Employers are keen on onboarding the best talents to navigate the ongoing pandemic, even if that means they have to spend a little moreOpens a new window on wages.
However, a recent study found out that one in four employees plan to leave their employer once the COVID-19 pandemic subsides. The 2020 Eagle Hill Consulting COVID-19 Employee Burnout SurveyOpens a new window conducted by Ipsos states that the number is even higher for employees with children and millennials. This is mainly because of the burnout that they are experiencing.
More people (57%) are complaining of feeling burnt out now, compared to those (45%) who were feeling the same in the early days of the pandemic, noted the study.
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Melissa Jezior, president and chief executive officer at Eagle Hill Consulting said, “Now that vaccinations are underway, there is light at the end of the tunnel for employees. We all are feeling a sense that work will return to some sense of normalcy and the economy will rebound. And that means employees again will feel confident looking elsewhere for a job.â€
Other Reasons for Employee Turnover
1. Caregiving at home
With schools adopting virtual learning, more women than men are quitting their jobs to help with schooling of kids. According to a Washington Post report, more than two million women have dropped out of the labor force. Unfortunately, many of them will not return to work, and more will continue to leave as the pandemic continues, the report finds.
2. Change in priorities
The pandemic made people reflect and reassess their priorities, with many of them concluding they want the “best lifeâ€. The study said, “This introspection coupled with a “life is too short†spirit is poised to fuel career pivots among people who would never have made such high-risk, high-reward moves before.†Employees are also looking at other things like remote working, flexible schedules and good company culture and they won’t hesitate to quit jobs in pursuit of the same.
3. The need for growth
The pandemic has triggered rampant job loss and salary cuts in the global job market and this has been forcing employees to hold on to their jobs even when they are burnt out or struggling to strike the work-life balance. However, once the pandemic is over, the flood gates of opportunities will open and people will be making the moves they have put off for so long – unleashing a new wave of turnover.
As many as 29% of respondents said they would quit their jobs if they  not allowed to work remotely, stated an online surveyOpens a new window of 1,022 professionals by LiveCareer.
3 Ways To Overturn the Turnover Crisis
A high rate of turnover can sound the death knell for companies. When many employees quit a company, it affects the productivity and morale of those who continue to work for your organization. The attrition also directly impacts revenue and profitability, which includes hiring expenses, training labor, and lost sales.
Here are some ways companies can minimize the impact of the impending turnover storm.
1. Strategize better
Companies’ strategies are expected to change post-pandemic, but they want to make sure that any workforce planning will be aligned with the new business strategy. They should also come up with a fool-proof plan on how to bounce forwards and not back. This means that other than backfilling roles with the same skills, they need to cultivate new skills through upskilling, reskilling, and in-hiring practices.
2. Be creative
Companies need to develop creative solutions on how to reallocate talent to fill the talent gaps and help reduce the workload burden. Thoughtfully done reallocation will also help motivate employees and address burnout. The study noted, “When companies find their next normal, they will not have to revert to the old approaches for bringing in skills. The talent pool will be deeper. Companies can weigh the options and trade-offs of on-demand models and gig workers, partnerships, and global resources.â€
3. Listen to employees
Companies should keep their eyes open for burnout among employees, especially the high performers. To keep them engaged, attention should be given to their career growth through exclusive training and targeting players for stretch exposure. Organizations should also inculcate the habit of listening to employees and their needs. “By conducting employee surveys, encouraging “open door†exchanges, and providing career counseling and mentorship opportunities, companies can create a supportive environment,†added the study.
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All Boils Down To Company Culture
Many things depend on your company culture, which simply put, is the ethos shared by its employees – from individual contributors and middle management to senior leaders and the C-suite. Efforts taken to retain employees might not work out if the company does not have the right culture, which is called an “important port in the storm of any crisis†by the study.
It is imperative that an organization stays true to their culture and values, and evolves at the same time to embrace employee well-being. If done correctly, attracting and retaining talent and future-proofing the culture will become easy.