Experts are predicting that employee turnover rate will rise significantly once the pandemic is over as people will resume job searches which they put off last year. There was a high employee turnover rate being experienced by the employers before the pandemic but during the pandemic the turnover rate was very low. During covid-19, amidst all the lockdowns and uncertainties, most employees were just content to have a job.
Following are the main reasons for the expected rise in employee turnover once the pandemic is over:
Employee burnout: Employees were leaving jobs due to burnout even before the pandemic but the issue of burnout has become more severe during the crisis. Millennials, women and people with kids remote learning at home have reported high levels of burnout. Workload is the main reason for feelings of stress and leaving is viewed as one of the best options by employees to address burnout.
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Out of necessity: Working parents have to deal with responsibilities at work and at home with their children learning virtually. More women than men are leaving jobs to help with their children’s schooling. According to the Washington post, as of October 2020, more than two million women have quit their jobs in the US. Some of these women may never return to work and more may leave as effects of pandemic continue.
Out of choice: People have had a lot of time to themselves during the pandemic which has allowed them to reflect upon their personal and professional lives. They are finding out how to live their best life. This has led them to make career and personal moves they would not have ordinarily made. And the flexible work arrangements and other benefits that were allowed during the pandemic, people have gotten used to them. So if an employer were to take away any of these privileges, people are bound to look for them elsewhere.
The wait for the pandemic end: Many employees have been doing their best to hang on to their jobs during the pandemic even though they are struggling with burnout and having a hard time managing work life balance. They have just been waiting for the pandemic to end to make their move. So when the pandemic does end, the floodgates of employee turnover may open.
How to deal with high employee turnover post covid-19?
Business as usual will not exist after the pandemic for most employers. The degree of change will vary from company to company so will the strategy to survive the high turnover. It will require companies to identify and cultivate new skills through up-skilling, re-skilling and in hiring practices. For example, as companies have introduced automation during the pandemic, they will now need people with more analytical skills than transactional skills.
Companies should identify and engage high performers as they will be the key to survive the massive outflow of employees for most companies. Employers will have to find a way to make top performers stay with them. This can be done through focusing on their career growth, offering exclusive training and being more open about compensation and career progression.
References:
- Turnover ‘Tsunami’ Expected Once Pandemic Ends | SHRM | Roy Maurer | March 12, 2021
- The employee turnover tsunami is coming | Eagle Hill
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