Tight on the heels of the Great Resignation comes another economic trend: quiet quitting. Many who aren’t choosing to leave their jobs for better opportunities are staying put but distancing themselves from excessive work-related duties (AKA, quiet quitting).
According to a Gallup study, at least 50% of the workforce is quietly quitting their job.
But What Exactly is “Quiet Quitting?”
As you might have guessed, it has little to do with actually quitting.
It simply refers to no longer going ‘above and beyond’ in one’s work role, no longer opting for late nights or extra responsibilities; instead, many are just doing the bare minimum required at their job.
While some say this is a reclamation of work/life balance, something that’s sorely needed in America’s busy-body hustle culture, others look at it as a lack of employee engagement brought about by a lackluster workplace culture and a poor incentive structure.
The common causes for quiet quitting:
● Unclear expectations of their role
● Lack of opportunities to grow and learn in the company
● Feeling under-appreciated or unrecognized for efforts
● Uninspired work culture that has workers feeling disconnected from the company mission
● Concerns about a company’s financial future or success
The root cause behind quiet quitting:
At the end of the day, employees quietly quit, disengage, or turn in their two-week’s notice because a deep human need isn’t being met. Sure, it could be that they got a better offer for more money. But oftentimes turnover corresponds with something else.
The Great Game of Business fills in the gap by providing a corporate culture that meets core human needs, whether it’s belonging, peer-to-peer recognition, or “winning” as part of a team.
In today’s post, we’ll explain how The Great Game of Business’s methodology, from open-book management to the creation of a recognition culture, is the perfect way to combat employee disengagement or resignation.
Here’s Why Business Owners Need to Take Notice
The true cost of employees suddenly quitting, or silently resigning, as they mentally and emotionally disengage from their roles, is too high to ignore — and the data proves it.
It costs employers, on average, 33% of a worker’s annual salary to replace them.
Excessive employee turnover puts more pressure on teams to pick up the slack, leading to mental exhaustion and burnout.
Not to mention the fact that, in order to deal with a temporary staff shortage, worker productivity hampers off, often derailing the entire organization from meeting critical end-of-year goals.
The Great Game™ Methodology Decreases Chances of Quiet or Outright Resignation
When companies decide to play The Game, they inadvertently adopt a solid framework of principles that serve to enhance the working culture of their business.
It starts with open-book management, sharing the financials with employees, and teaching them to think and act like owners of the business.
The three tenants of The Great Game of Business are:
– EDUCATE (teach employees about the business)
– EMPOWER (keep score and play the game)
– ENGAGE (incentivize workers to achieve company goals)
Following this core framework, your business can create a powerful, sustainable culture that spearheads long-term, steady growth from the bottom up.
You’ll be able to get stand-out employees to stay with your company by enacting retention strategies that enhance job satisfaction and, ultimately, productivity and profitability.
Great Employee Retention Strategies are Built Into GGOB
Open-book management inherently incorporates effective tactics and strategies that are commonly leveraged to enhance worker engagement:
● Clear-cut onboarding (clarity in role requirements, cultural aspects, etc.)
● Effective employee compensation structures (stock options, bonuses, etc.)
● Perks (given through things like MiniGames™)
● Recognition & reward systems for great performance
● Effective change management (financial forecasting, planning & preparation)
According to a growing body of research, turnover decreases when employees have some Stake in the Outcome™.
Incentives that keep workers from quietly quitting aren’t just financial. They often tap into deeper human needs (feeling recognized, peer approval, and belonging).
How Open Book Management Solves The ROOT Causes of Quiet Quitting
The multifaceted nature of open-book management’s application helps to address the underlying conditions that lead to employee exhaustion, burnout, quiet quitting, and outright resignation.
1. Workplace Huddles
Huddles are a core component of OBM (open-book management). These are team meetings that serve to educate employees on company financials, among other topics.
Huddles get everyone on the same page. This means no more time-wasting meetings that exhaust staff members and put them in a position of quietly quitting.
Team members get to feel as if they have a Stake in The Outcome.
It gives opportunities for coworkers to be recognized for their achievements and contributions and establishes clear expectations of how everyone’s individual role impacts the company as a whole.
Huddles, among many other Great Game applications, offer greater transparency between owners and employees — dramatically increasing employee engagement.
● Employees now have a clear-cut understanding of how their role impacts the organization.
● They’re given a clear, linear path toward career development within the organization.
● They get opportunities to be recognized for their achievements, talents, and contributions.
2. Effective Bonus Plan Structuration
Another method to combat the trend of quiet quitting (and outright resignation) is providing adequate compensation.
It’s not always as straightforward as raising wages directly.
Creating positive incentive structures (like employee stock ownership programs) and bonus payout plans offer high-impact results that serve to ward off a disengaged, disinterested workforce.
● Make it team-based, ensuring that if bonuses are paid out, everyone on a team will get it, not just a select few.
● Tie the bonus to financial results (make sure you’re hitting your profit target).
● Ideally, you’ll want to use the bonuses to teach employees about the business (letting them think like owners).
● Always educate employees on the fact that their raises and bonuses come directly from controlling costs and growing sales.
3. Create a Culture of Recognition & Appreciation
Another reason why the Great Game of Business’s methodology is so successful at achieving high employee retention is that it incorporates tactics for initiating and maintaining a company-wide culture of recognition.
Four examples of workplace incentives:
● Monetary (bonuses, pay raises)
● Non-monetary (appreciation or mentorship)
● Assistance (opportunities to learn and grow)
● Recognition (shout-outs)
To create a culture that values and rewards high-performance employees, you’ll need to:
– Celebrate the wins and recognize the players
– Create early wins and give people a chance to celebrate
– Rally employees around a common goal or “critical number™”
4. Financial Transparency & Employee Involvement
Many workers who feel their company has no financial future are prone to quiet quitting (or actually quitting).
Because employees are taught to “think like owners,” they feel empowered and engaged, knowing that their actions have a direct impact on a company’s future success, as well as their own personal career growth.
That’s where High Involvement Planning™ comes into play. Employees, managers, and ownership meet to present data, and discuss strengths, weaknesses, opportunities, and potential threats to company-wide goals.
Employee-led, brainstorming discussions about the company’s future goals are one of the many positive ways in which The Great Game of Business establishes a more engaged, cohesive workforce.
Get in the Game Today with a Free Coaching Call
Are you ready to transform your company culture, boost employee retention, and set your organization toward sustainable, profitable growth? Schedule a free coaching call with one of our consultants for more information!