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Did you know that are not engaged or actively disengaged cost employers 7.8 trillion dollars in lost productivity last year? According to Gallup’s State of the Global Workplace: 2022 Report, only 21 percent of the world’s employees were engaged at work. Employers who make engagement the controlling factor in day-to-day operations stand out from their competitors. Employee engagement translates to:
- 10% higher customer loyalty/engagement
- 23% higher profitability
- 18% higher productivity (sales)
- 14% higher productivity (production records and evaluations)
- 18% lower turnover for high-turnover organizations (those with more than 40% annualized turnover)
- 43% lower turnover for low-turnover organizations (those with 40% or lower annualized turnover)
Employee Productivity Equals Profit
Employees who associate positive feelings with the workplace are by far more productive. One reason is that workers who are enthusiastic and passionate about their work spend less time on distractions.
Studies show that employers who create a positive work experience are more likely to see a profit. Companies with a high employee engagement have 41 percent less absenteeism and 17 percent more productivity.
Specific to Law firms
COVID and the Great Resignation combined to create a scarcity of talent. As a result, many more law firms are finding it harder to hire and retain associates and paralegals in today’s highly competitive environment.
Law firms have been transitioning since 2018 when according to the U. S. Bureau of Labor Statistics, the legal sector reported a loss of 1,400 in January and February alone. Legal staff cited time demands and a toxic culture as the main reasons they left their jobs, while associates wanted more respect, collegiality, and kindness.
If your firm is experiencing a higher-than-average turnover rate, it may be time to consider the following five factors for employee retention.
Inclusion is Crucial
When an employer commits to diversity, this helps to improve the overall employee experience. However, an effective dedication to inclusion and diversity must be genuine.
Though employers may say they’re dedicated to inclusion, it’s easy to leave implicit biases unchecked that may be more obvious to the employee. After all, they are directly affected by decisions informed by possible bias. A genuine commitment to inclusion involves a philosophy in which all employees and their unique experiences inspire each other to go the extra mile for the firm. An employer must be willing to examine its cultural blind spots and address unconscious bias to implement these ideas.
Employees who feel valued are likely to go the extra mile. By showing interest in your employees and getting to know them, you will learn which projects they enjoy and their aspirations for their career growth. Another way to show you value an employee is to acknowledge their work publicly.
Provide paths to progression
According to the NALP Foundation for Law Career Research and Education and its 2021 survey of 126 law firms, pre-COVID associate hiring decreased by nearly 50% between 2019 and 2020.
Engagement research outside the legal arena suggests that systems with clear paths for progression, measurable progress, benchmarks, etc., align with what people want right now. Lawyers are likelier to thrive when leaders set clear expectations and pathways to advance.
Build Trust With Your Employees
Trust builds over time. Employees want to work for people with integrity. Always maintain a professional and ethical environment and when you are wrong, admit it. Building trust allows you to have difficult conversations without damaging relationships.
Support Mental Health
Did you know that, during the pandemic, more than one-third of Americans exhibited clinical anxiety and depression? This statistic is alarming for the legal profession, whose numbers were already high. Anxiety, depression, stress, and substance abuse are no strangers to the legal profession. When you create a psychologically safe space for employees to speak up and be themselves, you create a healthy work environment. Your firm can also encourage a balanced lifestyle, respectful behavior towards others, and valuing diversity.
The world has changed. Today’s associates have different wants and needs. If you want to win the talent war, you’ll want to take the right steps to help your firm be the law firm of choice.
At Strategic Recruitment Solutions, your success is our success. Our reputation for client satisfaction results from our commitment to clients’ objectives and beyond. We are the legal and tech recruiting firm for top employers in New Orleans, Baton Rouge, and the Gulf Region. Our focus is on building long-term relationships with companies that employ the highest-quality professionals. Call us today at 888-366-6508. We can help you find the best fit to join a legal or IT team.