After more than a year of tumultuous changes due to the coronavirus pandemic, employee turnover is expected to reach a high in 2023.
A recent survey of workers in North America found that more than half of respondents planned to look for a new job in 2023. Another report showed that about a quarter of workers planned to quit their jobs once the pandemic subsides.
This shift in the job market is expected to contribute to a much-higher employee turnover rate across the board.
Employee turnover refers to the number of employees who leave their jobs during a specific period of time. According to the U.S. Bureau of Statistics, employee turnover rates are typically between 12% to 15% annually – much more manageable than the 50% turnover rate that recent studies have predicted for 2023.
Vaccines, restlessness blamed for high employee turnover
Many labor experts believe that employees are feeling a greater desire to change up their jobs due to newfound freedom thanks to vaccine availability, and a widespread desire for better working conditions, according to a report published in Forbes.
The pandemic highlighted many inefficiencies workers already faced, and may have exacerbated workplace problems due to limitations brought on by remote work and industry hiccups caused by the pandemic. However, economic uncertainty led many unhappy employees to remain at their jobs to ride out the pandemic.
Workers around the world have experienced a long period of change, stress, and possibly burnout during the pandemic. With businesses reopening and looking to hire workers once again, many employees may feel confident that they can find a better opportunity – or at least something a little different – with another employer.
Tips for improving employee retention and preventing turnover
Employee turnover can cost organizations significant time and resources to hire and train new employees.
To avoid a high turnover rate after COVID-19, employers can consider taking a few crucial steps:
Maintain an open line of communication with staff to foster their trust with you and the organization as a whole. Workers who feel secure in their jobs are more likely to stay.
Invest in employee skills and wellness
Find ways to train employees on valuable skills, invest in meaningful employee benefit programs, and find ways to help your workers achieve their individual goals. For example, consider sending your workers to professional conferences or enrolling them in additional training to boost their skills.
Look for new ways to engage your workers
Employees can become bored with their day-to-day tasks over time, and after more than a year of remote work and stay-at-home orders, they’re likely feeling a little restless. Find ways to change things up and maintain an interesting work environment that keeps workers excited about their jobs and the future of the company.
Make sure positions are competitive
Be sure to complete routine market analysis to understand how your organization’s compensation, benefits, culture, and job responsibilities stack up against others in your industry.
Listen to employee feedback
Employee satisfaction surveys, or even exit interviews, can offer valuable insight into areas for improvement. Listen to what your employees have to say and think about ways you can implement meaningful changes that address their concerns.
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