Recently the World Health Organization just declared that workplace burnout is an occupational phenomenon. It is defined as “a syndrome conceptualized as resulting from chronic workplace stress that has not been successfully managed”. You experience burnout when you meet the following conditions:
feelings of energy depletion or exhaustion;
increased mental distance from one’s job, or feelings of negativism or cynicism related to one’s job;
and reduced professional efficacy.
We surveyed 11,267 employees in 2018 from different industries and it showed that 11,009 or 98%, an alarmingly high number, indicated that psychological stress affects employee turnover and Employee Net Promoter Score.
HR leaders agree that burnout “sabotages workplace retention” in a 2017 study and these leaders know that employee turnover is costly. The cost of employee turnover can range from 50 percent up to 200 percent of the employee’s salary. With employee retention continuing to decrease, most especially with millennials switching jobs regularly, it is important for managers to determine the root cause of turnover and what would prevent employees from leaving.
Employee Net Promoter Score is the likelihood of an employee to promote a company as a place to work for to their friends and family. It is primarily used to “measure employee satisfaction and loyalty within their organizations” and is a good indicator of the culture of a company.
The increase of millennials in the workforce is causing a drastic shift in company culture and values just to appease their needs. Work-life balance is becoming a recurring trend and managers should be more concerned in promoting a healthy and conducive working environment for their employees. According to Alton, “On average, millennials would be willing to give up $7,600 in salary every year to work at a job that provided a better environment for them.” It is more than just the paycheck now, it is about how a company can “prioritize the health and happiness of its workers”.
As shown in our survey, employee burnout is also already a phenomenon here in the Philippines. It is vital to figure out the causes of stress in order to address them accordingly. Companies now have an obligation to manage workplace stress in order to ensure the well-being of their employees and the company.