Turning Over A New Leaf : Post-Pandemic Employee Retention Strategies !
๐ฟ๐๐๐๐ โ๐๐ค ๐ฆ๐๐ข ๐๐๐ ๐๐๐๐๐ก ๐๐๐๐๐ก๐๐๐๐ ๐ก๐ ๐๐๐๐ ๐๐๐๐๐๐ฆ๐๐๐ ๐๐๐๐๐๐๐ ๐๐๐ ๐๐๐๐๐ข๐๐ก๐๐ฃ๐ ๐๐ ๐๐๐โ๐ก ๐๐ ๐โ๐๐๐๐๐ ๐๐ฅ๐๐๐๐ก๐๐ก๐๐๐๐ ๐๐ ๐๐๐ ๐ก-๐๐๐๐๐๐๐๐ ๐ค๐๐๐๐.
The past couple of years has introduced a new set of challenges, leaving long-lasting effects on almost every industry.
In between all these shifts, an interesting trend emerged: The large number of people are either leaving the workforce or looking for better opportunities in pursuit of passion, work-life balance, and more rewarding ventures.
A new perspective is encouraging people to pursue their passions and take risks. Now as we moved far away from the pandemic era, this trend is still having a tremendous impact on the world of work, and itโs showing no signs of slowing down.
As the resignation rates continue to soar across industries, the key question still remains : Why are people voluntarily leaving their jobs, and what can employers and managers do to stop this talent drain?
Even with the arrival of the COVID-19 variants, workplaces started to establish and navigate their new approaches to deal with the changes. Yet thereโs another rising issue with which employers must prepare to contend: post-pandemic employee turnover.
Reasons for high employee attrition rate during the pandemic
At the height of the pandemic, everyone seemed to hunker down. Amid business closures and industrywide downturns, and with the ensuing widespread layoffs or reductions in salary and benefits, uncertainty reigned. Frankly, many people were thankful to have a job.
For those who were lucky enough to hold onto their jobs, moving to a new position at a different company โ the unknown โ felt too risky. After all, no one wants to be โlast one in, first one out.โ
These employees likely are unhappy with some aspect of their job or how their employers handled impacts of the pandemic on their workplace.
three most common reasons for employees switching jobs:
ยท Better compensation
ยท Better benefits
ยท Improved work-life balance
People simply want to do something different in a new environment.
Now, the conditions are right for people to make a move to obtain a more advantageous working situation. Generally, confidence is higher because:
ยท COVID vaccines have taken the situation in control.
ยท Kids have returned to in-person schooling, and personal obligations have eased.
ยท There are increased job openings and lower labor force participation โ itโs simply a supply and demand issue. Companies need employees, and so the balance of power is tilted in employeesโ favour.
A wide variety of personal and professional reasons played a part in attrition. However, the following specific drivers have led people to quit their jobs in the current climate:
The warning signs of post-pandemic employee turnover
Obviously, an uptick in the number of employees submitting their notice indicates that something is amiss. However, ideally, youโd have some advance warning so you can try to correct the situation and retain the employee.
How to prepare for and address post-pandemic employee turnover?
Regardless of the motivators, employees are still resigning in droves, and there is no easy fix for tackling this situation. Workers have reconsidered their worth and demand more from their work, including transparency, flexibility, fairness, and healthy cultures โ trying to drive retention through compensation is no longer enough.
Hence, employers need to explore novel approaches and different areas to address unwanted turnover.
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