What Has Changed?
Since the turn of the century, the number of people available to work has declined from 6 people for every job opening to .5 persons available to work.
I million people died during the pandemic and 1 million Baby Boomers retired.
While there may be people who are unable or unwilling to work, many are working one or possibly two jobs to make ends meet. The greater problem seems to be workers moving from job to job to cover increasing living expenses.
Multiple cultures are represented in many US companies. According to the Bureau of Labor Statistics and Pew research the composition of cultures is White:, 77%, Hispanic: 18.5%, Black: 12.6%, Asian: 6 -7%. Weekly pay varied by group from $1310 to $758 per week and observations of discrimination in the workplace varies by group from 41% to 23%.
You may be surprised to learn who the highest paid and lowest paid groups are and the degree to which each group has experienced workplace discrimination in pay, promotion or work assignment.
Management Practices Make the Difference
Management practices influence workforce behavior and company culture,. Why is it important to create an involved and engaged culture today? Because the number of people available to work is shrinking, while the number of cultures and generations is increasing.
An engaged and involved culture creates fewer quiet quitters because everyone is heard, and differences are respected. The solution to retaining talent is to engage and involve staff in the business utilizing 5 leadership talents.
Five leadership talents that bring out the best in your staff’s output include (1) Management aligning the workforce with strategy; (2) Management that listens and communicates with peers and employees to correct low performance and resolve differences; (3) Management that collaborates on work issues and solves lingering problems with staff, (4) Management inspiring and motivating their workforce for higher levels of performance and (5) Management encouraging innovation within the workplace.
Research reports that such cultures create a 19.2% increase in operating income over traditional cultures. Your business can cut turnover and union grievances, increase work quality and production, which reduces costs, increases sales and enables new goals to be set and met.
Being patient, empathetic, and/or curious are all good traits but are insufficient for today’s workplace. Leaders who bring out the best in people achieve higher levels of success in today’s rapidly changing ecosystems.
