Retention will become a challenge as we move out of the Pandemic. Multiple surveys are supporting the notion of an upcoming increase in turnover. Let’s explore the factors that could lead to higher turnover and ways to limit turnover.
Factors leading to higher turnover:
- “Pent up demand” to switch jobs. Since the start of the Pandemic, turnover rates have reached the lowest level in nine years, with employees staying in survival mode. (1) As the economy rebounds, job opportunities will increase and employees who have postponed job changes could jump at new opportunities.
- Employee Burnout. Heavy workloads, challenges maintaining a work/life balance, and lack of communication with employers are three of the causes of burnout.
- Working from home for parents with children has changed the perception of work/life balance. As a result, many parents may be reluctant to return to work full-time.
Suggestions on how to strengthen retention:
- Listen to employees. Conduct surveys and take action based on the survey results.
- Provide career opportunities. Provide career counseling and establish mentor opportunities.
- Offer Flexibility. Allow flexible work arrangements and allow employees the flexibility to continue a hybrid work model (some work from home). According to a survey from Envoy, 47% of employees would leave their job if a hybrid work model is not allowed and 41% would even accept a job with a lower salary if it allowed a hybrid work arrangement (2)
(1) https://hrexecutive.com/one-in-4-workers-plans-to-quit-post-pandemic/
(2) https://hrexecutive.com/why-nearly-half-of-workers-might-leave-their-jobs-post-pandemic/