talk with 5 to 10 leaders every week about how to make hybrid work serve their needs well. I ask them what their top concern is, and most say it’s hiring and retaining talented staff.

    External surveys say the same thing, such as this recent survey by Vistage of the leaders of small and medium-sized businesses. It found that 60% of SME CEOs are planning to increase headcount in the year ahead, with only 7% planning on reducing headcount. According to Vistage Chief Research Officer Joe Galvin, this is a significant shift from the trend of big companies making headlines with layoffs, as small and medium business CEOs are reluctant to lay off their hard-won new employees. One key reason for this shift is the recognition that hiring challenges are impacting the ability of these businesses to operate at full capacity. With 61% of CEOs saying that hiring challenges are a major concern for their ability to operate effectively at full capacity.

    Given this information, I confidently tell the leaders whom I advise that the future of work is in a flexible hybrid work model that allows for some full-time remote work. This model not only keeps workers happy and engaged, but it also has a positive impact on a company’s bottom line.

    Related: You Should Let Your Team Decide Their Approach to Hybrid Work. A Behavioral Economist Explains Why and How You Should Do It.

    Increased productivity and employee engagement

    One of the most significant benefits of a flexible hybrid work model is increased productivity and employee engagement. Studies have shown that remote workers tend to work more efficiently and are less likely to experience burnout. A mid-size IT services company that I consulted for implemented a flexible working policy, and they saw a 20% increase in productivity among their remote workers.

    Remote workers have the ability to create their own personalized work environment, which leads to an increase in productivity. They can work from a location that is most comfortable for them, whether that be their home, a coffee shop or a coworking space. This leads to a decrease in distractions and an increase in focus, resulting in a higher level of productivity.

    Flexible working also has a positive impact on employee engagement. When employees have the ability to work in a way that suits them best, they are more likely to be engaged and motivated. This leads to a decrease in turnover, and an increase in employee loyalty and job satisfaction.

    Access to a wider talent pool

    A flexible hybrid work model also allows companies to tap into a wider talent pool. When companies are not limited by geographical location, they can attract and retain the best talent from all over the world. A large financial services company that I worked with had difficulty finding qualified candidates in their local area, but by implementing a flexible working policy, they were able to hire top talent from other parts of the country.

    A flexible working policy also allows for a more diverse workforce, as it can attract candidates who may have previously been excluded due to geographical constraints. This diversity leads to new perspectives, ideas and innovation.

    Cost savings on talent

    Flexible working can also lead to significant cost savings for companies. A flexible hybrid work model reduces the need for office space, and it can also lead to a reduction in absenteeism and turnover. A retail company that I consulted for implemented a flexible working policy, and they saw a 30% reduction in absenteeism due to less workers taking sick days and a 20% reduction in turnover.

    When employees have the ability to work from home, it leads to a reduction in absenteeism as they are less likely to be affected by things such as traffic, weather, or public transportation issues. This can also lead to a decrease in sick leave, and an increase in overall productivity.

    Flexible working can also lead to a reduction in turnover, as employees are more likely to be satisfied and engaged in their work. This leads to a decrease in the cost of recruiting and training new employees.

    Addressing cognitive biases

    Cognitive biases can play a significant role in decision-making when it comes to flexible working. The status quo bias, for example, leads managers to resist change and stick to the traditional office environment. The sunk cost fallacy can also come into play, where managers may be reluctant to change the way things have always been done because they have invested so much time and resources into the current system. By being aware of these cognitive biases and actively working to overcome them, companies can make more informed and effective decisions about their working policies.

    One way to overcome these biases is to gather data and conduct studies on the impact of flexible working on employee productivity, engagement, and turnover. This can provide concrete evidence to support the implementation of a flexible hybrid work model. Additionally, it is important for managers to actively seek out feedback from employees on their preferences for working arrangements and to consider their needs and concerns.

    Implementing a flexible hybrid work model

    Implementing a flexible hybrid work model can seem daunting, but with proper planning and communication, it can be done successfully. It is important to set clear guidelines and expectations for remote work, such as setting specific hours of availability and ensuring regular communication with team members.

    It is also important to provide the necessary tools and resources for remote work, such as a reliable internet connection and a secure virtual communication platform. Providing training on hybrid work best practices and technology can also help to ensure a smooth transition, as can hiring a hybrid work consultant to guide your transition.

    Related: Salesforce CEO Marc Benioff Is Right. New Employees Are Less Productive in a Hybrid Work Setting — But Why?

    Conclusion

    The shift in workers’ attitudes toward the traditional office environment is undeniable. Companies that fail to adapt to this change risk losing their most valuable asset: their employees. A flexible hybrid work model that allows for some full-time remote work is the future for anyone who cares about worker retention, increased productivity, access to a wider talent pool, cost savings, and overcoming cognitive biases. The time for companies to implement this model is now. As a leader of a company, it’s important to recognize that the traditional office model may no longer be the best option for your employees or your business. By embracing a flexible hybrid work model, you can retain top talent, increase productivity and save costs. The future of work is here, and companies that adapt will be well-positioned for success.

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    Gleb Tsipursky

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