5 steps to help decrease employee turnover and increase retention
Research from Microsoft Work Trend Index revealed that over 38% of the British wants to quit their jobs during the pandemic due to scanty remunerations, lack of clear career progression, bad management, and boredom. This mass exodus isn’t unique to the United Kingdom only. A survey by Microsoft found that over 31,000 global workers are considering leaving their job this year alone.
The pandemic has opened opportunities for many people to work remotely and now these people would prefer to continue working from home, and avoid the extra expenses and effort to commute to work. Some are reevaluating their priorities and for others, their employer’s response to the pandemic has simply forced them to search for something better.
In order to prepare your company for a post-pandemic employment escape we bring you five steps to minimize employee turnover:
The pandemic has proven that workers can be productive from home. And although some are eager to return to the physical workplace, others intend to work remotely. Data showed that 39% of the workers would consider quitting if they are not offered flexibility. Thus companies need to establish a hybrid working environment at least in the meantime. Employers need to make their policies as extensive and equitable as possible and provide clear guidelines around eligibility so that no one feels unfairly left out.
Training for a Hybrid workplace:
Employers need to support the disturbing workforce with manager and staff training to cope up with a hybrid workspace. While most of the technological infrastructure required has been already set up during the pandemic, managers also need to make a cultural shift to support the new way of working. They need to be trained to make everyone feel connected and supported.
Emphasize employee’s needs
The pandemic has given people time to rethinking their work/life paradigm. They have started to emphasize their well-being more than ever before. So it is extremely vital for a company to take care of their employees' wellbeing and make sure that they are not burned out from workload, health issues, anxiety, and stress. Encourage an unplugging culture in the organization.
Empower career development
People are rethinking what role they want their work to play in their lives. They are deeply reflecting on the sacrifices they have made previously such as not giving their families or their personal interests sufficient time. So managers can help these workers to make a meaningful lateral move. Help the employees transit into new roles and develop plans to get them where they want to go. You can also provide access to on-demand learning resources to help them develop new skills.
Ensure pay equity and transparency
Women, minorities, people of color, LGBTQ community are disproportionately affected by the economic impacts of the pandemic. Thus companies need to make commitments to improve their diversity, equity, and inclusion efforts. Ensure pay equity within the organization and provide transparency to gain employees' confidence and trust.
Last but not the least, be proactive about the things you can control to avoid losing your best employees. Take time to listen to them and their feedback on how you and the company can provide support and reduce employee turnover.