Staff Retention Becoming Key Issue for Employers
For HR professionals, the numbers are ominous. Turnover is on the rise as we come out of the pandemic. Is your organization (or client) prepared?
In the US, the Association for Talent Acquisition Professionals has reported that employee turnover is rising across many industries.1 In the UK, 48% of office workers have said they have found a new role, are actively looking, or will be leaving their job this year, according to research by recruitment software company Beamery.2
There are many reasons why staff may want to leave. In healthcare, more than half of workers who change jobs do so because they want a new challenge.3 In financial services, it may be a result of the long-hours working culture.4
Whatever the reason, staff turnover is expensive for employers. Lost productivity and knowledge alongside new hiring, training, and onboarding translate into costs of around a third of annual salary.5 So, firms that do not understand why their people may want to leave could face significant losses this year.
Staff assessments can be used to assess the skills and attitudes of the workforce. With this information, employers can create tailored and meaningful career development plans, increasing engagement.
Assessments and surveys can also reveal wellbeing issues among the workforce. Employers can then strengthen and tailor support accordingly.
Lars Pedersen, CEO of Questionmark, said: “Workers may have stayed put during the pandemic. But as optimism and normality return, employers may lose their best staff. Staff retention is becoming the number one issue firms face.
“With our online assessment platform, employers can get valuable information about their workforce so they can make better people decisions. They can increase worker engagement and improve staff retention.”
Another survey from staffing firm You points to the same turnover trend. They found that only 3-in-10 Americans (30%) say they will stay in their current job once the pandemic subsides. Further, more than 1 in 10 Americans (14%) report they will be more open to new job opportunities after the COVID-19 pandemic has ended.
“Work environments and the needs of employees have drastically evolved during the COVID-19 pandemic and the findings from this survey underscore the need for employers to reevaluate their practices in order to retain talent,” said Emmett McGrath, President of Yoh. “While many had to trim budgets, benefits and workplace culture offerings over the past year, now is the time to reconsider the programs and offerings in place to keep employees motivated and engaged. Especially for those hard-to-find, highly skilled workers, now is the time to invest in their careers or else companies risk losing their best talent.”
Beyond education and compensation level, the survey also found that gender and an employee’s generation cohort play a part in career trajectory decisions after the pandemic ends.