Addressing the ‘Great Exhaustion’

In the wake of the pandemic, a new phenomenon has emerged in the workplace: The Great Exhaustion. As highlighted in a recent article by CBC, this pervasive burnout is affecting a significant number of workers. It’s more important than ever for companies to invest in effective performance management and the right coaching strategies to support their employees and ensure organizational success.

 

The Cost of Losing Good Workers

The cost of employee turnover is substantial. According to the Society for Human Resource Management (SHRM), the average cost of replacing an employee can be six to nine months of their salary. For instance, losing a salaried employee earning $60,000 can cost a company $30,000 to $45,000 in recruiting and training expenses alone. Furthermore, high turnover rates can disrupt team dynamics and reduce overall productivity, exacerbating the existing stress and burnout among remaining employees.

 

Why Companies Need to Invest in Balance Now

Given the rising levels of exhaustion and burnout, companies must prioritize creating a balanced and supportive work environment. This involves not only managing workloads and expectations but also fostering a culture where continuous feedback and professional growth are integral.

Here’s why investing in effective performance management and the right coaching is crucial:

  1. Enhanced Employee Well-being: Regular check-ins and continuous feedback help identify and address issues before they lead to burnout. Employees feel supported and valued, which enhances their overall well-being.
  2. Increased Engagement and Retention: Engaged employees are more likely to stay with their employers. Gallup reports that companies with high employee engagement see 59% less turnover. Regular feedback and development opportunities are key drivers of engagement.
  3. Improved Performance: Effective coaching helps employees develop their skills and overcome challenges. This leads to improved individual performance and, consequently, better organizational outcomes.

 

The Role of a Flexible Performance Management System

Implementing continuous performance management requires the right tools. A flexible and user-friendly performance management system is essential to support ongoing feedback, goal setting, and professional development. Here are some features to look for:

  • Real-time Feedback: Allows managers and peers to provide immediate and constructive feedback.
  • Goal Tracking: Facilitates dynamic and agile goal setting that can adjust to changing business priorities.
  • Development Planning: Supports personalized development plans to help employees grow and advance in their careers.
  • Performance Analytics: Provides insights into performance trends and areas needing improvement.

The Great Exhaustion highlights the urgent need for companies to rethink their approach to performance management and the expectations put on managers to help avoid burnout. By investing in continuous performance management and leveraging the right coaching techniques, organizations can enhance employee well-being, improve engagement and retention, and drive better performance. Implementing a flexible and comprehensive performance management system like emPerform is a critical step in this direction, ensuring that companies can support their employees effectively and navigate the challenges of today’s workplace.

Investing in the right performance management tools and strategies not only helps mitigate the effects of burnout but also positions companies for long-term success. Now is the time to make these changes and support your workforce through effective performance management and coaching.

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