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The Season of Churn: Pandemic-Influenced Employee Turnover

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The Season of Churn: Pandemic-Influenced Employee Turnover

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While remote work and flexibility might seem like positives, the workplace changes brought about by the pandemic have had a significant impact on employee turnover. How can employers retain talent and strengthen engagement despite the challenges?

While remote work and flexibility might seem like positives, the workplace changes brought about by the pandemic have had a significant impact on employee turnover. How can employers retain talent and strengthen engagement despite the challenges?

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The Season of Churn: Pandemic-Influenced Employee Turnover

  1. 1. The Season of Churn: Pandemic-Influenced Employee Turnover
  2. 2. • When the pandemic hit, offices emptied and businesses faced turmoil. • Employee turnover was a problem before March 2020, but it dropped to a nine- year low between then and the point at which vaccinations began to pick up. • The COVID-19 disruption was “the quiet before the storm," and experts predict a subsequent tidal wave of turnover. 2
  3. 3. • This can have real implications for your business: Failure to hold on to your talent can trigger a devastating trend called employee churn (the opposite of employee retention). • Indeed, the cost of replacing staff, conservatively speaking, is at least 150 percent of their annual salary, and probably more than double. 3
  4. 4. Tracking EX Through The Pandemic And Beyond
  5. 5. • According to a reliable survey, the U.S. is facing a flood of employee resignations throughout 2021. Consider this: • More than 50 percent of the respondents said they were on the hunt for a new job. • In a separate study, 25 percent indicated they would outright quit without a fallback as soon as COVID-19 fades from the scene. 5
  6. 6. • Danny Nelms, president of The Work Institute, a research and consulting firm, believes there’s pent-up employee turnover ready to explode. • He thinks it will take the monthly number of employees resigning their jobs from 1.9 million (in April 2020) to a monthly number above three million throughout 2021. 6
  7. 7. Reasons For Employee Churn In Pandemic Times
  8. 8. • Traditional motivations like ambition (i.e., rising in the professional hierarchy) or looking for a raise are the primary drivers. • A study by the Achievers Workforce Instituteconfirms that the single most significant churn influence was a need for better compensationand benefits (35 percent). • Improvement in work/lifebalance (25 percent) was a close second. 8
  9. 9. • The study dug even deeper, exposing some underlying discontent: • Nearly half of the 2,000 respondents felt disconnected from the company. • Over 40 percent felt their employer’s culture was slipping under pandemic pressures. • Only 21 percent had an affinity to their company and a compulsion to stay engaged. 9
  10. 10. 10 • In November, DC-based Eagle Hill Consulting ran a poll across 1,000 employees, with some groundbreaking insights. • The poll found that the trauma of adjusting to COVID-19 and surviving to fight another day has created a significant loss of employee loyalty.
  11. 11. • At the root of it all? An inability to show performance appreciation (i.e., recognition) and execute an effective employee feedback program. • Part of the challenge is how to make people part of the corporate family when the human-to-human touch isn’t possible. 11
  12. 12. 12 • Engagement may also have suffered because of remote work. • While it leads to more flexibility, data shows employees are working more — starting earlier and finishing later — to cover family responsibilities. • Social restrictions and family stresses blurred the lines between work-time and family-time.
  13. 13. What Can Employers Do About It?
  14. 14. Look ahead: define talent, skills, and roles beyond COVID-19. • With remote work in the mix, the former rules go out the window. • Upskilling, re-skilling, and filling in the gaps with freelancers are critical considerations that can make all the difference. 14
  15. 15. 15 • Rethink your path forward using the following guidelines: • Identify and focus particular attention on your top-performing employees by going the extra mile to engage them. • These individuals are more likely to burn out sooner, generally reflecting a higher ambition. • This involves developing a program of well-thought-out training, with greater transparency around career progression and compensation.
  16. 16. 16 • Don’t miss a single chance to recognize your employees: reward them in meaningful ways. • Listening to employees has never been more critical: Hear what they have to say on everything that impacts their lifestyle and remote work. • In times of parabolic change, feedback is an invaluable commodity, so EX surveys will help illuminate employee thinking and emotional well-being.
  17. 17. 17 • Frank focus discussions (remotely or in- person), career counseling, and mentoring can bolster employee support and employee engagement. • Interviews with employees who are considering leaving — or have given notice — may offer insights that lead some departing employees to reconsider and stay with your organization.
  18. 18. Want more? Binge watch… Read the full blog… Like some podcasts!
  19. 19. Have we met socially?
  20. 20. Thank you!

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