by Jeanne Gulde
In the past few months, the team at DHF Group has been researching what our workplaces will look like when we return to the new normal. It was reported that just prior to the pandemic, there were about 3.5 million people leaving their jobs monthly. Once the pandemic was in full swing last April the number dropped to 1.9 million. The projected number for December 2021 is 3.3 million. As we see the economy come back we already see an increase of voluntary turnover. It’s only going to increase.
This will lead to the same supply and demand issues we had before the pandemic. Finding true talent was truly challenging.
There were a variety of reasons given for wanting to move on.
Fear of losing the work life balance they have working from home to company disengagement because they work from home.
Some were career oriented factors such as wanting a promotion to burnout due to the feeling of being unappreciated.
The top three reasons were better compensation; most did not get a raise last year; better benefits; companies are getting higher than normal increases which increases co sharing costs or a decrease in benefits; and better, more secure work/life balance.
The fact is companies have lost the mainstays of employee engagement and company culture due to the stress of this pandemic.
As remote work becomes a more prevalent reality in life after the pandemic, employers must recognize these areas of concern or risk losing their workforce. Top talent always gets the recognition they want, we all know if they don’t they leave. If the worker bees are not rewarded by addressing their concerns with the intent on increasing engagement there will be turnover. Major burnout will occur, and executive time will be spent recruiting and training rather than working on new business.
Company leaders are still dealing with the pandemic, but it is time to look ahead and find solutions. There is no one major group that is feeling worse than the other. Millennials are lonely, employees with home schooling responsibilities are looking for relief and most all feel their managers think they are goofing off.
When burnout occurs for whatever reason, finding the next work adventure becomes their answer. When the labor markets get stronger, employees may feel they have no other choice to feel better. When the average awake hours are 5,824 and you spend 2,080 working where you are not engaged or compensated for their efforts, what other answer is there.
Embrace the idea that business strategy and workforce planning will look different in our future. Get started on identifying the talent, skills and roles that will be necessary to prosper once the crisis passes. Avoid the knee jerk reaction of managing the talent by back filling. Look forward by identifying the new skills needed, spend time reskilling and upskilling with your workforce and in your hiring practices.
For solutions reach out to The DHF Group for a free workforce analysis.