Future of Work: 5 Employee Retention Strategies for the Post-COVID World
- Workers “take refuge in their work”, waiting for the end of the pandemic before making a career decision.
- Once the pandemic is over, experts believe voluntary turnover will increase dramatically as the economy improves and job opportunities increase.
- Companies risk losing top performers if they are unable to hire them to work.
LinkedIn’s recent Workforce Confidence Index found that 74% of employees “take refuge in their jobs.” Basically, workers remain in their current roles to collect a regular paycheck and to keep household finances stable. In other words, until the pandemic is over.
Research from the Labor Institute found that although voluntary turnover fell sharply in 2020 – “less than 1.9 million workers chose to leave their jobs voluntarily in April 2020, down almost 50% by compared to the number three months earlier ”- there is“ bottlenecks – an increase in turnover that will occur as the economy improves, employment opportunities increase and unemployment decreases. ”
In fact, this change in talent has already started.
The Work Institute found that by December 2020, the number of voluntary layoffs had already risen to just over 3.4 million.
A report from the Achievers Workforce Institute found that more than half (52%) of North American employees plan to seek new employment this year. The report also found that two-thirds of employees are not engaged in their current roles, and only one in five plan to stay with their company for a long time.
Similarly, Envoy’s return to work report found that 47% of employees would look for a new job if their employer didn’t offer hybrid work.
This means that companies are at significant risk of losing top talent if they are unable to engage with employees.
Why employees choose to leave
According to the Achievers Workforce Institute, the main reasons for looking for a job are better pay and benefits (35%) and a better work-life balance (25%).
Other research indicates that burnout is one of the main drivers. McKinsey recently found that “75 percent of employees in the United States and almost a third in the Asia-Pacific region report symptoms of burnout.”
The Work Institute estimates that in the coming years, employees will voluntarily leave their jobs for reasons related to the work environment, work-life balance and relocation reasons.
Since more than two-thirds of voluntary departures are for “more avoidable” reasons, companies need to take steps to ensure their employees are engaged at work; engaged employees are less likely to seek employment.
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However, to improve employee engagement, companies need to think less about fun perks and more about company culture, diversity, inclusion, recognition, competitive compensation, and flexibility.
Strategies for Retaining Talent
1. Career development opportunities
Research has found that “Lack of career growth is the # 1 factor holding back engagement.” Companies wishing to retain top talent should ensure that they provide career development opportunities for their employees. A great way to start paving the way for career growth is to offer learning and development opportunities.
Organizations need to have a clear idea of the skills gap that exists among employees and come up with skills development solutions that can help employees accelerate their progression.
2. Recognize hard work
An effective way to boost engagement and prevent voluntary turnover is to simply recognize the work of employees. According to the Achievers Workforce Institute, frequent recognition is a predictor of low job search intentions.
Employee recognition can take several forms:
- A scream at a meeting
- Sending an email to the whole team
- Offer a reward (gift card, corporate swagger, bonus, etc.)
- Monthly newsletter that emphasizes praise
- Encourage peer recognition.
3. Ask for feedback and act on it
It’s important to ask employees for feedback on how companies can improve the work experience. However, it is more important for companies to act on the feedback received.
The authors found that “while nearly three in five (59%) employees say their employer has solicited their feedback on how to improve the employee experience, nearly one in five (18%) say that their employer / manager is ‘horrible’ to act. on comments, and do not act on them. ”
This is a clear example of avoidable reasons for turnover that businesses need to urgently address. Employers who are able to identify risk factors will be in the best position to deal with them and avoid voluntary turnover in the years to come.
4. It’s all about flexibility
Report after report has revealed that workers will quit their current jobs if their company does not allow them to continue working remotely at least part-time after the pandemic is over.
Flexibility has become a top priority for employees. A Citrix report earlier this year found that workers are willing to take a pay cut of up to 20% if that means they can work remotely.
5. Reinforce the culture of your company
Corporate culture has been affected during the pandemic. As employees return to the office, it’s important to prioritize corporate culture to help employees reconnect with others and with corporate values. The authors found that 66% of employees would be more engaged if employers improved the corporate culture.
Strategies to improve the corporate culture:
- Hire for a suitable culture.
- Prioritize diversity and inclusion efforts.
- Give employees the choice of how they work and where they work.
- Nurture a culture of feedback.
- Recognize employees.
- Keep the lines of communication open at all times.
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