Weathering The Resignation Tsunami Ahead

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 Why

Employees 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 Take

Knowing 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
Turnover tends to be highest among new hires—often because the job doesn’t match their initial expectations. It often is hard for a new hire to really know what a job will be like before they begin their day to day schedule. Help them understand requirements and don’t entirely sugar coat the less glamorous portions of the job.
  • Start Implementing Stay Interviews
Exit interviews provide insights on why employees are leaving, but stay interviews are designed to help employees throughout their employment journey. Discuss any changes in their work life and personal life that may be hindering or affecting their performance.
  • Address The Employees Concerns
Listen to your employees’ challenges and look for reasonable solutions. This can sound daunting with the fear that some employees may take advantage of flexibility, but tends to pay off in the end.
  • Offer Reasonable Accommodations
Be aware of employees with young children at home, or those who have aging parents that need more care. Offering occasional remote work or coming to an agreeable arrangement can make all the difference to employees in need of some measure of flexibility.
  • Communicate Frequently
Quite possibly the best way to reduce turnover is to make sure you are staying in touch with your employees. Employees that feel abandoned by management tend to find a more nurturing environment where they are learning key skills and are feeling heard and appreciated.
  • Present Advancement Opportunities
The goal here is to lengthen employees’ tenure through strong onboarding, mentoring programs and the presentation of advancement opportunities. If your employees feel they have reached the ceiling in your organization they may be tempted to look for opportunities elsewhere.

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