Just a couple months ago SHRM published an article stating that the end of COVID-19 will spark new challenges for employers—a turnover tsunami. They reported that over 50% of people are likely going to be looking for new jobs as the pandemic wanes and we start to get back to “real-life” again. That’s an astounding, and terrifying number for companies of all sizes who have started down the road to recovery!
This weekend I was visiting a friend who said that their employer, a large technology company, was already facing increased turnover and that he was scrambling to try to retain employees who are getting new job offers. So, what’s causing this wave of turnover?
What is Sparking This Turnover Tsunami?
Well, we know people often don’t leave their companies solely because of pay. And while security was what kept most people in their seats over this past year, as the world opens up, that is surely a less important factor for many.
Learning and development opportunities, employer support, career development, and direct manager relationships are some of the other big factors that impact turnover. Companies are also reporting that cultural bonds have reduced significantly due to COVID-19. With new remote and hybrid work scenarios being implemented and less face-to-face connection, it’s been even more difficult to retain talent, especially younger professionals.
One other major factor for this specific turnover tsunami?
A poll cited in the SHRM article noted that over 57% of U.S. employees are burnt out. They’re juggling life and business at home, they haven’t taken time off to refresh in over a year, and many roles have changed as the demands of the past year became more fluid day-after-day.
We’ve seen this in our own business and our clients, no one is immune. These are just a few of the factors that employers will start to face as the pandemic challenges subside and this tsunami rolls in.
But the good news is as an employer, you have full control over your employee experience and engagement, and we think that regaining that engagement is the key to overcoming this new challenge.
Top 3 Things Employers Can Do to Prevent the Turnover Tsunami from Wiping Out Their Organization
When I was reading through the SHRM article, it brought back memories of my days leading Credo, a company with a well-respected research platform. We placed great value on our employees, and even reached an employee engagement score of over 90% from Quantum Workplace—the engine behind Best Places to Work. Many of the things mentioned in the article resonated as true for building greater engagement to overcome and prevent this budding retention challenge.
Here are a few ways employers can try to prevent the tsunami from wiping out their top talent:
Recognize a Job Well-Done
SHRM noted a report by The Achievers that discovered that nearly 75% of employees want more recognition for their work. Especially after a year of doing jobs that were bigger than their pay scale and pivoting to meet the ever-changing needs of the world and business, recognition is one easy way to say, “Thank you, we appreciate you.” Sometimes, that is all it takes to keep a good employee at your organization.
Ask Employees What They Need & Want
You won’t know why employees are leaving if you don’t ask them what they need for them to stay. Have those tough conversations and take a good look at where your organization may not be measuring up and make moves to improve.
Provide Continuing Education Opportunities
One way experts suggest overcoming and preventing burnout is trying new things. And with 94% of employees saying they’d stay at a company longer for more training opportunities, adding unique, innovative training opportunities could be a perfect solution to regain employee engagement.
Let NimblyWise Help Your Company Re-Invest in Top TalentAs we’re starting to realize, it’s more important than ever to invest in your team’s top talent. With retention problems only on the rise, it’s important your team starts to take a look at what they can do to support their people, make them feel valued, and increase engagement after a year that left many questioning what they want and why they’re doing what they’re doing.
Our unique training opportunities at NimblyWise are designed to meet individuals wherever they’re at in their career journey to help them take it to the next level. And hopefully, help you retain those team members who have the chance to make a great long-term impact. Want to learn more about what my team can do to help yours? Let’s schedule a time to talk, I look forward to connecting!