Startling Stats on Business & Communication
Regarding Business and Communication
Hiring approaches, as well as how we develop talent, and the way we understand and appreciate differences all contribute to successful business and overall well-being--to the individual and company.
1. 46% of new hires fail.
2. The great resignation stats are startling. The Wall Street Journal said that the actual "quit rate" is four million people per month, the highest we've ever seen. Lack of recognition is a huge factor in this.
3. 62.4 million dollars is lost due to miscommunications each year for companies with over 100,000 people.
4. "Contract" and "deadline" have different meanings in different cultures.
5. Asians make up 15-25% of enrollment in elite MBA programs, but make up only 7% of leadership in the Fortune 100 and 3% of CEOs of the fortune 500.
6. Autistic employees have retention rates of more than 90% and are 140% more productive than neurotypical employees.
7. Accent bias is real-still. The good news-it doesn't have to be.
Read on for details on these stats and facts.
1. 46% of new hires fail...
Yep. According to Leadership IQ's Global Talent Management Survey, 46% of new employees fail within their first 18 months.
The #1 reason new hires fail is lack of coachability-26%.
#2 Lack of emotional intelligence-23%.
#4 Temperament (basic personality issues).
*Only 11% were let go because they lacked the necessary technical skills.
2. The great resignation... Microsoft found that 41% of employees are considering resigning from their jobs in 2021-compared to 15% voluntary turnover rates pre-pandemic (as reported by Mercer). Also, 1/5 people think their employers don't care about issues like burn out or work/life balance. 79% of employees who quit their jobs claim that a lack of appreciation was a major reason for leaving. 60% say they are more motivated by recognition than money. Listening to the needs of employees and availing and offering the right kinds of support figure highly in retaining good talent.
3. 62.4 million dollars is lost every year due to miscommunications...
David Grossman reported in "The Cost of Poor Communications" that a survey of 400 companies with 100,000 employees each cited an average loss per company of $62.4 million per year because of inadequate communication to and between employees.
*Simple changes in the ways we do things, like run meetings and write emails can make HUGE differences.
4. "Contract" and "deadline" mean different things...
There can be a LOT of difference in the ways different cultures interpret these, as well as other words and ideas. Better make sure you are clear in your communication and have defined your terms when doing business! *Re. timelines: Western people structure their lives, especially business operations, by milestones and deadlines. Many other cultures perceive time as cyclical and endless.
5. Asians make up 15-25%...
It's hypothesized that cultural influencing messages like "Put your head down, work hard, be humble, respect and never challenge your boss" and "don't outwardly take credit for you accomplishments because that's being arrogant" do not jibe well in today's corporate work environment. Many Asian American, through surveys, have said that their performance reviews have contained some version of "Does not have 'leadership presence,'" which often leads to fewer opportunities for development and promotion, as is also reflected in compensation.
6. 85% of college graduates on the autism spectrum were unemployed (end of 2020), compared to the national unemployment rate of 6.3%... The four largest autism hiring programs in the U.S. (SAP, JPMorgan Chase, Microsoft, and Ernst & Young) boast retention rates of more than 90%. What's more, the professionals in JPMorgan Chase's Autism at Work initiative make fewer errors and are 90% to 140% more productive than neurotypical employees. That's one reason why companies finally are changing their ways.
7. Accent bias is real. We have innate biases toward accents. It actually goes back to infancy, but... As children, we trust native speakers more than we do foreign-accented speakers. Even when other 5 year-old kids are from different races and ethnicities (look different from us), the way others speak and sound makes the bigger impact (on who we choose to play with).
Finding: *These biases change as we get to know and trust the people who speak different from us.
According to research studies and hiring data, many people perceive non-native speakers as less politically skilled than others and therefore lacking the influence needed to be successful leaders or advocates. Research shows that "they are less likely to be found suitable for higher-status jobs, and are less likely to be believed when delivering trivia statements such as 'ants don't sleep'."
Finding: If an adult speaker is intelligible and highly confident, the bias is reduced or completely eliminated.
Keep in mind: It's extra challenging to feel confident while speaking in a non-native language in a competitive atmosphere!
Other studies regarding women's voices and the accents or dialects of marginalized or formerly marginalized populations show some interesting findings, as well...
Some takeaways: The more awareness we have for potential biases we may have, whether conscious or unconscious, the better able we are to adjust our mindset and check ourselves for our own personal and cultural biases, and also help us to understand how others might be biased by the way that we present ourselves. Knowledge and awareness are the critical precursors to greater enlightenment and more equitable opportunity for all.
What HR and management is looking and listening for with regard to hiring, offering developmental opportunities, and promotion needs to change, because the old ways don't work. Also, employees need to be appreciated and nurtured.
Effective communication and communication style play huge roles in overall business success. Educate yourself and then educate yourself some more.