The COVID-19 pandemic has had an impact on just about every aspect of life — from how people socialize to how businesses operate. The impact has been especially significant in workplaces.
Many companies around the world moved to fully online operations at the beginning of March 2020. While some have reopened their doors, others are more reluctant after seeing the benefits of remote work.
In the initial stages of the pandemic, many individuals were concerned about potentially losing their jobs as company revenues dried up and a fear of the unknown prevailed. However, as the economy recovered and companies pulled through, a greater number of employees have begun to quit their jobs. In July of 2021 alone, one in four people were actively searching for a new job.
Not only are they searching for new roles, but they are also actively leaving their current roles. Over 4 million people left their jobs on average each month between March and September of 2021. The trend shows no signs of stopping as people reevaluate their personal values, leave high-risk positions, and seek better benefits or higher salaries elsewhere.
The resignations aren’t limited to the hard-hit healthcare and hospitality sectors, either. They are occurring in every industry, from finance to tech.
As this trend continues, it’s important for savvy companies to understand what is driving workers to leave their jobs so that they can devise an appropriate strategy to improve employee retention.
- Create Clear and Transparent Employee Policies
Employees who don’t understand their career development within a company are more likely to leave than ones that have a clearly defined roadmap for the future.
Managers who engage with their employees and understand where they see themselves in the future are important for employee retention.
For example, if an employee is currently working in a lower-level accounting role but aspires to a management position, the manager could mentor them and provide them with actionable advice.
In addition to career development, it’s important to set up a transparent promotion, salary increase, and bonus program. Employees who are fully aware of the objectives to achieve a company bonus or raise will typically strive to meet them. This not only helps employees; it can help the company, as well. For example, tying a bonus to sales objectives can improve company revenues and retain current customers.
- Seek to Understand What Makes Employees Tick
Having a company benefits program in place doesn’t help if the benefits don’t resonate with employees. During these stressful times, it’s important to make an effort to understand what employees need to feel successful and rewarded in their roles. Everyone has a different idea of what benefits work for them.
For example, some people may want to continue working from home indefinitely or have flexible working arrangements. Others may want more assistance with covering the expense of their health insurance or other high-dollar items. Alternative benefits that may resonate with employees include more time off, a structured wellness program, or tuition reimbursement for higher education.
To get an idea of what your employees need the most, set up a conversation with your team members or use a survey to receive employee feedback. These are great ways to get a general feel for what employees want the most.
- Make Sure that Employees Understand Their Value to the Company
Setting up regular feedback or giving awards to deserving employees is a great way to make sure people feel valued.
Many employees have spent the past two years in a state of disbelief and fear. COVID-19 has changed the way society functions, political concerns have led to mass rioting, and sickness has caused the death of millions of individuals around the world.
Despite these difficult times, most employees stuck it out and stayed in their positions. However, mental fatigue and stress may be one of the significant factors driving people to pursue new opportunities.
In the face of so much hardship, a work award may feel like a small way to recognize employees. However, maintaining some normalcy and recognizing employees for what they have achieved is also a great way to improve employee retention and mental health.
In industries where COVID-19 has had a significant impact – such as health care and hospitality – providing recognition for the hardships employees have faced and overcome is a thoughtful way for employers to show their appreciation.
- Implement Exit Surveys
Employee retention may not be possible in all cases.
Some employees genuinely want a change in atmosphere and a new set of coworkers to interact with. Others may not agree with the management team or decide to move to a city or state closer to family. Some may even be given the career opportunity of a lifetime. Whatever the drive is, these workers will leave despite your best efforts.
To understand employees’ reasons for leaving, implement an exit survey. Work with your HR department to set up a list of questions designed to understand why an employee is leaving.
Include questions about their experience in their role, how they felt about management, and their feelings toward coworkers. Exit surveys are also a great time to ask what areas the company can improve on, whether there are certain benefits that may have prevented the employee from leaving, and any other feedback they can provide.
Exit surveys may not prevent an employee from leaving, but they can give employers insight that they may not have the chance to consider otherwise.
