Weathering The Resignation Tsunami Ahead
July 13, 2021
Companies across the country are reporting record high employee turnover rates already this year. Labor analysts aren’t so surprised, and many are predicting a large wave of voluntary employee departures caused by a pent-up demand for new jobs.
A February 2021 report released by Achievers Workforce Institute found that 52 percent of 2,000 employees surveyed in the U.S. and Canada plan to look for a new job in 2021, an increase from 35 percent a year earlier.
This is something that all employers should be aware of so they can be more prepared for this turnover tsunami.
Below are a few tips for recognizing potential flight risks, as well as, counter measures you can take to help retain those key employees you don’t want to lose.
The Who and WhyEmployees that are most likely to leave their current job for another opportunity are usually those that fall in to one of these categories:
- Looking for Better Compensation
- Looking for Better Work/Life Balance
- Employees with increased Childcare Needs
- Those with Major Life Changes
- Anyone Who Missed out on a Promotion
Steps To TakeKnowing these common reasons can help your managers identify individuals likely to be making a switch in the near future. This can allow your company the time it needs to prepare and develop a best course of action should one of your employees put in their notice.
Here are a few tactics your managers can try to help retain employees who may have a wandering eye for a new situation:
- Present Realistic Job Descriptions
- Start Implementing Stay Interviews
- Address The Employees Concerns
- Offer Reasonable Accommodations
- Communicate Frequently
- Present Advancement Opportunities