The COVID-19 pandemic has affected industries across the board when it comes to their bottom lines and managing employees. While the former is likely a top priority, an updated business strategy without enough engaged and motivated employees to carry it out seems pretty pointless.
In particular, business and organisation leaders need to ensure that employees’ needs are met and determine how to reduce turnover. One report by the Society for Human Resource Management says that more than half of employees across North America are planning to look for a new job in 2021.
Recruiting and retaining employees are two halves of the same coin - both will affect your organisation’s turnover rates and overall productivity. Now that we’re entering a post-pandemic era, it’s worth it to rethink your own strategies to ensure that you’re doing everything you can to engage your team members effectively.
Before diving into specific tips, let’s walk through some of the current common reasons for turnover.
Common reasons for post-pandemic employee turnover
During the pandemic, quit rates were the lowest they’ve been in nine years, but only because many employees were not confident in leaving their current role during a time of instability. Now that the pandemic has calmed down, many predict that voluntary churn will increase significantly.
Why might this be the case? According to the Achievers Workforce Institute, here are some of the most common reasons for post-pandemic employee turnover:
Many of these reasons were caused or exacerbated by the pandemic, economic troubles, remote work, social injustices, and other events from the past year. For instance, remote work, while adding flexibility to jobs, actually caused many employees to disengage from their role and become overstressed due to isolation and a lack of in-person interactions.
Taking the effort to optimise your work culture and compensation strategies to meet potential and current employees’ needs is critical. This will not only attract qualified candidates if you are looking to expand your team, but also retain those who are currently there.
Five employee recruitment and retention tips to keep in mind
Now that you have a little more context on why employees may want to leave your organisation, it’s time to discuss the steps that you can take to counteract this:
The best way to both recruit and retain your employees is to focus on your engagement, management, and compensation strategies. This not only incentivises your passionate workers to keep working, but also builds a positive reputation for your organisation and brand, ultimately attracting the best prospects to your job listings.