What can employers do to prepare for the turnover tsunami? 6 tips for retaining talent
The start of the pandemic back in 2020 triggered a global economic downturn and devastating lay-offs. However, even before this, employers were already experiencing high turnover rates. Now, there’s a fresh wave of voluntary employee exits on the horizon. Why is this turnover tsunami happening, and what can HR professionals and companies do about it? In this Pacific Prime Dubai article, we’ll go over some tips in retaining talent to reduce employee turnover.
What is the turnover tsunami?
Put simply, a turnover tsunami is when employees resign from their jobs in droves in search of new opportunities. Based on the Achievers Workforce Institute survey, half of the 2,000 respondents will job hunt this year. It’s unsurprising when you realize that only 21% reported feeling “very engaged” at work.
The high price of the turnover tsunami
Turnovers can be incredibly costly. Recruiting, hiring, training, and onboarding are all time-consuming, resource-intensive processes. But that’s not all, as unseen expenses also include reduced productivity as the remaining team members redistribute duties. More so, you could lose someone with years of experience in your company too.
What causes this turnover tsunami?
Before we delve into our tips for retaining talent, let’s explore the major reasons many industries are anticipating a talent tsunami.
Increasingly, companies are adopting a hybrid work model amidst the COVID-19 pandemic. Employees working from home may find the boundary between their work life and personal life blurring. What’s more, pandemic stress, uncertainties, long working hours, and lack of HR advocacy all contribute to making your staff feel undervalued and burned out.
One in four employees says the loss of work-life balance is the number one reason they would job hunt. In fact, the COVID-19 pandemic has exacerbated a 75% burnout rate, with Millenials, women, and those caring for kids who are remote learning at home most affected.
As remote working and homeschooling become the norm, employees are forced to juggle their work and caregiving duties. Again, women tend to shoulder the bulk of these responsibilities. So much so, they may choose to downshift their careers or drop out of the workforce entirely. Here are our tips on how to retain your female workforce during the pandemic.
Shift in priorities
With so much time spent working from home, workers have had time to reflect on their life goals. Coupled with a global crisis, naturally, they are rethinking their priorities and career goals.
6 Tips for retaining talent and reducing employee turnover in the turnover tsunami
Even your most loyal staff might be tempted to leave your company post-pandemic. Why then, should you sit and wait for it to happen? Below are our tips on how business leaders can take an active approach in turnover prevention in times of high change.
1. Be transparent
Hold sincere, open conversations with your team about your company culture and company needs. This shows that not only do you value high-performing employees, you’re also ready to fight to retain them.
Start this conversation with a retention survey and get to know what’s working and what isn’t. This way, you can gauge employee satisfaction as well as their needs. If they are leaving, you can conduct exit interviews instead. All the data collected can be used to inform your future employee benefits programs and strategies.
2. Stay on top of the market trends to prepare for the turnover tsunami
Compare your employee benefit program and salary packages to your competitors’. Sit down with your team to re-evaluate your group plan and identify any shortcomings. Then, look for ways to improve your existing benefits.
3. Help them set boundaries
As aforementioned, employees might struggle to establish a work-life balance while remote working. Hold them (gently) accountable for their choice of start and end times. If you see a worker responding to emails after work hours, you can ask them to reflect on what prevented them from finishing work on time. Then, help them remove any obstacles for the next time.
4. Be flexible and fair
Treat all employees equally whether they are working from home or at the office. Make sure to include all workers in your discussions and that they have equal opportunities. Also, managers should understand that they might have to go out of their way to build rapport with remote employees. Ensure information is easily accessible on multiple platforms to keep engagement up.
5. Build a safe working environment
Pandemic or not, safety should always be a top priority for all workplaces. No one should have to feel anxious from working in an unsafe environment. Give everyone the peace of mind they deserve by putting safety measures in place. For instance, sanitizers and a staggered work schedule are some solid choices.
6. Think outside of the box
With Millennials and now Gen Z joining the workforce, there may be a surge in demand for fun work perks. Accessing the existing benefits, such as free dance classes, may not be possible during the pandemic. However, you can try offering creative ways to retain employees that also apply to remote workers. Some of these may include Employee Assistance Programs, virtual parties and happy hour, tuition assistance, and many more.
Offer competitive corporate health insurance to your employees
Prevent a turnover tsunami from sweeping over your company by offering an attractive corporate insurance plan to boost employee retention today. With over 20 years of experience in the insurance industry, our team of employee benefits work with top insurers to bring you the best plans.