The Great Resignation
The Great Recalibration
The Great Regret
The Great... something "R" word...
Business management articles and human resource firms have been non-stop-publishing titles as such because talent retention, corporate quality, and general workforce happiness has been quickly trending to an all time low since the disruptive times of 2020.
This isn't just a Physical Therapy, Rehab Therapy, or Healthcare thing... this is across all industries.
There has been a measurable shift in what the workforce expects in employment experiences. Individual employees aren't afraid of resigning, quiet quitting, or leaving the profession all together.
5 Key Takeaways from the Summer 2022 CQI Report
Definitely consider giving the summary video a watch; there are some key highlights and data unpacking covered that helps set context for all the insights unveiled within the report itself.
THAT SAID: If you're ready to download the report you can click on the button above; or, scroll to the bottom and use the download form.
For those interested: There are some summary items worth browsing through, below — just in case you plan on exploring the report at a later time.
Key Numbers We're Seeing in Corporate Quality:
- That nearly ~75% of the workforce can’t recommend their employer based on Ownership Mindset and having a low Tolerance to Mediocrity.
- That only 7.5% of workforce respondents are highly satisfied with removal of mediocrity.
- That 56% of the workforce is ready to leave their workplace for other opportunities within 12 months.
Put in another perspective: Overall, if this was our consumer base grading us, there would be exactly ZERO companies that would be happy with such rankings coming from their patients. Yet, still… these numbers come from our colleagues.
Index Items to Consider from the Summer 2022 Report
The Predictive Value of "Intention to Stay"
Combined with our work through HIYER's closed beta, UpDoc's workforce intelligence platform, it's becoming evermore clear that regularly measuring intention to stay is key to retaining talent, as the opposite is unfortunately true — low levels of intention to stay seems to translate to turnovers within just a couple of months, or less... despite the prompting of this index item being defined as for a "12 month" window.
If there is an unfavorably low distribution in your organization for this measure, then exodus is literally right around the corner.
38% of the workforce resides on the 0-3 "Very Unfavorable" group. Having established intent and action for this index item, this is should be alarming. If almost 40% of the workforce is highly dissatisfied, and turnover is likely within months... there is going to be a hiring frenzy in the coming quarters.
Critical Correlations for Corporate Culture
As the data for the CQI is still young, we are observing qualifiable connections in a multivariate fashion. On the correlative front, three items seem to be significant on a global level. They are:
- Recommendability for repeat/ongoing purchases or patient care — 0.79
- Responsible corporate citizenship — 0.79
- Intention to Stay — 0.78
Put in other words: corporate culture seems to be measurably related to the above three index items.
Other correlative relationships of interest are shown in the report. Displayed above is the average and sums of Pearson's correlation coefficient, demonstrating the powerful connection Corporate Social Responsibility (CSR) has in the eyes of our workforce as it pertains to corporate quality.
The Sleeping Danger of Mediocrity
In past editions of our Talent Acquisition and Retention Report as well as our Practice Management Report, respondents identified burnout due to mediocrity being rewarded as a significant problem within our profession.
While the current young data statistics don't strongly point to these two items as being related to Corporate Culture, they ARE however... starting to demonstrate an understandable connection for Recommendability as a Choice Provider as well as for Ongoing Services.
Ownership Mindset is correlated with Removing Mediocrity at 70%. Removing Mediocrity is correlated with being a Responsible Corporate Citizen at 71%.